Silicone coating market size is expected to reach USD 8.44 Billion in 2028 and register a revenue CAGR of 5.7% over the forecast period.
NEW YORK, NY, UNITED STATE, December 2, 2021 /EINPresswire.com/ — The global silicone coating market size is expected to reach USD 8.44 Billion in 2028 and register a revenue CAGR of 5.7% during the forecast period, according to a latest report by Reports and Data. Increasing demand for silicone conformal coatings with the advancement in technology is expected boost market revenue growth during the forecast period. Consumer preference for smart and innovative products, coupled with rising disposable income and high standard of living is boosting demand for consumer electronics and home appliances, and further increasing the application of silicone conformal coatings. Silicone conformal coatings help in protecting electronic components and Printed Circuit Boards (PCBs) from damage. These are useful for flexible PCBs and high temperature applications in comparison to the other types of coatings that cannot withstand high-temperature. Ability of silicone conformal coatings to protect electronics from a variety of damages, including physical, mechanical, and chemical damage is also projected to boost revenue growth of the market during the forecast period.
Moreover, there is a growing shift towards silicone conformal coating as it can be easily and effectively utilized in places where other conformal coatings are unable to work. Development of silicone conformal coatings is expected to represent a great advance towards protecting modern electronics. Increasing automotive production, coupled with growth of the automotive industry in developing countries is resulting in increasing application of silicone coatings. Silicone hybrid coatings offer excellent noise reduction, as well as abrasion and weathering resistance on rubber profiles for doors, windows, and sunroof seals on vehicles.
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Some major companies profiled in the market report are Evonik Industries AG, Wacker Chemie AG, OMG Borchers GmbH, Momentive Performance Materials Inc., Carboline Company, Shin-Etsu Chemical Co., Ltd., Dow Silicones Corporation, Mapei S.p.A., Sika AG, and Elkem Silicones.
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Some Key Highlights in the Report
• In April 2020, Elkem Silicones announced a strategic distribution partnership with IMCD, a distributor of specialty chemicals and food ingredients, to promote and distribute silicone materials in North America. Silicone materials that are expected to be distributed include cyclosiloxanes D4 and D5, Polydimethylsiloxane Oils (PDMS), silanol fluids, functional fluids, emulsions, antifoams, gels, and sealants. These will be marketed by IMCD for all specialty market applications, including construction, industrial, home care, cosmetics, personal care, plastics, rubber, lubricants, and food. Elkem would extend its silicone solution with a personal touch in North America through IMCD’s commercial knowledge and market formulation expertise.
• 100% silicone segment is expected to register a steady revenue growth rate over the forecast period. 100% silicone coating is increasingly utilized in the construction industry for roof coating as it provides permanent ponding water resistance, while also reflecting the sun’s heat and damaging UV rays. 100% silicone is especially suited for extreme tropical environments that are exposed to some of the hottest and wettest weather with intense UV exposure, which is boosting its demand across various end-use industries.
• Consumer goods segment revenue is expected to expand significantly over the forecast period, owing to excellent gloss retention property offered by silicone which makes it an ideal choice for coating jewelry and household appliances. Availability of safe and non-toxic silicone coatings which comply with industrial standards and consumer demand is also increasing its application in various consumer goods.
• Silicone coating market in North America is expected to register steady revenue CAGR over the forecast period. Companies such as Momentive Performance Materials Inc. and Dow Silicones Corporation are investing in research & development activities in order to develop new products and meet growing demand for silicone coatings based on solventless technology in the region.
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For the purpose of this report, Reports and Data has segmented the global silicone coating market based on product, application, and region:
• Product Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
o Silicone Additives
o Silicone Water Repellents
o Silicone Polymers
o 100% Silicone
• Application Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
o Building & Construction
o Consumer Goods
o Automotive & Transportation
o Industrial Application
• Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
o North America
h. Rest of Europe
o Asia Pacific
d. South Korea
e. Rest of APAC
o Latin America
b. Rest of LATAM
o Middle East & Africa
a. Saudi Arabia
c. South Africa
e. Rest of MEA
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