Silicone Resins Market by Type (Methyl Resins, Methyl Phenyl Resins, and Others), Application (Paints and Coatings, Adhesives, Elastomers, and Others), End Use (Automotive, Building and Construction, Electrical and Electronics, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 5 billion mark in 2022 and is expected to hit US$ 8 billion by 2030, recording a CAGR of 5.2% during the forecast period.
Silicone resins market has been significantly growing with wide
Surge in application of silicone resins in wide variety of applications such as paints and coating, building and construction, and others, range of properties catering to specific end use demands, increasing use of hybrid resins in reinforcements are some of the major factors driving the growth of the market. The paint and coating segment is expected to pace up with its adoption in various end use industries such as automotive, building and construction and others. The physical properties of silicone resins such as flexibility, heat resistance, electric insulation, anti-corrosion and others is further attributing its demand. Further, the adhesives, elastomers, and others segment is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into type, application, end use and geography. By type, the market is further segmented into methyl resins, methyl phenyl resins, and others. On the basis of application, the market is segmented into paints and coatings, adhesives, elastomers, and others. By end use, the market is categorized into automotive, building and construction, electrical and electronics, others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increasing use of hybrid resins in reinforcement buildings has empowered the growth of futuristic innovations.
Silicone resins are polymers with three dimensional branched-chain structure and low molecular weight. The demand for silicone resins in various application has surged owing to its beneficial physical properties. Demand for environmentally friendly or green products has surged in various applications, which has resulted in consumers inclination towards adoption of green sealants and materials with low VOCs. Further, stringent regulations imposed by various regulation bodies have forced manufacturers to make environmentally friendly sealants with low VOC emission. Such demand has surged in demand for hybrid resins in reinforcement buildings.
Rising adoption in various industries is one of the major factors accelerating the market growth.
The industries for silicone resins are automotive, building and construction, electrical and electronics, and others. Within these industries, building and construction industry is one such industry, wherein the use of silicone resins is increasing owing extensive use of coating component of ceramics, building materials, construction elements, and amongst others. increasing infrastructure development products and rapid urbanization has surged the demand for market. The automotive industry has also witnessed an extensive use of silicon coating owing to rising application of silicone resins in coating various automotive parts.
Recent strategic developments in silicon resins market
The silicone resins market has undergone several significant developments, and a few of these have been mentioned below:
- In January 2021, Shin-Etsu Chemical Co., Ltd strengthened the production capacity at its subsidiary Shintech Inc. with an aim to meet the growing demand globally.
The silicone resins market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Evonik Industries AG, Shin-Etsu Chemical Co., Ltd., KANEKA CORPORATION, Wacker Chemie AG, and The Dow Chemical Company are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Silicone resins related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Application industry of silicon resins industry
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type:
- Methyl Resins
- Methyl Phenyl Resins
- Others
- Application:
- Paints and Coatings
- Adhesives
- Elastomers
- Others
- End Use:
- Automotive
- Building and Construction
- Electrical and Electronics
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Evonik Industries AG
- Shin-Etsu Chemical Co., Ltd.
- KANEKA CORPORATION
- Wacker Chemie AG
- The Dow Chemical Company
Companies profiled
- Evonik Industries AG
- Shin-Etsu Chemical Co., Ltd.
- KANEKA CORPORATION
- Wacker Chemie AG
- The Dow Chemical Company