The global silicone resins market size is estimated to grow from USD 4.8 billion in 2021 to USD 6.3 billion by 2026, at a CAGR of 5.5% during the forecast period. The driving factors for the silicone resins market is growing demand from industrial, automotive & transportation and building & construction is boosting the demand for silicone resins industries. Increasing demand from APAC will further drive the growth of the global silicone resins market.
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Silicone resins manufacturers are the most important players in the value chain as they produce and provide various product types of silicone resins based on their required properties for specific end-use applications. The end-user applications such as automotive & transportation, building & construction, electrical & electronics, healthcare, industrial, and others. This provides additional value to the chain.
Paints & coatings system is the largest market of silicone resins with a 40.4% share, globally. Silicone resin products are used in the exterior and interior parts of construction, in chemical and other manufacturing plants, automotive paints and parts, and display and equipment of electrical and electronic units.
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The Dow Chemical Company (US), Evonik Industry AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Kaneka Corporation (Japan) and Wacker Chemie AG (Germany), among others, are the leading silicone resins manufacturers, globally. These companies adopted new product launch, expansion, agreements & contracts and merger & acquisition, as their key growth strategies between 2016 and 2021 to earn a competitive advantage in the silicone resins market.
The Dow Chemical Company is the largest player in the market. The Dow Chemical Company is one of the leading names in chemical market and provides extensive range of products in Silicone resins market for automotive & transportation, building & construction, electronics, industrial and healthcare sector especially. The company has good financial backgrounds and geographical presence with 113 manufacturing sites in 31 countries.
Evonik Industry AG is the second-largest player of the silicone resins market, globally. The company is one of the leading chemical company and manufactures products in the field of Silicone, polymer, life sciences and polySilicone markets for all key global industries. In March 2018, the company opened a new laboratory in the Moscow Technical Center, for adhesives and sealants, in Russia to increase its research and development capacity as well as have more innovations in silicone resins market.
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