Silicone Resins Market worth $6.3 billion by 2026 | Key players Evonik Industry AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan).

According to recent market research the "Silicone Resins Market by Type (Methyl, Methyl Phenyl), Application, End-Use Industry (Automotive & Transportation, Building & Construction, Electrical & Electronics, Healthcare, Industrial) and Region - Global Forecast to 2026", size is expected to grow from USD 4.8 billion in 2021 to USD 6.3 billion by 2026, at a CAGR of 5.5% during the forecast period. The driving factors for the silicone resins market is increased involvement of silicone resins in the industrial segment, and the building & construction, automotive & transportation, and electronic industries in emerging economies. This driving factor is boosting the demand for silicone resins industries.

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Paints & Coatings is the fastest-growing application segment in the Silicone resins market. Rising demand from Industrial, Automotive & transportation, building & construction, among other end-use industries will drive the demand for silicone resins in the paints & coatings application. It accounted for a share of about 40.4% of the silicone resins market, in terms of value, in 2020.

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APAC accounted for the largest share of the silicone resins market in 2020. The market in the region is growing because of growing demand from industrial, automobile and construction industry. The market is also driven by foreign investments, supported by cheap labor and economical and accessible raw materials.

The Dow Chemical Company (US), Evonik Industry AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Kaneka Corporation (Japan) and Wacker Chemie AG (Germany) are the leading silicone resins manufacturers, globally.

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The Dow Chemical Company is the largest player in the market. The Dow Chemical Company is one of the leading names in chemical market and provides extensive range of products in Silicone resins market for automotive & transportation, building & construction, electronics, industrial and healthcare sector especially. The company has good financial backgrounds and geographical presence with 113 manufacturing sites in 31 countries.

Evonik Industry AG is the second-largest player of the silicone resins market, globally. The company is one of the leading chemical companies and manufactures products in the field of Silicone, polymer, life sciences and polySilicone markets for all key global industries. In March 2018, the company opened a new laboratory in the Moscow Technical Center, for adhesives and sealants, in Russia to increase its research and development capacity as well as have more innovations in silicone resins market.

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