Silicone Resins Market

Silicone Resins Market Outlook (2022-2032)

The global silicone resins market is estimated at US$ 906.8 million in 2022 and is forecast to surpass US$ 1.5 billion by 2032, progressing at a steady CAGR of 5.1% from 2022 to 2032.

Demand for liquid silicone resins is expected to increase a CAGR of 5.5% over the forecast period and reach a market size of US$ 783 million by the end of 2032.

Report Attributes	Details
Silicone Resins Market Size (2021A)	US$ 873.6 Million
Estimated Market Size (2022E)	US$ 906.7 Million
Projected Market Size (2032F)	US$ 1.5 Billion
Global Market Growth Rate (2022-2032)	5.1% CAGR
North America Market Share (2021)	12.5%
North America Market Growth Rate (2022-2032)	5.3% CAGR
East Asia Market Growth Rate (2022-2032)	5% CAGR
Top 3 Companies’ Market Share (2021)	~36.3%
Key Companies Profiled	Dow Chemicals Elkem Silicones Evonik Innospec Inc. Iota Silicone Oil (Anhui) Co. Ltd. Kaneka KCC Corporation Shin-Etsu Siltech Corporation Wacker

Consumption Analysis of Silicone Resins (2017-2021) Vs. Market Outlook (2022-2032)

Silicone resins are the high silicone-oxygen bond energy made up of highly crosslinked networks, which makes them stable in rough environments. UV and thermal resistance make silicone resins useful for protective coatings in different environments.

Silicone resins offer several benefits such as ensuring good performance, and temperature, chemical, weather, and heat resistance. Their excellent thermal stability makes them well-suited for application in varnishes, paints, and other impregnating products. They are also used in release coatings as release force promoters, in water repellants for building & construction, and as adhesion promoters in sealing & bonding.

• Short Term (2022 Q2 to 2025): Augmenting utilization and integration of silicone resins in electronics industry to positively impact market growth.
• Medium Term (2025-2028): East Asia and Europe anticipated to witness high silicone resin demand on the back of abundant production and raw material availability in these regions, coupled with favourable government initiatives.
• Long Term (2028-2032): Increase in the use of silicone resins by the construction sector in paints & coatings will drive market expansion.

Over the 2017-2021 historical period, the global silicone resins market registered a CAGR of 1.6%, and according to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 5.1% CAGR between 2022 and 2032.

Market share analysis of silicone resins based on form and type is provided in a nutshell in the above image. Under the form segment, liquid silicone resins dominate with 50.4% market share in 2022.

What’s Driving Worldwide Demand for Silicone Resins?

“Upsurge in Demand for Silicone-based Paints & Coatings for Industrial & Consumer Markets”

Silicone-based coatings are utilized widely in industrial operations to ensure quality through consistent release performance during the moulding process. Paints with silicone additives improve vessel efficiency for the shipping sector (faster speed and reduced fuel consumption) and do away with the need for conventional antifouling paints made of harmful ingredients.

Silicone resins are used by manufacturers of industrial paints to increase adhesion, waterproofing, and durability in harsh environments. In paints, silicone resins disperse pigments to improve the colour and flow, and levelling agents guarantee coverage and flawless finish, while it also gets rid of surface flaws brought on by bubbles. Silicone resins improve heat resistance and provide water resistance for specialized paints & varnishes.

As an element of the layer for building materials, construction elements and ceramics, they are being utilized consistently in the building and construction sector. Silicone resins used as binders in intumescent paints provide enough protection to steel and aluminium structures in the event of a building fire for a specific period. These coatings can be widely used in the oil & gas sector as well as in the automotive sector, particularly in passenger and cargo trucks.

From airbags to technical textiles and leather goods, silicone coatings are used in a wide range of consumer products and applications to give these products the necessary properties and desired look and feel.

 “Silicone Resins Benefiting the Construction Sector”

Other types of resins are unable to match the outstanding property profile of silicone resins due to their chemical structures. These binders are employed as primary components in numerous industrial applications, ranging from high-temperature-resistant paints to weather- and chemical-resistant coatings for building conservation.

High-temperature-resistant coatings using silicone resins must maintain their weather resistance capabilities and corrosion protection, as well as meet extremely strict thermal stability requirements. These coatings are utilised in exhaust systems, industrial ovens, combustion chambers, and grills. These coatings are typically applied to steel between 20 and 25 microns thick at a dry film state.

Relying on their chemical structure, silicone resins can offer special properties such as thermal stability and low surface tension. These resins are weather-resistant, and hence, can be utilised in all applications exposed to weather, which also includes water repellence and surface slip characteristics. Silicone resins can retain elasticity even at low temperatures and are chemically resistant to aliphatic and aromatic solvents.

Country-wise Insights

Why is the Market in China for Silicone Resins Growing Rapidly?

China has the largest electronics production base in the world and presents South Korea, Japan, and Taiwan with fierce competition. Consumer electronics is the fastest-growing market in terms of demand, with products such as smartphones, OLED TVs, and tablets, among others, seeing high demand.

Demand for electronic devices is anticipated to rise consistently in the future with an increase in middle-class consumers' disposable incomes, propelling the silicone resins industry. The industrial and construction sectors account for almost 50% of China's GDP. The market for paints and coatings used in construction is anticipated to grow as a result of the sector's expansion in China.

East Asia is itself the region that manufactures the highest amount of silicone resins in the world. To improve production efficiency and enhance their product offers, top silicone resin producers are presently employing cutting-edge production techniques.

Because of the low cost of labour and easy accessibility of raw materials, the market in the region is expanding rapidly. Government initiatives to boost manufacturing, rise in capital-intensive construction, and rise in demand from end uses in the industrial, automotive, and construction sectors all contribute to the growing demand for silicone resins in China.

In terms of value, East Asia holds a share of around 49.8% of the global silicone resins market in 2022.

How is the U.S. Silicone Resins Market Progressing?

In the United States, the market for silicone resins is anticipated to reach US$ 98.6 million by 2022.

The manufacturing process for the silicone resins is getting streamlined in the country and the North American region as well. A promise to achieve net-zero emissions by 2050 is codified in law by the U.S. Net-Zero Emissions Accountability Act. As the government strives to meet its goals, the Act ensures accountability and transparency. All of this could have an impact on chemical production, both now and in the future.

Silicone resins are neither poisonous nor bad for the environment. But the method used to create them is an entirely different matter. Environmental hazards abound when volatile organic compounds (VOCs) and chemicals such as styrene, isobutylene, and formaldehyde are used in the manufacture of resin.

A majority of casting resins used in resin art are chemical-based resins. Chemicals can pollute the soil and water by leaking into the environment. Fossil fuels, on the other hand, have contributed to the escalating climate problem and its impact on the entire world, affecting the production of silicone resins in the short run.

But considering the long-term scenario, this manufacturing process is going to be very beneficial for the environment and for the overall chemical industry as well.

Category-wise Insights

What Makes the Electronics & Electrical Sector a Huge Consumer of Silicone Resins?

In the electronics and electrical sectors, resins are widely used for potting and encapsulating. Depending on their chemistry, resins can be divided into three main categories: silicone, epoxy, and urethane.

Optical clear silicone resins exhibit high UV light resilience and have been demonstrated to hold their clarity after prolonged laboratory exposure testing procedures. They are ideal for LED applications, where resin colour stability is crucial to ensuring minimal colour temperature shift of the LED lighting unit itself, thanks to their well-documented UV resistance.

Depending on the potting deepness or specimen thickness and the shape of the circuit to be potted, silicone curing can take between 24 and 48 hours, in contrast to epoxy and polyurethane curing. A drawback is that silicones frequently require moisture to advance the reaction, and therefore, care must be taken with the curing conditions, especially with regard to humidity.

Additionally, silicone resins exhibit superb adherence to a variety of surfaces, including metals and plastics.

Why are High-temp Coatings & Protective Coating Silicone Resins So Popular?

Turbine blade coatings have some desirable qualities, such as the ability to withstand oxidation and heat corrosion while maintaining strength and cohesiveness.

Damage from high temperatures to the turbines or other machinery can be divided into three categories: high-temperature type II corrosion occurs between 600°C and 850°C, type I corrosion occurs between 750°C and 950°C, and oxidation occurs above 950°C. Three different kinds of high-temperature coatings exist: diffusional, overlay, and thermal barrier coatings (TBC). The third type is regarded as an overlay coating that is widely employed in high-temperature environments, such as rotating blades and combustion chambers.

To provide continuous temperature resistance to 1100 °F (593 °C) and intermittent resistance to 1400 °F (760 °C), these coatings are made utilising a sophisticated solvent-based silicone in combination with inorganic fillers, additives, and colours.

These coatings offer exceptional resistance to UV lights, weathering, oxidation, salt spray corrosion, and thermal shock. They are heat-curable systems that adhere to a variety of materials, including refractories, metals, glass, ceramics, and quartz.

Competitive Landscape

Dow Chemicals, Elkem Silicones, Evonik, KCC Corporation, Shin Etsu, Kaneka, Wacker, Innospec Inc., Iota Silicone Oil (Anhui) Co. Ltd., and Siltech Corporation are key manufacturers of silicone resins.

Market players are opting for a mix of organic and inorganic growth strategies, such as innovation and collaborations, to increase their share in the market.

• Evonik, through its patent strategy, safeguards novel products and procedures. The patent portfolio's worth and calibre have progressively risen in recent years.
• Elkem Corporation, (1Q 2021) announced the acquisition of a new plant in Lyon, France, for specialized silicone production.

Fact.MR has provided detailed information about the overall strategies adopted by players in the silicone resins market, along with their detailed overviews, including SWOT analysis and revenue generated by silicone resin manufacturers positioned across geographies, in addition to providing silicone resin sales growth information, production capacity, and speculative production expansion, in the recently published report.

Segmentation of Silicone Resins Industry Survey

• Silicone Resins Market by Type :

  • Pure Silicone Resins
    • Methyl
    • Methyl Phenyl
    • Propyl Phenyl
  • Modified Silicone Resins
    • Polyester
    • Alkyd
    • Epoxy

• Silicone Resins Market by Function :

  • Binding Agents
  • Impregnating Agents
  • Hydrophobic Agents
  • Release Agents
  • Modifiers

• Silicone Resins Market by Form :

  • Powder Silicone Resins
  • Liquid/Solvent Silicone Resins
  • Flaked Silicone Resins

• Silicone Resins Market by Application :

  • Coating Systems
    • High Temperature Coatings
    • Anti-Corrosion Coatings
    • Other Industrial Coatings
  • Fabric Processing
  • Polymer Modification
  • Semicon Chips Processing
  • Flame Retardant Applications
  • Others

• Silicone Resins Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA