Silicone Resin Market is Expected to Reach ~US$ 5.56 Bn by year 2027
Theglobal silicon resin market is estimated to be USD 3.9 billion in 2021 and reach USD 5.56 billion in 2027, registering a CAGR of 6.10% during the forecast period 2021-2027. Silicone resins are a form of silicone materials shaped from cage-like oligosiloxanes and branched with the RnSiXmOy formula. The silicone resins develop films with heat resistance, water repellence, resilience, anti-corrosion, dielectric properties, surface hardness, and electrical insulation properties. Silicone resins are commonly used in several industries, including but not limited to the building and construction industry, paintings and coating industry, personal care and pharmaceuticals industry, electrical and electronics industry, automotive industry, and chemical industry. Based on the functional groups found in the siloxane chain resins, silicone resins can be of varying forms.
Growing demand for Silicone Resin is increasing the global silicone resin market across numerous end-user industries. The coating based on Silicon Resin provides superior thermal resilience and water repellence to boost global demand. The overall industry growth is being fuelled by technological developments such as 4K Ultra HD and smart home technologies. Moreover, lightweight materials are being used to minimize the weight of automobiles, resulting in a decrease in total fuel consumption. This would result in the overall growth of the market.
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High manufacturing costs of Silicone resins hamper global market growth due to high raw material and refining costs. The adverse health effects of Silicone Resins serve as a restriction to the growth of the market. The effect of the COVID-19 Pandemic on the Global Economy is imposing major challenges to the silicone resin market.
Continuous research and development activities to manufacture cost-effectiveness have fuelled the marketplace. Leading companies are projected to implement advanced technologies through the introduction of fillers to give the industry new growth opportunities over the forecast period. Silicone Resin industries are developing partnerships with healthcare companies for the development of Silicone Resin-based products. Moreover, it is expected that the growing benefits of e-commerce to ensure the availability of finished goods by providing advantages, such as discounts and timely delivery, would encourage the buying of Silicone Resin-based products, generating more opportunities in turn.
The global COVID-19 pandemic has forced industrial operations around the globe to abruptly halt, impacting the market for plastics and their development and processing. To prevent the spread of coronavirus, workers have either returned to their hometowns or were quarantined. The upstream supply chain problems have forced the construction, automobile, pharmaceutical, textile & coatings industries to close. Chemical processing companies stopped their production. The most seriously affected end-use markets include automotive & transportation, consumer goods, manufacturing machinery, construction, and electronics. Governments are encouraging workers to resume work worldwide.
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The report outlines the study of the silicon resin market on the basis of product type and end-user.
Based on the geographical viewpoint, the global silicone resin market has been segmented into five geographical regions: North America, Europe, South America, Asia Pacific, and the Middle East & Africa. In 2020, Asia Pacific held the largest market share in terms of revenue value for the silicon resin market, followed by Europe and North America. Moreover, North America is estimated to project the highest CAGR globally during the forecast period.
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The key players of the silicon resin market are Wacker Chemie AG, Dow Corning Limited, Shin-Etsu Chemical Corporate Limited, Evonik Tego Chemie GmbH, Bluestar Silicones.
The other companies of silicon resin market are Kaneka Corporations, Momentive Performance Materials Holdings Incorporated, Adhis S.A.S, BRB International BV and Siltech Corportion, PCC Group, KANTO, Ashland, Kemira.
The silicon resin market report provides a thorough analysis of macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the presence of the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
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