Summary
Major players in the silicone resins market are Wacker Chemie AG, Dow Corning Limited, Shin-Etsu Chemical Corporate Limited, Evonik Tego Chemie GmbH, Bluestar Silicones Ltd., Kaneka Corporation, PCC SE, Kanto Chemical Co, Inc., Primasil Silicones Limited, Alchemie Ltd., KCC Corporation, Innospec Inc., Iota Silicone Oil (Anhui) Co. Ltd., Genesee Polymers Corporation and Supreme Silicones India Pvt Ltd.
The global silicon resins market is expected to grow from $3.81 billion in 2022 to $4.08 billion in 2023 at a compound annual growth rate (CAGR) of 6.90%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The silicon resins market is expected to reach $4.98 billion in 2027 at a CAGR of 5.15%.
The silicon resins market consists of sales of pure silicon resins and modified silicon resins.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Silicon resins are inorganic polymers capable of being molded into fixed shapes, sheets, or fibers, such as covering layers over metal surfaces to prevent corrosion. Silicon resins are used predominantly in the production of heat-resistant paint, coil coatings, and mixed resin systems, due to their flexibility and heat-resistant property.
Asia-Pacific was the largest region in the silicon resins market in 2022.North America was the second largest region in the silicon resins market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of silicone resins are methyl silicone resins, methylphenyl silicone resins, and others that function as binding agents, impregnating agents, hydrophobic agents, release agents, and modifiers.Methyl silicone resins are polymethyl siloxane, in which the lowest level of organic content is seen.
Methyl silicone resins are used as a non-pigmented coating, due to their long-term temperature resistance property.The silicon resins are used in paints and coatings, adhesives and sealants, elastomers, and other applications.
The silicon resins are used by automotive and transportation, building and construction, electrical and electronics, healthcare, industrial, and other end users.
An increase in the number of projects related to construction activities is expected to propel the silicon resins market.Due to the quick industrialization and urbanization, there has been an increase in construction activities.
Construction materials like silicon resin are in high demand due to these construction activities.In architecture and construction, silicone resins hold important structural components in connections for expansion, building, connection, and movement.
For instance, according to a report released in June 2021 by Statistics Canada’s national statistical office, investments in building development climbed to $19,273 million in 2020 from $14,294 million in the previous year. Therefore, increasing construction activities will drive the silicon resins market.
Developing new silicone resin formulations is a key trend gaining popularity in the silicon resin market.The development of new silicone resins refers to creating silicone resins functionalized with novel reactive groups and components that can offer formerly unattainable qualities.
Major players in the silicone resin sector are focused on developing new silicone resin formulations to sustain their market position.For instance, in January 2022, B9Creations, a US-based company engaged in advanced manufacturing and 3D printing launched an innovative elastomeric resin known as BioRes – Silicone.
BioRes – Silicone is a biocompatible 3D printing material that offers specialized medical and consumer technology applications for comforting skin contact items. B9Creations’ medical-grade silicone is International Organization for Standardization (ISO) 90993-approved for extended skin contact and provides a special combination of biocompatibility, high accuracy, surface quality, and rip resistance.
In April 2020, Elkem ASA, a Norway-based company that provides silicone-based materials acquired Polysil for an undisclosed amount.Through this acquisition, Elkem complemented the Polysil product line, and its expertise and brand will continue to be advantageous to Polysil consumers.
Polysil is a China-based company engaged in the manufacturing of silicone elastomer and resin material.
The countries covered in the silicone resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The silicon resins market research report is one of a series of new reports that provides silicon resins market statistics, including silicon resins industry global market size, regional shares, competitors with a silicon resins market share, detailed silicon resins market segments, market trends and opportunities, and any further data you may need to thrive in the silicon resins industry. This silicon resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
