The global silicone resin market size was valued at USD 1.07 Billion in 2022 and is likely to reach USD 2.57 Billion by 2031, expanding at a CAGR of 4.8% during 2023 – 2031. The growth of the market is attributed to increasing demand for surface protection solutions to reduce damage caused by moisture, chemicals, and sunlight.
Increasing demand for high-performance costings is resulting in the higher utilization of silicon resin to enhance coatings durability. Industries, such as automotive, construction, and aerospace fuel require coatings that withstand weathering, pollution, and wear over time. Moreover, silicone resin is widely used in automotive manufacturing to protect painted surfaces from deterioration. These factors are projected to propel the market during the projection period.
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According to the European Automobile Manufacturers’ Association report published in May 2023, in 2022, approximately 85.4 million motor vehicles were produced globally, indicating a 5.7% increase in production than last year. Countries including, Japan, China, and Germany are the largest producers of commercial vehicles.
Silicone resin is a synthetic compound derived from silicon, oxygen, carbon, and hydrogen atoms. It has exceptional resistance to heat, moisture, chemicals, and UV rays making it a suitable choice for protecting and prolonging the lifespan of various products. Moreover, it is also used in electronics as insulation to ensure safe and efficient functioning. The medical field also utilizes silicone resins for their flexibility and biocompatibility in creating medical devices and implants
The research report finds that the COVID-19 pandemic hampered the market. The rules and restrictions imposed by governments on factory closures and transportation during the pandemic led to product shortages and price fluctuations. Many industries that rely on silicone resin, such as automotive and construction experienced slowdowns or shutdowns which further reduced demand for silicon resin in the market.
Artificial Intelligence Impact on Silicone Resin Market
Emergence of artificial intelligence (AI) contributes to market expansion. This technology is primarily used for data analytics and automation in industrial productions. AI-driven data analysis is helping silicone resin manufacturers to optimize their production processes and quality control. Additionally, AI-powered algorithms are accelerating product development and research by simulating material properties and performance in various conditions.
Silicone Resin Market Dynamics
Major Drivers
Rising demand for silicon resin from the paints and coatings industry is expected to drive the market. Silicone resins exceptional protective qualities make them valuable for enhancing the durability and performance of paints and coatings. These resins offer superior resistance to harsh environmental factors, including moisture and UV rays. Moreover, the increase in global paint production to cater to architectural paints and industrial coatings needs further fuels the growth of the market. For instance,
Existing Restraints
Stringent environmental and safety regulations especially concerning emissions and waste disposal are expected to hinder the market. These regulations are aimed at promoting environmental protection. Metting these strict standards often requires additional efforts and investments in waste management and emissions control which increases production costs for silicone resin manufacturers. Furthermore, the growing availability of alternative materials at lower costs reduces the demand for silicon resin in the market.
Emerging Opportunities
Global shift toward the utilization of sustainability and eco-friendly silicon resin is likely to create immense opportunities for players competing in the market. Manufacturers are developing formulations with reduced environmental impact, such as lower VOC emissions and bio-based materials to meet the demand for greener products. Moreover, the increasing use of silicon resin in electric vehicles (EVs) for insulation and thermal management further propels the market. For instance,
Scope of the Silicone Resin Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Silicone Resin Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Methylphenyl Silicone Resin, Methyl Silicone Resin, and Others), Application (Elastomers, Paints & Coatings, Adhesive & Sealants, and Others), and End-user (Building & Construction, Industrial, Automotive & Transportation, Healthcare, Electrical & Electronic, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Wacker Chemie AG; Supreme Silicones India Pvt Ltd; Siltech Corporation; Shin-Etsu Chemical Co. Ltd; Savitri Chemicals; Momentive; LIFE WITHOUT PLASTIC; KANEKA CORPORATION; EVONIK INDUSTRIES AG; Elkem ASA; Elkay Chemicals Pvt. Ltd; DOW INC; DuPont; and BRB International
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Market Segment Insights
Type Analysis
Based on type, the silicone resin market is divided into methylphenyl silicone resin, methyl silicone resin, and others. The methyl silicone resin segment is expected to hold a major market revenue share during the forecast period, due to its capacity to adhere effectively to a wide range of surfaces from metals to plastics. This adhesive quality allows them to create durable and protective coatings making methyl silicon a preferred choice across different industries. Moreover, the strength and versatile abilities of methyl silicon further boost their demand in the market.
The methylphenyl silicone resin segment is anticipated to register robust growth in the market, as this type of silicone resin has excellent electrical insulation properties which are crucial in the electronics industry. They provide reliable protection for electronic components against electrical currents and moisture. Additionally, increasing demand for methylphenyl silicon resin in the automotive and aerospace sectors due to its extreme heat-resistant properties propels this segment.
Application Analysis
On the basis of application, the market is classified as elastomer, paint & coating, adhesive & sealant, and others. The paint & coating segment is expected to grow at a significant CAGR in the market in the coming years, as the paints and coatings industry seeks materials that adhere effectively to various surfaces providing a robust and long-lasting finish. Silicon resins are preferred for their excellent adhesion properties enhancing the performance and lifespan of coatings. Moreover, the rising number of infrastructural projects globally further boosts the market.
End-user Analysis
In terms of end-user, the silicone resin market is fragmented into building & construction, industrial, automotive & transportation, healthcare, electrical & electronic, and others. The electrical & electronic segment is projected to hold a key market share during the projected period, due to increasing demand for electronics. For instance,
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According to the reports, the number of consumer electronics users is expected to reach approximately 3.3 billion by 2027. Silicone resin is important to protect these devices from environmental factors, which propels their use in this segment.
Silicone resins offer resistance to environmental factors such as moisture, chemicals, and UV radiation, essential for safeguarding electronic components. Their ability to withstand environmental factors contributes to silicon resins widespread adoption in this sector.
The automotive segment is projected to register a considerable CAGR during the forecast period, as they are high temperature resistant, which is extremely useful for protecting automotive heat generation components. This flexibility ensures the durability and performance of critical vehicle elements. Moreover, the long-lasting protection offered by silicon resin further boosts their demand in the market.
Regional Outlook
In terms of region, the global silicone resin market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market due to the presence of a growing electronics industry and extensive automotive production. Both of these sectors heavily rely on silicon resins for electrical insulation, thermal management, and protective coatings.
Asia Pacific is witnessing a surge in renewable energy projects, such as solar panels and wind turbines. These projects depend on silicon resins for long-lasting protection against harsh environmental conditions. Furthermore, some of the nations in this region are major producers of silicon resin which contributes to the growth of the market. For instance,
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As per the recent research reports, in 2021, South Korea produced 180 thousand metric tons of silicon resin and was the world's leading producer of resin. This shows a considerable increase over the previous year’s production, which was 159 thousand metric tons.
The market in Europe is anticipated to expand at a rapid pace in the coming years, as the construction industry of this region heavily uses silicon resins for their protective coatings abilities, which help buildings to stand up against harsh weather conditions. Silicon resins play a crucial role in this industry by offering heat resistance and moisture protection. Moreover, this region has a strong automotive sector that consistently requires silicon resin to produce high-quality vehicles which further contributes to boosting the market.
Segments
The global silicone resin market has been segmented on the basis of
Type
- Methylphenyl Silicone Resin
- Methyl Silicone Resin
- Others
Application
- Elastomers
- Paints & Coatings
- Adhesive & Sealants
- Others
End-user
- Building & Construction
- Industrial
- Automotive & Transportation
- Healthcare
- Electrical & Electronic
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Wacker Chemie AG
- Supreme Silicones India Pvt Ltd
- Siltech Corporation
- Shin-Etsu Chemical Co. Ltd
- Savitri Chemicals
- Momentive
- LIFE WITHOUT PLASTIC
- KANEKA CORPORATION
- EVONIK INDUSTRIES AG
- Elkem ASA
- Elkay Chemicals Pvt. Ltd
- DOW INC
- DuPont
- BRB International
Competitive Landscape
Key players competing in the global silicone resin market are Wacker Chemie AG; Supreme Silicones India Pvt Ltd.; Siltech Corporation; Shin-Etsu Chemical Co. Ltd.; Savitri Chemicals; Momentive; LIFE WITHOUT PLASTIC; KANEKA CORPORATION; EVONIK INDUSTRIES AG; Elkem ASA; Elkay Chemicals Pvt. Ltd; DOW INC; DuPont; and BRB International.
Manufacturers in the market are implementing various strategies, such as partnerships, mergers, reduction in production costs, launching new products, and implementing advanced technologies to boost their market share.
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In April 2023, DuPont, a multinational chemical company, announced the launch of new blends of low-cyclosiloxane silicon resin and elastomer to capitalize on growing consumer demand for skin care products. These products are designed to comply with the evolving REACH regulation compliance. Moreover, the use of these products offers the desired healthy skin without the side effects to its consumers.
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