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Silicone Coatings Market in the Asia Pacific will show exponential growth in the coming years owing to raise construction and automobile industries

Author : Ronak Bora | Published Date : 2019-03-19 

Asia Pacific, led by Japan, South Korea, India, and China silicone coatings market size should grow significantly over the foreseeable timeframe. Increasing application outlook in construction and automotive industries, mainly in China, India, Japan, and Malaysia, should drive the regional growth. Strong R&D spending in personal care products and healthcare sector, mainly in China, will influence industry growth. 

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.

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.

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Global paint & coatings market was valued at USD 125 billion in 2015 and may surpass USD 180 billion by 2024 with gains at over 5.5%. Growing automobile and consumer goods industry may stimulate industry growth demand. They are usually applied on exterior and interior of house walls, vehicles body, and corporate buildings. They are formulated with silicones that improve product durability, resistant to corrosion, moisture, weathering, climatic dynamics, enhance gloss, and color retention.

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.

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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 coatings 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.

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.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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