NEW YORK, Aug. 10, 2020 /PRNewswire/ -- The increased demand for silicone cover in the growing industries of construction and consumer goods is driving the demand for the market.
Market Size – USD 5.03 Billion in 2019, Market Growth - CAGR of 5.4%, Market Trends – High demand from the construction sector.
The Global Silicone Coating Market is projected to reach USD 7.75 billion in 2027. Silicone clothing prevents heat loss in various appliances, provides water, heat, humidity and dust resistance, increases efficiency, and decreases the overall maintenance costs.
Advances in technology and development skills are anticipated in the coming years to increase refined supplies to the industrial sector. The manufacturing industries use different types of high-performance equipment working at harsh temperatures. Silicone coating provides excellent thermal, electromechanical, and anti-corrosive properties to improve the product's compactness.
Silicone coating is used in defense electronics, in tandem with large applications in the aircraft manufacturing industry, as it offers a high electrical and thermal strength with minimal strength and corrosion, dust and water resistance, due to its characteristics. To enhance military operations, countries are spending heavily on weaponry, electronics, and security equipment. The US military spending in 2016 amounted to USD 611 billion, representing 36% of global defense expenditures. Global defense budgets are expected to boost the demand for this product in the years to come.
Restructuring, sourcing, cost-cuts, portfolio pruning, and emerging-economy growth programs would raise sales and operating income for manufacturing companies. Goods such as cell phones, computers, clothing, household appliances, and furniture are gaining enormous global demand to drive the industry.
In order to improve product quality, most of the key players integrated their production and distribution of raw materials. It offers a strategic advantage in the form of cost advantages, thus raising the profit margin. Companies conduct research & development to produce new products in order to serve the demand and to meet the changing requirements of end-users.
COVID-19 Impact Analysis:
The COVID-19 pandemic does not affect the viability of the industry. The key market leaders are uncertain about the industry's prospects and seeking ways of resolving this issue. Many hospitals had an immense effect on their programs and other initiatives to strengthen the pandemic. There is no money in various parts of the world to avoid the usual lockout. Trade, exports, and imports of COVID-19 have triggered major domestic demand decreases. The world's largest companies prefer to reduce their budgets and build cash stocks. Real production levels would eventually lead to new ways for workers and companies to satisfy customer demand at even lower costs.
Continued product creation, expansion, and joint venture activities by companies are crucial to the growth of the global silicone layer market through rising demand in the silicone layering industry and the construction sector in the Asia-Pacific area.
In terms of revenue, the consumables segment accounted for the biggest market share and the building and release divisions for paper and movies. The highest CAGR in value is expected at the industry in the paper and film releases sector from 2020 to 2027.
100% silicone is the dominant composition form on the silicone coating market, while the highest CAGR is expected for silicone water repellents between 2020 and 2027.
It is also projected that Asia-Pacific will experience the highest rate of growth in value and volume in the silicone coating market between 2020 and 2027. The other primary factors contributing to the growth of the silicone coating market in this area include rising investment by international enterprises, rising production facilities, a strong industrial foundation for construction, consumer products, and automotive industries and improving living conditions.
In December 2019, Heidelberger Druckmaschinen AG (Heidelberg), Innovative Chemicals Group (ICP Group), acquired from Heidelberger Druckmaschinen AG (Heidelberg), the world leader in designing and producing high-performance covering materials for the packaging and industrial printing industry.
Key players in the market include Evonik Industries AG, Carboline Company, Wacker Chemie AG, OMG Borchers GmbH, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Ltd., DOW Corning Corporation, MAPEI SpA, ACC Silicones Ltd., and Sika AG, among others.
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