Silicone coating market size is forecast to reach $8.6 billion by 2027

Pune, India – Silicone coating market size is forecast to reach US$8.6 billion by 2027 after growing at a CAGR of 5.8% during 2022-2027 according to Industry ARC. The silicone coatings are employed in various end-use industries such as building and construction, automotive, and others due to silicone water repellents features, which have a waterproofing tendency, this results in more durability. Moreover, for coating applications, silicon-based polymers are excellent materials because these compounds offer exceptional features such as high chemical, thermal, and UV resistance, as well as robust adherence to most surfaces. The silicone coating market is majorly driven by the growing demand from the consumer goods industry. Similarly, the expanding demand from the automotive industry is also fueling the growth of the silicone coating industry. Moreover, the growing building and construction activities are further boosting the silicone coating demand, thereby, propelling the silicone coating market growth during the forecast period.

The Covid-19 pandemic in 2020 prompted countries all over the world to enforce stringent lockdown measures, as a result of which consumer goods manufacturing, including air conditioners, refrigerators, and other appliances was halted, this negatively impacted the market growth. For instance, according to the International Energy Agency (IEA), in the year 2019, the production of air conditioners in China was 45 million units, and in the year 2020, it was 42 million, a decline of 7.1%. However, in the year 2021 governments all across the world eased their Covid-19 rules and regulation to support their economies, owing to this the market will further grow. Furthermore, it is projected by the end of 2022 the Covid-19 pandemic impact will be over, this will lead to the silicone coating market growth scenario back to the pre-Covid-19 state.

The water-based segment held the largest share in the silicone coating market in 2021 and is growing at a CAGR of 6.1% during 2022-2027. The water-based formulation provides outstanding coating characteristics, durability, and resistance to high temperatures and the impacts of corrosive environments. Silicone water repellents-based formulations are employed in silicone coatings because they have a high degree of flexibility and reduce moisture and solar radiation absorption, resulting in greater environmental resilience and fewer solvent emissions. Moreover, The VOC (Volatile Organic Compounds) content in the water-based is significantly lower when compared with solvent-based, which results in more adoption by manufacturers. As a result of these factors, the water-based formulation is utilized in silicone coating, which is accelerating the growth of the market.

The consumer goods segment held the largest share in the silicone coating market in 2021 and is growing at a CAGR of 7.3% during 2022-2027. The use of silicone coating in computers enhance crucial surfaces in computer systems manufacturing; owing to this advantage silicone coating is widely employed in semiconductors. Moreover, the growing computer production is further propelling the market growth. For instance, according to Japan Electronics and Information Technology (JEITA), the total global production of computers was US$44.63 billion, and in 2020 it was US$46.72 billion, an increase of 4.7%. Thus, the growing consumer goods industry will fuel the silicone coating market growth.

Asia-Pacific region held a significant share in the silicone coating market in 2021 up to 38%. The increasing consumer goods industry in the region is accelerating the market. For instance, according to Invest India, it is anticipated that India’s consumer appliances and electronics industry will reach US$21.18 billion growing at a CAGR of 11% by 2025. Moreover, the increasing building and construction activities in the region are fueling the growth of the market. For instance, according to Invest India, India’s construction industry is anticipated to reach US$1.3 trillion by 2025. Also, the ongoing infrastructure development projects in China such as Shanghai Urban Rail Transit Expansion US$44.23 billion, South-North Water Transfer Project, Beijing Airport, and more will further fuel the growth of the market. Thus, the growing consumer goods and building and construction in the Asia-Pacific region are anticipated to propel the demand for the silicone coating market.