Increasing demand for silicone coatings from the construction industry, technological advancements, and the global focus on energy efficiency & sustainability
WILMINGTON, DELAWARE, UNITED STATES, March 20, 2024 /EINPresswire.com/ — The global silicone coatings market, as outlined in the recent report by Allied Market Research, witnessed significant growth in 2022, generating $5.3 billion in revenue. It is projected to expand further, reaching $10.1 billion by 2032, with a compound annual growth rate (CAGR) of 6.7% from 2023 to 2032.
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Key Growth Drivers:
– Demand from the Construction Sector: The construction industry’s increasing demand for silicone coatings is a primary driver. These coatings offer durability, water repellency, and anti-corrosive properties, making them essential for various construction applications.
– Environmental Factors: The growing preference for eco-friendly and energy-saving products contributes to market growth.
– Innovations and Technological Advancements: Continuous research and development efforts aimed at creating innovative silicone coating products drive market expansion.
Challenges:
– High Cost: The high cost associated with silicone materials poses a challenge to market growth.
– Adherence Issues: Some surfaces may experience adherence issues with silicone coatings, potentially hindering market expansion.
Opportunities:
– Technological Advancements: Ongoing advancements in silicone coating technologies present lucrative opportunities for market expansion.
– Global Focus on Sustainability: Increasing global emphasis on energy efficiency and sustainability creates avenues for market growth.
Segment Analysis:
– Type: The 100% silicone sub-segment is expected to dominate the market by 2032 due to its versatility and wide applicability across various sectors.
– Technology: Solvent-based silicone coatings are anticipated to witness significant growth, driven by their thermal stability and strong adherence to different substrates.
– End-use: The paints & coatings sub-segment is projected to experience substantial growth, fueled by environmental concerns and the heat resistance offered by silicone coatings.
– Region: North America is expected to hold the largest market share by 2032, attributed to the exceptional durability and weather resistance of silicone coatings, particularly for outdoor applications.
Leading Players:
The report highlights key players in the silicone coatings market, including Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Carboline Company, OMG Borchers GmbH, ACC Silicones Ltd., Momentive Performance Materials Inc., Sika AG, mapei spain, s.a., Dow Corning Corporation, and Evonik Industries AG.
These players employ various strategies such as new product launches, collaborations, and expansions to maintain their dominance and increase market share.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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