The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Ethyl Polysilicate Market.
It was estimated prior to this unanticipated outbreak that the Ethyl Polysilicate Market was expected to grow at a CAGR of 3.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
The use of ethyl polysilicate as a binder and emulsifier in paints on account of its fast curing, high-adhesive features, and resistance from UV radiations and biological attack, is the major driving force expected to fuel the growth of the market during the forecast period.
Ethyl polysilicate is a transparent liquid containing either 28%, 32%, or 40% silica by weight and acts as a binder having a cross-linking property that helps in removing pores and airy patches which may badly affect the mechanical stability and physical strength. It also increases adhesive strength by improving the strength-to-weight ratio accompanied by robustness and rigidity.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as ethyl polysilicate 28, ethyl polysilicate 32, and ethyl polysilicate 40. Ethyl polysilicate 40 is estimated to register a high growth rate globally during the forecast period. It is broadly used as a binder in paints, gels, emulsions, and in cement slurry because of its quickly drying capacity which gives advantage while working under extreme environmental conditions. It holds 40% of silica by weight and is capable of providing high adhesive strength that helps in maintaining durability of paints and emulsion for a longer period of time, and it is also capable of shielding walls from heat and thermal degradation, which is likely to accelerate the growth of the market over the forecast period.
Based on the application type, the market is segmented as residential binding agent, cross-linking agent, adhesive agent, and synthesis of silica. The binding agent application segment is estimated to witness significant growth rate during the forecast period. Binding agent has its utilization as a binder in the sector of construction, which is attributed to its property of linking that gives an advantage to constructors for removing pores and airy patches which weaken the physical strength and mechanical stability. Further, it also enhances the adhesive strength by improving the strength-to-weight ratio, accompanied by rigidity and robust features which is expected to have a positive influence on the ethyl polysilicate market during the forecast period.
Based on the end-use type, the market is segmented as paints and coatings, textiles, chemical, metals, pharmaceuticals, and optical. Textile is used as a chemical modifier in the textile industry and the growth of the segment can be attributed to its advantages of decreasing shrinkage and providing resistance from dust and decay. Further, it also improves finishing by imparting dirt-repellent feature to yarns and fabrics, which may ramp up the market growth during the forecast period.
In terms of regions, Asia-Pacific is estimated to witness high growth rate during the forecast period, which is attributed to growing textile industry, with South Korea, China, Japan, and India being the major countries offering lucrative growth opportunities. Ethyl polysilicate is utilized in manufacturing of clothes so as to reduce shrinkage of garments and have the advantage of repelling dirt and particles in clothing material, which is likely to pace up the growth of the ethyl polysilicate market during the forecast period.
Some of the key players in the ethyl polysilicate market are-