Pune, India – The global silicone coatings market stands at a valuation of US$ 6.64 billion and is projected to surge to US$ 11.8 billion by the end of 2032. Worldwide sales of silicone coatings are predicted to increase at a noteworthy CAGR of 6% from 2022 to 2032 according to FactMR.
Germany is expected to be a highly lucrative market for silicone coating suppliers, projected to expand at a CAGR of 6.8% through 2032 and account for a valuation of US$ 419.3 million.
Silicone adhesives, solvent-based silicone coatings, solvent-less silicone coatings, water-based silicone coatings, and other silicone products are also anticipated to see an increase in sales across the world. Other types of silicone coatings are expected to account for a market share of 13% by the end of 2032.
Silicone coating consumption is expected to rise as demand for enhanced quality products increases among consumers across the world. Increasing spending potential is also expected to favour sales of silicone coatings across the forecast period. Silicone-based powder coatings, silicone rubber coatings, silicon carbide coatings, silicone conformal coatings and other silicone-based coatings are expected to be highly popular in the global landscape through 2032.
Stringent mandates to conserve the environment in Europe have fuelled the adoption of silicone coatings in various industry verticals. Automotive manufacturers in this region are increasing their focus on sustainability and hence driving shipments of silicone coatings.
Increasing popularity of silicone coating features such as high chemical resistance, scratch resistance, and corrosion resistance have substantially driven their demand in the past few years and is expected to be a frequent trend over the years to come as well.
Urbanization has been a prominent trend across the world and this has led to a significant increase in construction activities as demand for infrastructure development bolsters. The rise in construction activities is anticipated to increase the consumption of silicone coatings.
Increasing use of silicone components in the automotive industry is also expected to favor silicone coatings market growth in the coming years. Rising sales of consumer electronics owing to increasing disposable income are also expected to drive silicone coating sales across the forecast period.
However, the high costs of silicone coatings are anticipated to have a restraining effect on overall market growth through 2032. The increasing availability of low-cost alternatives is also expected to slow down silicone coatings market growth across the forecast period.
The worldwide silicone coatings market is predicted to witness evolution at a CAGR of 6% from 2022 to 2032.
Residential as well as commercial construction activities are expected to witness a prominent rise over the coming years. Silicone water repellents have proven to be extremely hydrophobic and have safeguarded structures against moisture which could lead to major issues for any construction. The silicone water repellents segment is expected to account for a revenue total of US$ 2.16 billion by 2032.
Silicone roof coatings have gained an impressive scope of application and are widely used across the world in construction projects. As demand for infrastructure development bolsters across the world it will increase construction activities and subsequently provide new investment opportunities for silicone coating suppliers.
The North America silicone coatings industry accounts for a dominant market share of 32.3% at present and is expected to attain an estimated valuation of US$ 3.95 billion by the end of 2032. High investments in the industrial sector and increased adoption of silicone coatings in several industry verticals are prominent factors that drive silicone coating demand in this region.
Sales of silicone coatings in the Asia Pacific region are anticipated to rise at a CAGR of 6.8% which is the highest of all regions across the forecast period. Rapid urbanization and industrialization in this region are expected to spearhead silicone coatings market growth in this region.
Rising disposable income, increasing sales of consumer electronics, and low cost of manufacturing are other factors that positively influence demand for silicone coatings in this region. Silicone coatings for metals, silicone elastomeric coatings, and flexible silicone coatings are expected to see high demand in this region due to the flourishing automotive manufacturing industry.
Consumption of silicone coatings in Europe is predicted to account for a net value of US$ 2.8 billion in 2032 and is expected to hold a significant market share of 23.7% in the global marketplace.
The presence of key silicone coating manufacturers in this region is anticipated to propel silicone coatings market growth. Increasing focus on sustainability in Europe has also boosted demand for silicone coatings among automotive manufacturers in this region.
Spain is expected to emerge as an important market in Europe and demand for silicone coatings in the country is projected to increase at a CAGR of 6.6%. The market currently stands at valuation of US$ 204.1 million in 2022.