Silicone Resins Market By Type (Methyl Silicone Resins, Methylphenyl Silicone Resins, Others), By End-Use Industry (Automobile, Building and Construction, Electrical and Electronics, Paints and Coatings, Adhesives and Sealants, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The silicone resins market attained $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 a type of silicone material composed of cage-like oligosiloxanes and branching RnSiXmOy. They are used to manufacture films with weatherability, dielectric characteristics, and heat resistance. Silicone resins are utilized to improve dependability, longevity, and safety in a variety of end-use industries, such as paints, coatings, and construction.
Silicone resins provide a number of advantages, including superior performance and resistance to temperature, weather, chemicals, and heat. Their superior thermal stability makes them suitable for use in paints, varnishes, and other impregnating substances. In addition, they are utilized as release force promoters in release coatings, as water repellents in building and construction, and as adhesion promoters in sealing and bonding.
Extensive use of silicone-based coatings in the industry ensures quality through consistent release performance during the molding process. In the shipping industry, paints containing silicone compounds improve vessel efficiency (faster speed and lower fuel consumption) and eliminate the need for conventional antifouling paints containing hazardous substances. This stimulates the market for silicon resins. Expansion of the infrastructure, construction, and automotive industries; and the widespread implementation of innovative coating technologies are anticipated to generate attractive market opportunities during the forecast period,. The expansion of economic activity in Latin America and Asia-Pacific is expected to provide enormous opportunities for silicone resins during the forecast period. These regions are currently establishing stringent volatile organic compounds (VOC) emission regulations. Latin American and Asia-Pacific consumers are more conscious of the environmental impact of their purchases.
However, governments in developing countries have enacted rigorous regulations to reduce the impact of trash and its toxic byproducts on the environment, flora, and fauna. The European regulatory agency Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) ) demands the registration of manufacturers producing silicone-based end goods in accordance with specified requirements. CLP's (Classification, Labeling, and Packaging) Regulation (EC) No 1272/2008 of the European Parliament and of the Council of December 16, 2008, on the labeling and packaging of substances and mixtures, amending and repealing Directives 67/548/EEC and 1999/45/EC, and amending Regulation (EC) No 1907/2006 classifies the safety requirements of chemical substances along with their legal implications. The use of any chemical substance, including silicone resins, must conform to the standards, which are closely connected to REACH. This can hinder the global demand for silicone resins.
The global silicone resins market is segmented into type, end-use industry, and region. Depending on the type, the market is classified into methyl silicone resins, methyl phenyl silicone resins, and others. On the basis of end-use industry, it is categorized into building & construction, electrical & electronics, paints & coatings, adhesives & sealants, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global silicone resins market 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 market are Adhis S.A.S, Bluestar Silicones, and Alchemie Ltd.
IMPACT OF COVID-19 ON THE GLOBAL SILICONE RESINS MARKET
COVID-19 has spread across the globe and affected almost all aspects of life.
The global economy has been negatively affected by the COVID-19 pandemic. It has negatively impacted a number of industrial sectors by disrupting the supply chain.
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.
Extended lockdowns in wealthy market economies and domestic societal estrangement have intensified the negative effect on emerging market economies.
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.
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.
Key Market Segments
By Type
Methyl Silicone Resins
Methylphenyl Silicone Resins
Others
By End-Use Industry
Automobile
Building and Construction
Electrical and Electronics
Paints and Coatings
Adhesives and Sealants
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
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
Wacker Chemie AG
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