U.S. silicone coatings market size should witness steady gains owing to the rise in construction spending. Favorable government initiatives to increase infrastructural spending along with growth in automotive sales should drive regional product demand.
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Europe silicone coatings market size with growth in the automotive manufacturing industry should witness an increase in demand. Major automobile companies are based in Germany, France, and the UK, which should influence regional product demand.
In industrial processing, tire manufacturers use silicone coatings through the molding process, which ensures product quality. In the shipping industry, it increases vessel efficiency and avoid using antifouling paints, which are toxic in nature. Silicone coatings market size from consumer goods should witness significant gains as they are used in airbags, leather goods & textiles, and this coating provides aesthetic quality to products.
Global vehicle production exceeded 90 million units in 2015 and the statistics may surpass 130 million units by 2024 with gains at over 4%. Strong application scope in the automotive industry will drive silicone coatings market size and may grow significantly over the forecast timeframe. They are used on the interior upholstery of cars including door fabrics and seat. Silicone grease is insoluble in water and is stable at high temperatures, which make it a good lubricant for brake components, bicycle chains, and airsoft gun parts.
Global construction spending was over USD 8 trillion in 2015 and may exceed USD 15 trillion by 2024. Strong government spending for infrastructure projects, mainly in India, China, and Brazil, should drive the industry growth. Silicone coating market are used in the construction industry due to their durability and reduce damages caused by external climatic conditions. They prevent cold or hot air and humidity passing through cracks and joints, thereby protecting and providing aesthetic features to architectural monuments and buildings.
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Global healthcare market size may generate over USD 9 trillion by 2024. Silicone coatings are used in medical devices and pharmaceutical applications owing to high-quality chemical and biochemical characteristics. These are used for applications related to heart pacemakers and surgical drains & catheters. Gels, foams, and adhesives are used in wound dressings to improve therapy and comfort.
Marine applications may witness significant gains during the estimated timeframe. Silicone based technology create non-stick and non-toxic coatings, which enable ship passage through water to discard fouling organisms. Fluctuating raw materials and high production costs will hinder the industry profitability and affect silicone coatings market price trend.
Global silicone coatings market share is consolidated with key manufacturers including Momentive Performance Materials, BASF, Dow Corning, and Wacker Chemie AG. Other prominent companies include Shin-Etsu Chemical, China National Bluestar, Milliken, and Evonik Industries. Most of the manufacturing companies are focusing on enhancing the product portfolio and strengthening the regional presence.
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Evonik offers a wide range of aromatic silicone polyester resin SILIKOFTAL brand. It is particularly used for both outer and inner coatings for bakeware and cooking utensils, which comply with FDA regulations. It has good heat resistance, low surface tension, and weathering resistance.
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