Fact.MR has released a new silicone coatings market report, titled Silicone Coatings Market Analysis by Type (Additives, Polymers, 100% Silicone, Silicone Water Repellents), by Application (Construction, Consumer Goods, Industrial), by Region – Global Forecast 2022 to 2032. According to the report, the revenue from the global silicone coatings market is currently $6.64 billion. Worldwide consumption of silicones coatings is projected to increase at a CAGR of 6% from 2022 to 2032.
The silicone coatings market will be primarily driven by trends of industrialization and urbanization across the world. Rising construction activities, increasing use of silicone coatings in automotive manufacturing, and growing popularity of the features of silicone coatings are expected to favor market growth. However, high costs of production and increased availability of low-cost alternatives are anticipated to have a hindering effect on the demand growth of silicone coatings over the coming years.
Silicone coating manufacturers are increasing their investments in the research and development of new products to expand their product portfolios. New product launches are expected to be a popular trend among key market players going forward.
Other takeaways from the market study:
- The polymers segment is anticipated to be valued at$ 3.68 billion by 2032 and currently accounts for a prominent market share of 28%.
- The North America silicone coatings market accounts for a dominant market share of 32.3%.
- Construction application of silicone coatings is anticipated to increase at a CAGR of 6.6% across the forecast period.
- Demand for silicone coatings in India is projected to reach a revenue of $ 924.5 million by 2032.
The full report can be accessed here.
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