Asia-Pacific is the fastest-growing market for silicone coatings, in terms of value and volume. The countries in this region such as China, Japan, South Korea, India, Malaysia, and Thailand are witnessing a gradual increase in the use of silicone coatings in construction, automotive, marine, consumer goods, paper & film release, industrial, and other applications.
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The growth is mainly due to rising industrialization, ramping up of installed capacities, improving quality, technological advancements and increasing expansion, new product launch, joint venture, and agreement/collaboration activities worldwide. This is attributed to high performance of coatings available at reasonable rates and their increased acceptance in various application segments.
China leads the silicone coatings market in Asia-Pacific, accounting for more than 40% of the total demand for silicone coatings in the region. It is projected to be a potential market owing to growing economy, rapid advances in technology, and increasing manufacturing and application industries. China is followed by Japan, South Korea, and India where the demand of silicone coatings is witnessing a steady growth. India is the fastest-growing country in the Asia-Pacific region. This growth is driven by the growing collaboration activities adopted by emerging players for R&D, production, and demand for silicone coatings in the country.
Silicone water repellents are the fastest-growing segment of the silicone coatings market in Asia-Pacific. These water repellents are gaining importance, as they are used to reduce the surfaces of substrates hydrophobic; do not form a constant film on the substrate surface; and are environmental friendly. The growing demand of silicone water repellents in applications such as construction, automotive, paper & film release applications are driving the growth of silicone water repellents in the developing markets in the Asia-Pacific region. The construction segment is projected to be the fastest-growing application of UV stabilizers in Asia-Pacific during the forecast period. This can be attributed to the growing demand of silicone roof coating for UV resistant and weather resistant properties. Thus, it has fueled the demand growth of silicone coatings in the construction application segment in the region.
The companies are constantly strengthening their R&D capabilities to provide cost-effective product grades. These products are manufactured adhering to the regulations set by various associations and governments. All these developments are expected to lead to sustainable growth of the silicone coatings market in the next five years. Wacker Chemie AG (Germany), Momentive Performance Material.Inc., (U.S.), Dow Corning Corporation (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), and KCC Silicone (South Korea) among others are the active players of the global silicone coatings market.
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