Silicone Resins Global Market Report 2024

The global silicone resins market 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 historic growth of silicone resins can be linked to several factors, including the booming construction and infrastructure sectors, the continuous expansion of the electronics industry, the thriving automotive sector, the increasing need for high-performance coatings, the advancements in high-performance rubbers, the expanding utilization in healthcare and medical devices, the application in solar panels and photovoltaics, as well as the focus on fire safety and flame retardancy across various industries.

The global silicone resins market 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 projected growth in the upcoming period is expected to be driven by various factors such as the increased adoption of electric vehicles, the development of advanced materials in aerospace applications, the rising demand for environmentally friendly building materials, advancements in electronic devices, the expansion of renewable energy sources, and the automotive sector's emphasis on lightweight materials. Key trends in the forecast period include the utilization of silicone resins in 3D printing, their applications in personal care products, their role in LED encapsulation, collaborative partnerships, the use of silicone resins in aerospace technologies, and the adherence to stringent regulatory standards.

The silicone resins market is poised for growth, driven by a surge in construction projects. The rise in industrialization and urbanization has led to increased construction activities, creating a heightened demand for construction materials such as silicone resin. Silicone resins play a crucial role in architecture and construction, serving as essential structural components for expansion, building connections, and accommodating movement. Notably, in June 2021, Statistics Canada reported a significant increase in building development investments, rising from $14,294 million in the previous year to $19,273 million in 2020, underscoring the impact of escalating construction activities on the silicone resins market.

The expansion of the automotive industry is anticipated to be a key driver for the silicone resins market. Silicone resins play a vital role in thermal management, sealing, and bonding processes in automotive manufacturing, addressing challenges related to heat dissipation, environmental resistance, and durability. The growing adoption of electric vehicles and stringent regulatory standards in the automotive sector contribute to an increased demand for silicone resins, emphasizing their pivotal role in ensuring the reliability, safety, and performance of automotive components. As reported by the European Automobile Manufacturers Association in February 2023, global motor vehicle production reached 85.4 million units in 2022, reflecting a 5.7% increase from the previous year. This growth in the automotive industry is a significant driver for the silicone resins market.

A notable trend in the silicone resins market is the development of new formulations. Major players in the sector are actively engaged in creating silicone resins with novel reactive groups and components to offer previously unattainable qualities. This trend is crucial for sustaining market positions, with companies prioritizing the innovation of silicone resin formulations. As an example, in January 2022, B9Creations, a US-based company specializing in advanced manufacturing and 3D printing, introduced an innovative elastomeric resin named BioRes - Silicone. This biocompatible 3D printing material caters to specialized medical and consumer technology applications, providing comfort for skin contact items. The ISO 90993-approved medical-grade silicone by B9Creations offers a unique combination of biocompatibility, high accuracy, surface quality, and rip resistance, showcasing the commitment to developing advanced silicone resin formulations.

Prominent players in the silicone resins market are actively innovating by introducing new blends designed to address various skin conditions. In April 2023, DuPont de Nemours, Inc., a leading US-based chemical company, unveiled Liveo TE-9320 and TE-9330 Silicone Elastomer Blends. These blends offer non-occlusive rheology modification and deliver a smooth, silky skin feel. DuPont also introduced Liveo TE-9720 Resin Blend, known for its film-forming behavior that provides long-lasting protection. Specifically engineered to assist formulators in meeting the Substance of Very High Concern (SVHC) threshold proposed by the REACH regulation, these low-cyclosiloxane silicone elastomer blends exhibit unique sensory properties. They find applicability in various topical drug delivery formulations, including those designed for atopic dermatitis, psoriasis, scar and pain management, as well as acne applications. Moreover, the film-forming characteristics of these silicone resin blends contribute to their use in applications such as wound care, UV protection, and acne therapy.

In a strategic move in September 2021, Polytek Development Corp., a US-based chemical manufacturing company, successfully acquired Specialty Resin & Chemical for an undisclosed amount. This acquisition enhances Polytek's consumer product portfolio and strengthens its market position in mold making, casting, and coating industries. Leveraging the expertise and diverse product line of Specialty Resin & Chemical, which specializes in user-friendly products for mold making, casting, and coating applications, Polytek is well-positioned to cater to the needs of hobbyists and small businesses. This strategic expansion aligns with Polytek Development Corp.'s commitment to providing comprehensive solutions and leveraging synergies in the ever-evolving chemical manufacturing 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.

Asia-Pacific was the largest region in the silicon resins market in 2023. 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. The countries covered in the silicone resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Different variants of silicone resins include methyl silicone resins, methylphenyl silicone resins, and others, serving as crucial elements in various roles such as binding, impregnation, hydrophobic treatment, release applications, and as modifiers. Methyl silicone resins, specifically, like polymethyl siloxane, contain minimal organic content and are often utilized in non-pigmented coatings due to their ability to withstand high temperatures over extended periods. Industries that extensively utilize these silicone resins span automotive and transportation, building and construction, electrical and electronics, healthcare, industrial sectors, among others.

This report provides silicon resins market statistics, including silicon resins industry global market size, regional shares, competitors with a silicon resins market share, detailed silicon resins market segments, silicon resins market trends and opportunities, and any further data you may need to thrive in the silicon resins industry. This silicon resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The silicon resins market consists of sales of pure silicon resins and modified silicon resins. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.