Silicone Resin Market by Type (Methylphenyl Silicone Resin, Methyl Silicone Resin, and Others), Application (Elastomers, Paints & Coatings, Adhesive & Sealants, and Others), End-user (Building & Construction, Industrial, Automotive & Transportation, Healthcare, Electrical & Electronic, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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,
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As per the reports, the paint production volume of the United States in 2022 was around 1.36 billion gallons and is estimated to reach approximately 1.38 billion gallons in 2023.
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,
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As per the report published by the International Energy Agency, around 2.3 million electric vehicles were sold in the first quarter of 2023. The EV sales are expected to grow at a significant rate throughout the year.
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.
Attributes |
Details |
Report Title |
Silicone Resin Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
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) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
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 |
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Silicone Resin Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Silicone Resin Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Silicone Resin Market - Supply Chain
4.5. Global Silicone Resin Market Forecast
4.5.1. Silicone Resin Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Silicone Resin Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Silicone Resin Market Absolute $ Opportunity
5. Global Silicone Resin Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Silicone Resin Market Size and Volume Forecast by Types
5.3.1. Methylphenyl Silicone Resin
5.3.2. Methyl Silicone Resin
5.3.3. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Silicone Resin Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Silicone Resin Market Size and Volume Forecast by Applications
6.3.1. Elastomers
6.3.2. Paints & Coatings
6.3.3. Adhesive & Sealants
6.3.4. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Silicone Resin Market Analysis and Forecast by End Users
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by End Users
7.2.2. Y-o-Y Growth Projections by End Users
7.3. Silicone Resin Market Size and Volume Forecast by End Users
7.3.1. Building & Construction
7.3.2. Industrial
7.3.3. Automotive & Transportation
7.3.4. Healthcare
7.3.5. Electrical & Electronic
7.3.6. Others
7.4. Absolute $ Opportunity Assessment by End Users
7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Silicone Resin Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Silicone Resin Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Silicone Resin Demand Share Forecast, 2019-2026
9. North America Silicone Resin Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Silicone Resin Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Silicone Resin Market Size and Volume Forecast by Types
9.4.1. Methylphenyl Silicone Resin
9.4.2. Methyl Silicone Resin
9.4.3. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. North America Silicone Resin Market Size and Volume Forecast by Applications
9.7.1. Elastomers
9.7.2. Paints & Coatings
9.7.3. Adhesive & Sealants
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. North America Silicone Resin Market Size and Volume Forecast by End Users
9.10.1. Building & Construction
9.10.2. Industrial
9.10.3. Automotive & Transportation
9.10.4. Healthcare
9.10.5. Electrical & Electronic
9.10.6. Others
9.11. Basis Point Share (BPS) Analysis by End Users
9.12. Y-o-Y Growth Projections by End Users
9.13. Market Attractiveness/Growth Potential Analysis
9.13.1. By Country
9.13.2. By Product Type
9.13.3. By Application
9.14. North America Silicone Resin Demand Share Forecast, 2019-2026
10. Latin America Silicone Resin Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Silicone Resin Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Silicone Resin Market Size and Volume Forecast by Types
10.4.1. Methylphenyl Silicone Resin
10.4.2. Methyl Silicone Resin
10.4.3. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Latin America Silicone Resin Market Size and Volume Forecast by Applications
10.7.1. Elastomers
10.7.2. Paints & Coatings
10.7.3. Adhesive & Sealants
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Latin America Silicone Resin Market Size and Volume Forecast by End Users
10.10.1. Building & Construction
10.10.2. Industrial
10.10.3. Automotive & Transportation
10.10.4. Healthcare
10.10.5. Electrical & Electronic
10.10.6. Others
10.11. Basis Point Share (BPS) Analysis by End Users
10.12. Y-o-Y Growth Projections by End Users
10.13. Market Attractiveness/Growth Potential Analysis
10.13.1. By Country
10.13.2. By Product Type
10.13.3. By Application
10.14. Latin America Silicone Resin Demand Share Forecast, 2019-2026
11. Europe Silicone Resin Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Silicone Resin Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Silicone Resin Market Size and Volume Forecast by Types
11.4.1. Methylphenyl Silicone Resin
11.4.2. Methyl Silicone Resin
11.4.3. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Europe Silicone Resin Market Size and Volume Forecast by Applications
11.7.1. Elastomers
11.7.2. Paints & Coatings
11.7.3. Adhesive & Sealants
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Europe Silicone Resin Market Size and Volume Forecast by End Users
11.10.1. Building & Construction
11.10.2. Industrial
11.10.3. Automotive & Transportation
11.10.4. Healthcare
11.10.5. Electrical & Electronic
11.10.6. Others
11.11. Basis Point Share (BPS) Analysis by End Users
11.12. Y-o-Y Growth Projections by End Users
11.13. Market Attractiveness/Growth Potential Analysis
11.13.1. By Country
11.13.2. By Product Type
11.13.3. By Application
11.14. Europe Silicone Resin Demand Share Forecast, 2019-2026
12. Asia Pacific Silicone Resin Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Silicone Resin Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Silicone Resin Market Size and Volume Forecast by Types
12.4.1. Methylphenyl Silicone Resin
12.4.2. Methyl Silicone Resin
12.4.3. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Asia Pacific Silicone Resin Market Size and Volume Forecast by Applications
12.7.1. Elastomers
12.7.2. Paints & Coatings
12.7.3. Adhesive & Sealants
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Asia Pacific Silicone Resin Market Size and Volume Forecast by End Users
12.10.1. Building & Construction
12.10.2. Industrial
12.10.3. Automotive & Transportation
12.10.4. Healthcare
12.10.5. Electrical & Electronic
12.10.6. Others
12.11. Basis Point Share (BPS) Analysis by End Users
12.12. Y-o-Y Growth Projections by End Users
12.13. Market Attractiveness/Growth Potential Analysis
12.13.1. By Country
12.13.2. By Product Type
12.13.3. By Application
12.14. Asia Pacific Silicone Resin Demand Share Forecast, 2019-2026
13. Middle East & Africa Silicone Resin Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Middle East & Africa Average Pricing Analysis
13.2. Middle East & Africa Silicone Resin Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Silicone Resin Market Size and Volume Forecast by Types
13.4.1. Methylphenyl Silicone Resin
13.4.2. Methyl Silicone Resin
13.4.3. Others
13.5. Basis Point Share (BPS) Analysis by Types
13.6. Y-o-Y Growth Projections by Types
13.7. Middle East & Africa Silicone Resin Market Size and Volume Forecast by Applications
13.7.1. Elastomers
13.7.2. Paints & Coatings
13.7.3. Adhesive & Sealants
13.7.4. Others
13.8. Basis Point Share (BPS) Analysis by Applications
13.9. Y-o-Y Growth Projections by Applications
13.10. Middle East & Africa Silicone Resin Market Size and Volume Forecast by End Users
13.10.1. Building & Construction
13.10.2. Industrial
13.10.3. Automotive & Transportation
13.10.4. Healthcare
13.10.5. Electrical & Electronic
13.10.6. Others
13.11. Basis Point Share (BPS) Analysis by End Users
13.12. Y-o-Y Growth Projections by End Users
13.13. Market Attractiveness/Growth Potential Analysis
13.13.1. By Country
13.13.2. By Product Type
13.13.3. By Application
13.14. Middle East & Africa Silicone Resin Demand Share Forecast, 2019-2026
14. Competition Landscape
14.1. Global Silicone Resin Market: Market Share Analysis
14.2. Silicone Resin Distributors and Customers
14.3. Silicone Resin Market: Competitive Dashboard
14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
14.4.1. Wacker Chemie AG
14.4.2. Supreme Silicones India Pvt Ltd
14.4.3. Siltech Corporation
14.4.4. Shin-Etsu Chemical Co. Ltd
14.4.5. Savitri Chemicals
14.4.6. Momentive
14.4.7. LIFE WITHOUT PLASTIC
14.4.8. KANEKA CORPORATION
14.4.9. EVONIK INDUSTRIES AG
14.4.10. Elkem ASA
14.4.11. Elkay Chemicals Pvt. Ltd
14.4.12. DOW INC
14.4.13. DuPont
14.4.14. BRB International