Press release
Silicone Resins Industry Expected to Reach $5.7 Billion by 2029 at 6.7% CAGR
Silicone Resins
Silicone Resins Market Value Projection: How Much Will the Market Size by 2025?
In recent times, the market size of silicone resins has been consistently experiencing growth. The market, which is expected to increase from $4.23 billion in 2024 to $4.39 billion in 2025, is forecasted to do so at a compound annual growth rate (CAGR) of 4.0%. A variety of factors have contributed to this growth in the past, including the expansion of construction and infrastructure development, the growth of the electronics and automotive sectors, a rise in the demand for high-performance coatings, the development of superior rubbers, increased usage in the healthcare and medical device fields, utility in solar panels and photovoltaics, as well as an increased focus on fire safety and flame retardancy.
What Will Be the Market Growth Forecat for Silicone Resins in 2029?
The market for silicone resins is anticipated to witness robust growth in the coming years. The market value is projected to climb to $5.7 billion by 2029, experiencing a compound annual growth rate (CAGR) of 6.7%. This growth for the forecasted period is expected to stem from factors such as the rise of electric vehicles, the introduction of advanced materials in the aerospace industry, the escalating demand for eco-friendly building materials, technology developments in electronics, the expansion of renewable energy, and the emphasis on reducing weight in the automotive sector. Notable trends throughout the forecast period cover the use of silicone resins in 3D printing, personal care, LED encapsulation, collaborations and partnerships, aerospace applications, and ensuring strict regulatory compliance.
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What Are the Core Competitive Drivers in the Silicone Resins Industry?
The silicone resins market is forecasted to grow, driven by an increase in construction projects. Rapid industrialization and urbanization have led to a surge in construction activities, which in turn has heightened the demand for construction materials like silicone resins. In the construction and architectural industry, silicone resins play a key role as structural components, utilized in expansion relationships, construction, linkage, and movement. For example, data from the US Census Bureau, a government agency in the US, showed that the worth of construction operations increased from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Therefore, the escalating construction activities stand as a potent driver for the silicone resins market.
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Which Silicone Resins Market Segment Is Projected to See the Fastest Growth?
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
Subsegments:
1) By Methyl Silicone Resins: Linear Methyl Silicone Resins, Cross-Linked Methyl Silicone Resins
2) By Methylphenyl Silicone Resins: Linear Methylphenyl Silicone Resins, Cross-Linked Methylphenyl Silicone Resins
3) By Other Types: Alkyl Silicone Resins, Fluoro Silicone Resins, Specialty Silicone Resins
Which Trends Are Opening New Opportunities in the Silicone Resins Market?
The trend of creating innovative solutions in the form of new silicone resin formulations is picking up pace in the silicon resins market. This implies the creation of silicone resins embedded with unique reactive groups and components, providing unprecedented attributes. Big names in the silicone resin industry are putting their efforts into developing these novel formulations to solidify their market standing. For example, B9Creations, a company originating from the US and specialises in advanced manufacturing and 3D printing, introduced an exciting elastomeric resin called BioRes - Silicone in January 2022. BioRes - Silicone, a biocompatible 3D printing material, caters to specialized medical and consumer technology applications specifically for skin contact items that need comfort. B9Creations' medical-grade silicone holds an International Organization for Standardization (ISO) 90993 approval for long-term skin contact and offers a unique blend of biocompatibility, high precision, surface quality, and resistance to tearing.
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Who Are the Leaders in the Silicone Resins Market?
Major companies operating in the silicone resins market are Wacker Chemie AG, 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., 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.
Which Regional Silicone Resins Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the silicon resins market in 2024. North America was the second largest region in the silicon resins market. The regions covered in the silicone resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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