Global silicone coatings market value is forecast to witness an appreciable gain over 2021-2027 on account of rising construction activities. Robust demand from the consumer goods sector will encourage silicone coatings suppliers to boost investments in building their portfolio. Silicone coatings have attributes such as chemical resistance, flexibility and stability over a range of temperatures.
Silicone coatings are widely used in the automotive and construction industries for chemical, water and scratch resistance. Over the years, energy-saving, and environmentally friendly products have gained popularity, emphasizing the need for efficient coatings. The trend for conformal coatings in a slew of sectors, including industrial, automotive and marine will drive the silicone coatings market growth.
Based on product, the water repellent coating segment will expand at a healthy CAGR during the forecast period. Silicone water repellent coatings are gaining prominence for moisture-resistance enclosures, weatherproofing and thermal insulation. The construction industry is expected to be the major recipient of water repellent coatings to boost moisture resistance and shock resistance in buildings. Moreover, water repellent coatings contain a low level of VOCs, making them viable for energy-efficient buildings.
The silicone coatings market share from the 100% silicone segment will witness notable growth in the next few years. Some of the attributes such as high tensile strength, lightweight and electromechanical resistance have made 100% silicone a popular coating among the end-users. 100% silicone coatings will gain prominence in high heat applications, including lighting fixtures, wood-burning stoves, furnaces and exhaust stacks.
With respect to application, the construction segment will account for a major share in the global silicone coatings market forecast by 2027. In construction, silicone coatings are profoundly used for building materials to close gaps in fixtures and plumbing. Additionally, silicone adhesives are used to maintain and protect the appearance and long-term quality of a building façade. Besides, considering the trend for green buildings and VOC regulations, silicone based products will be sought as an eco-friendly coating.
On the basis of region, the Asia Pacific will observe a promising growth during the assessment period 2021-2027. End-users such as automotive & transportation, construction, industrial and consumer goods will continue to be the major users of silicone coatings. For instance, Asia accounted for a 57% share of global auto production in 2020, through the COVID-19 pandemic. Robust automotive production in China and India will augur well for the silicone coatings market outlook.
BASF, Evonik Industries, Dow Corning, China National Bluestar, Wacker Chemie AG, Momentive Performance Materials, Miliken and Shin-Etsu Chemical are some of the key vendors in the global silicone coatings industry. The competitive scenario indicates an emphasis on mergers & acquisitions, research activities, collaboration and innovations. For instance, Dow revealed a durable water repellent finishing in February 2021 for fabrics based on silicone chemistry. The company is emphasizing the assessment of water repellent treatments with enhanced sustainability profiles.
Influence of the COVID-19 outbreak on the global silicone coatings industry forecast
With global automotive production declining in 2020, silicone coating suppliers were badly hit by the pandemic. According to OICA, there was a 16% drop in global auto production in 2020, furthering the impact on the transportation sector. While Europe observed a dip of over 21% on average, Latin America witnessed a drop of over 30%. Given the share the automotive sector has had in silicone coatings, the silicone industry will strive to overcome these challenges post the COVID-19 ear.