The silicon resin market is projected to grow at a considerable CAGR of around 6% during the forecast period (2020-2026). Silicone materials combine the properties of organic and inorganic materials, exhibiting many unique physical and chemical features, such as thermal stability, weathering resistance, low surface tension, maintaining elasticity at low temperatures, hydrophobicity, and surface activity. The growing application of silicon resins in different industries such as electronic, automobile, chemical, and cosmetic industries owing to its unique characteristics is driving the growth of the silicon resin market across the globe. The aesthetic properties make these versatile materials improve the performance of many cosmetics, sunscreens and skin treatment products. These resins are used to deliver pigments and other particles to the skin by enhancing the protection by sunscreens and improve the stability of antiaging ingredients. Therefore, the growing demand for the cosmetic industry by a growing population is anticipated to drive the growth of the global market.

Growing manufacturers and consumer awareness with regard to the importance of green chemicals and adverse effects of volatile organic compound (VOC) emissions along with the presence of stringent government regulations towards effects of VOC on the environment has led to the increasing demand for the silicon resins, which in turn driving the silicon resin market across the globe. The key players of the market are developing several techniques for the modification of the resin intermediates to make them more productive. The continuous innovation in production activities is anticipated to offer significant opportunities for the growth of the silicon market across the globe. However, the high cost of silicon resins in comparison to other elastomers including natural rubber and the availability of other low-cost alternatives may restrain the growth of the silicon resin market across the globe.

Segmental Outlook  

The silicon resin market is segmented on the basis of the application. Based on application, the silicon resin market is segmented into building & construction, personal care & cosmetics, electrical & electronics, automotive, and others. The growing use of silicon resin in coating applications due to its high-temperature resistance nature is a key factor contributing to the high share of the market segment. 

Global Silicon Resin Market Share by Application, 2019 (%)

Regional Outlook 

The global silicon resin market is further segmented on the basis of geography including North America, Europe, Asia-Pacific, and Rest of the World. Europe is anticipated to hold a considerable market share in the market during the forecast period. Apart from this, the significant presence of end-user industries such as electronic, automobile, chemical, and cosmetic industries that make intensive use of silicon resins is fueling the demand of silicon resins in the region, thereby making a huge contribution towards the high share of the market in the region. 

Global Silicon Resin Market Growth, by Region 2020-2026

Asia-Pacific will augment with the significant growth rate in the silicon resin market

The increasing construction activities in the region owing to the rising investment from foreign direct investment in the construction sector in emerging economies such as India and China is the key aspect contributing towards the growth of the silicon resin market in the Asia-Pacific region. The presence of Japan, a major contributor in the global automotive industry is further supporting the rising demand of silicon resin in the automotive industry in the region, thereby contributing towards the high growth of the market in the region. 

Market Players Outlook

The key players of the silicon resin market include Wacker Chemie AG, The Dow Chemical Company, Shin-etsu Chemical Co. Ltd., Elkem ASA, Evonik Industries AG, Kaneka Corp., Momentive performance Materials Holdings, Inc., BRB International B.V., and so on. The key players of the market are involved in making innovations in their products offering to suit the industrial application to remain competitive in the marketplace. For this, they are willing to adopt cost-effective production technology. Moreover, some players are adopting different growth strategies such as merger & acquisition, and product launches to thrive in the global market.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global silicon resin market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.