Silicone Resin Market with 5.2% CAGR, Silicone Resin Market Size to Reach USD 21.3 billion by 2029

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Feb 14, 2023, 10:45 ET

PUNE, India, Feb. 14, 2023 /PRNewswire/ -- According to Exactitude Consultancy the Global Silicone Resin Market value is expected to reach USD 21.3 billion by 2029, growing at a CAGR of 5.2% Between Forecast Period 2023 and 2029.

The silicone resin market is expected to grow at 5.2% CAGR from 2023 to 2029. It is expected to reach above USD 21.3 Billion by 2029 from USD 13.5 Billion in 2022. The silicone resin market is a growing industry that focuses on the production and sale of silicone resins, which are a type of synthetic polymer. Silicone resins are widely used in various applications, including construction, automotive, electrical and electronics, personal care, and textiles. The market is driven by the increasing demand for high-performance materials, as well as the growing use of silicone resins in various end-use industries. Some of the key players in the silicone resin market include Dow Chemical, Wacker Chemie AG, Momentive, Shin-Etsu Chemical Co., Ltd., and Elkem. The market is expected to continue to grow as demand for silicone resins increases and new applications are developed.

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Report Coverage	Details
Forecast Period	2023 to 2029
Forecast Period 2022 to 2029 CAGR	5.2 %
2029 Value Projection	USD 21.3 Billion
Base Year	2022
Artificial Photosynthesis Market Size in 2022	USD 13.5 Billion
Historical Data for	2018-2022
Segments covered	By Type, By Application, By End-Use Industry and By Region
Growth Drivers	Increased demand for silicone resins in paints & coatings industry
	Stringent government regulations hinder market growth
	Increasing use of hybrid resins in reinforcements of buildings

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 2023 to 2029 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.

Driving Factor:

Upsurge in Demand for Silicone-based Paints & Coatings for Industrial & Consumer Markets

Silicone-based coatings are widely used in industrial operations to ensure quality through consistent release performance during the molding process. Paints containing silicone additives improve the efficiency of ships in the marine sector (higher speeds and lower fuel consumption) and eliminate the need for traditional antifouling paints that contain harmful ingredients.

Silicone resins are used by industrial coating manufacturers to improve adhesion, waterproofness and durability in harsh environments. In paints, silicone resins disperse pigments to improve colour and leveling, while levelling agents ensure opacity and a flawless finish, even eliminating surface defects caused by blistering. Silicone resins improve heat resistance and provide water resistance for specialty paints and varnishes.

As part of building materials, building elements and layers of ceramics, they are consistently used in construction. Silicone resins used as binders in intumescent paints provide adequate protection for steel and aluminium structures over time in the event of a building fire. These coatings can be widely used in the oil and gas sector, automotive sector, especially cars and trucks.

From airbags to technical textiles and leather goods, silicone coatings are used in a wide variety of consumer products and applications to give these products the desired properties and desired look and feel.

Industry Developments

In February 2021, Wacker Chemie AG acquired 100% of the shares in pharmaceutical contract manufacturer Genopis Inc. The acquisition inlcudes a CDMO (Contract Development and Manufacturing Organization) that specializes in plasmid DNA (pDNA), and its associated company.
In January 2021, Shin-Etsu Chemical Co., Ltd. strengthened the production capacity of Shintech Inc., its subsidiary in the US. The production capacity increased by 580,000 tons of VCM per year, 380,000 tons of PVC per year and 390,000 tons of caustic soda per year.
In April 2019, The Dow Chemical Company expanded its alkoxylation capacity at its current plant in Tarragona, Spain in a move that would benefit Europe, the Middle East, Africa, and India. The low-cost, high-return incremental investment complemented Dow's previously announced alkoxylation capacity development on the US Gulf Coast, which was expected to meet rising demand and expand Dow's leadership position in the lucrative consumer, industrial, and infrastructure industries.

Frequently Asked Questions?

What is the estimated industry size of Silicone Resins?
What is the Main Driver of the Silicone Resin Market?
Which is the largest regional market for Silicone Resins?
What is the leading industry in the Silicone Resins Market?
What are the upcoming trends in the Silicone Resins Market in the world?
Which are the top companies to hold the market share in Silicone Resins?
How will the COVID-19 pandemic impact the Silicone Resin market in 2021?

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