According to the new market research report “Silicone Resins Market by Type (Methyl, Methyl Phenyl), Application, End-Use Industry (Automotive & Transportation, Building & Construction, Electrical & Electronics, Healthcare, Industrial) and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the global Silicone Resins Market size is expected 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 increased involvement of silicone resins in the industrial segment, and the building & construction, automotive & transportation, and electronic industries in emerging economies. This driving factor is boosting the demand for silicone resins industries.
Elastomers is expected to be the fastest-growing application in the silicone resins market during the forecast period.
Paints & Coatings is the fastest-growing application segment in the Silicone resins market. Rising demand from Industiral, Automotive & transportation, building & construction, among other end-use industries will drive the demand for silicone resins in the paints & coatings application. It accounted for a share of about 40.4% of the silicone resins market, in terms of value, in 2020.
APAC accounted for the largest share of the silicone resins market in 2020. The market in the region is growing because of growing demand from industrial, automobile and construction industry. The market is also driven by foreign investments, supported by cheap labor and economical and accessible raw materials.
The Dow Chemical Company (US), Evonik Industry AG (Germany), Shin-Etsu Chemical Co. Ltd. (Japan), Kaneka Corporation (Japan) and Wacker Chemie AG (Germany) are the leading silicone resins manufacturers, globally.