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Silicone Resins Market Share, Size, Growth Analysis And Forecast To 2033
Silicone Resins Market Trends
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According to The Business Research Company's, The silicone resins market size has grown strongly in recent years. It will grow from $4.02 billion in 2023 to $4.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to growing construction and infrastructure development, expansion of the electronics industry, automotive sector growth, rising demand for high-performance coatings, development of high-performance rubbers, increased application in healthcare and medical devices, utility in solar panels and photovoltaics, focus on fire safety and flame retardancy.
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.
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Market Drivers and Trends:
The increase in automotive industry is expected to propel the growth of silicone resins market going forward. Silicon resins are essential for thermal management, sealing, and bonding processes within the automotive manufacturing, addressing challenges related to heat dissipation, environmental resistance, and durability. Moreover, the growing adoption of electric vehicles and the stringent regulatory standards in the automotive sector further contribute to the increased demand for silicon resins, emphasizing their pivotal role in ensuring the reliability, safety, and performance of automotive components. For instance, in February 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Therefore, the increase in automotive industry is driving the growth of the silicone resins 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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Major Key Players of the Market:
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.
Silicone Resins Market 2024 Key Insights:
• 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%.
• Rise In Construction Activities To Drive Market Growth
• Advancements In Silicone Resin Formulations Reshaping The Market
• Asia-Pacific was the largest region in the silicon resins market in 2023
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