Silicone coatings market forecast with a CAGR of 6 percent through 2032
Pune, India – Revenue from the global silicone coatings market currently stands at US$ 6.64 billion. Worldwide consumption of silicones coatings is projected to increase at a CAGR of 6% from 2022 to 2032, as per a new analysis by Fact.MR, a market research and competitive intelligence provider.
The silicone coatings market will be primarily driven by trends of industrialization and urbanization across the world. Rising construction activities, increasing use of silicone coatings in automotive manufacturing, and growing popularity of the features of silicone coatings are expected to favor market growth. However, high costs of production and increased availability of low-cost alternatives are anticipated to have a hindering effect on the demand growth of silicone coatings over the coming years.
Silicone coating manufacturers are increasing their investments in the research and development of new products to expand their product portfolios. New product launches are expected to be a popular trend among key market players going forward.
In 2022, the silicone coatings market accounts for a valuation of US$ 6.64 billion.
From 2022 to 2032, the silicone coatings market is expected to exhibit expansion at a CAGR of 6% to reach US$ 11.8 billion by the end of 2032.
Increasing construction activity, rising disposable income, rapid urbanization & industrialization, and increasing focus on sustainability are prime factors driving silicone coatings market growth.
The polymers segment is anticipated to be valued at US$ 3.68 billion by 2032 and currently accounts for a prominent market share of 28%.
High cost of production and presence of low-cost alternatives are expected to have a constraining effect on market growth potential.
The North America silicone coatings market accounts for a dominant market share of 32.3%.
Construction application of silicone coatings is anticipated to increase at a CAGR of 6.6% across the forecast period.
Demand for silicone coatings in India is projected to reach a revenue of US$ 924.5 million by 2032.
“Increasing infrastructure development and rising automotive manufacturing will provide lucrative opportunities for silicone coating suppliers across the world,” says a Fact.MR analyst
Silicone coating suppliers are adopting various innovative strategies to expand their business scope across regions. Companies are anticipated to increase their investments in the research & development of innovative products to drive sales potential.
The silicone coatings market is moderately consolidated with some market players accounting for a prominent market share. New entrants in the market will have to adopt different strategies to win business from these already established major market players.