Press release
Innovative Applications Fuel Growth in Silicone Resins Market: Insights into Key Trends and Developments
Silicone Resins Market
The silicone resins market size is expected to see strong growth in the next few years. It will grow to $5.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to proliferation of electric vehicles, emergence of advanced materials in aerospace, growing demand for green building materials, advancements in electronic devices, expansion of renewable energy, focus on lightweighting in automotive sector. Major trends in the forecast period include silicone resins in 3d printing, silicone resins in personal care, silicone resins for led encapsulation, collaborations and partnerships, silicone resins in aerospace applications, stringent regulatory compliance.
Market Overview -
Silicone resins are inorganic polymers capable of being molded into fixed shapes, sheets, or fibers, such as covering layers over metal surfaces to prevent corrosion. Silicone 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.
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Rise In Construction Activities To Drive Market Growth
An increase in the number of projects related to construction activities is expected to propel the silicone resins market. Due to the quick industrialization and urbanization, there has been an increase in construction activities. Construction materials like silicone 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 silicone resins market.
Competitive Landscape -
Major companies operating in the silicone resins market report are Wacker Chemie AG, Dow Corning Limited, Shin-Etsu Chemical Corporation Limited, Evonik Tego Chemie GmbH, Bluestar Silicones Co. 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, Supreme Silicones India Pvt. Ltd., Momentive Performance Materials Inc., Elkem Silicones AS, Siltech Corporation, ICM Products Inc., BRB International BV, Reiss Manufacturing Company Inc., Siltech LLC, Silteq Limited, Gelest Incorporated, Jiangsu Hongda New Material Co. Ltd., Guangzhou Tinci Materials Technology Co. Ltd., Zhejiang Xinan Chemical Industrial Group Co. Ltd., Shandong Dayi Chemical Co. Ltd., Hubei Xinsihai Chemical Engineering Co. Ltd., Jiangsu Maysta Chemical Co. Ltd.
Advancements In Silicone Resin Formulations Reshaping The Market
Developing new silicone resin formulations is a key trend gaining popularity in the silicon resins 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.
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Key Segments -
The silicone resins market covered in this report is segmented -
1) By Type: Methyl Silicone Resins, Methylphenyl Silicone Resins, Other Types
2) By Function: Binding Agents, Impregnating Agents, Hydrophobic Agents, Release Agents, Modifiers
3) By Application: Paints And Coatings, Adhesives And Sealants, Elastomers, Other Applications
4) By End User: Automotive And Transportation, Building And Construction, Electrical And Electronics, Healthcare, Industrial, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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