Silicone Resins Market Research, 2031
The global silicone resins market was valued at $0.9 billion in 2021 and is projected to reach $1.5 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.
Silicone resins are composed of highly crosslinked networks with high silicon-oxygen bond energy, rendering them stable in harsh environments. Silicone resins are useful as protective coatings for a variety of environments due to their UV and thermal resistance.
Silicone resins provide a variety of advantages, including resistance to temperature and good performance, weather, heat, and chemicals. Their superior thermal stability makes them suitable for use in varnishes, paints, and other impregnating substances. In addition, they are used as release force promoters in release coatings, as water repellents in building and construction, and as adhesion promoters in sealing and bonding.
Methyl and phenyl groups, two of the most frequent types of non-reactive groups found in the siloxane chain, also influence the properties of silicone resin. Methyl groups provide releasing characteristics, increased surface hardness, and water repellency, while phenyl groups provide flexibility at high temperatures, temperature, and weathering resistance, particularly to UV-radiation and compatibility with organic compounds. Silicone resins are available in liquid and powdered forms and have applications in a variety of industries, including electrical and electronics, paints and coatings, and adhesives.
Silicone resins have numerous uses in the end-user industry. In addition, due to industrialization, silicone resins’ applications in coatings, such as automobile coating and interior floor coating, are expanding. Silicone resins are in greater demand for automotive body coverings, and this trend is projected to continue over the projection period. Due to weathering, silicone resin-based coatings offer higher heat stability and water repellency. Also, utilized in situations requiring UV-radiation resistance and high-temperature compatibility. Industrial application demand is anticipated to increase at a rapid rate throughout the projection period.
However, the U.S. and Canadian emission objectives focus on reducing greenhouse gases. The U.S has committed to reducing greenhouse gas emissions by 50-52% below 2005 levels by the year 2030. More rigorous regulations in the U.S and Canada will hurt the demand for silicone resins across industries. Companies active in the global silicone resins market are increasing their participation in a variety of strategic alliances, acquisitions, collaborations, and mergers. These actions aid businesses in enhancing their overall market position. Several global silicone resins market participants allocate a sizeable portion of their budgets to R&D. With these moves, players are concentrating on the creation of high-quality products. Aside from this, businesses are becoming increasingly interested in expanding into new regions. All these factors are expected to provide lucrative opportunities to the market for silicone resins in the coming years.
The silicone resin market is segmented on the basis of type, end-use industry, and region. Depending on the type, the market is categorized into methyl silicone resins, methyl phenyl silicone resins, and others. On the basis of the end-use industry, the market is categorized into building & construction, electrical & electronics, paints & coatings, adhesives & sealants, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global silicone resins market include BRB International, Dow Inc., Elkay Chemicals Private Limited, Elkem ASA, Evonik Industries AG, Genesee Polymers Corporation, Kaneka Corporation, Momentive, Primasil, Savitri Chemicals, Shin-Etsu Chemical Co., Ltd., Siltech Corporation, Sinicon Plastics Inc, Supreme Silicones India Pvt. Ltd., and Wacker Chemie AG. Other players operating in the silicone resins market are Adhis S.A.S, Bluestar Silicones, and Alchemie Ltd.
The silicone resins market is segmented into the Type and End-Use Industry.
The methyl silicone resins segment accounted for the largest share i.e., 42.4% this is due to increased demand from the construction, and automobile industries. Methylphenyl silicone resins are the fastest growing segment, growing around 4.9% CAGR over the forecasted period, this is because it offers good adhesion, and high flexibility and are used in the adhesive and sealants industry.
The electrical and electronics segment accounted for the largest share i.e., 42.4% this is due to increased demand for silicone resins as it has excellent insulation properties. The automobile segment is the fastest growing segment, growing around 5.5% CAGR over the forecasted period. This is due to increased demand for lightweight materials from the automotive industry
Asia-Pacific contributed 42.5 % market share in 2021 and is projected to grow at a CAGR of 5.6% during the forecast period. Owing to the increased demand from construction & building and automobile industries.
IMPACT OF COVID-19 ON THE GLOBAL SILICONE RESINS MARKET
- The prolonged shutdown also harmed the construction and automotive sectors. Import/export of key silicon-based coating has had an impact on the paints and coatings business, thereby influencing the global silicone resins market.
- As a result of months of consumer lockdown and the shutdown of foreign supply networks and retail firms, purchase and consumption patterns have shifted considerably across several sectors. This has negatively affected the global market for silicone resins.
- However, after the pandemic, as the demand will return to normal after the restrictions were lifted, participants in this market have explored measures to minimize the pandemic's impact on their business.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the silicone resins market analysis from 2021 to 2031 to identify the prevailing silicone resins market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the silicone resin market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global silicone resins market trends, key players, market segments, application areas, and market growth strategies.
Silicone Resins Market Report Highlights
Market Size By 2031
USD 1.5 billion
CAGR of 4.4%
2021 - 2031
By End-Use Industry
Key Market Players
Shin-Etsu Chemical Co., Ltd, Siltech Corporation, Savitri Chemicals, BRB International, Supreme Silicones India Pvt Ltd, Wacker Chemie AG, momentive, EVONIK INDUSTRIES AG, Sinicon Plastics Inc, DOW INC, Elkem ASA, Kaneka Corporation, Primasil, Elkay Chemicals Private Limited, Genesee Polymers Corporation
According to the perspective of the CXOs of leading companies, rise in demand for silicone resins from a variety of sectors due to the qualities of these resins, such as their ability to withstand temperature and weather, bond, insulate against heat, and more is a major factor driving the expansion of the market. Owing to their excellent resistance to heat change, silicone resins are frequently used as binders in varnishes, paints, and coatings. In addition, owing to the heat-isolating capabilities that they possess, silicone resins can also be utilized for the purpose of electrical impregnating and insulation. There is an opportunity to increase in demand for silicone resins brought on by all of these factors, which is driving the expansion of the market.