Technology

MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2024 FOURTH QUARTER AND FULL YEAR RESULTS

Published

1 month ago

August 16, 2024

Fiscal 2024 Revenues of $959.3 Million, up 13% Versus Prior Year and Above High-End of Guidance Range(1)

Fiscal 2024 Operating Income of $111.9 Million and AOI of $211.5 Million, Both Above High-End of Guidance Range(1)(2)

NEW YORK, Aug. 16, 2024 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2024.

Fiscal 2024 marked the first full year of operations for MSG Entertainment as a standalone public company. During the year, the Company hosted approximately 6.3 million guests at over 960 events, which reflects robust growth in the number of events in the Company’s bookings business, as well as regular season and playoff games at The Garden for both the Knicks and Rangers. It also reflects over 1 million tickets sold across 193 shows for the Christmas Spectacular production, which generated record-setting revenues in fiscal 2024. Positive operating momentum throughout the year led the Company to increase its financial guidance twice during fiscal 2024. A strong fiscal fourth quarter led by The Garden resulted in full year financial results that exceeded the high-end of the Company’s guidance ranges for revenues, operating income and adjusted operating income.(1)(2)

Financial results for the three and twelve months ended June 30, 2024 reflect the Company on a fully standalone basis. Results for the prior year through April 20, 2023, which was the date of the spin-off from Sphere Entertainment Co. (“Sphere Entertainment”), are presented in accordance with generally accepted accounting principles (“GAAP”) for the preparation of carve-out financial statements. These prior year results (through April 20, 2023) do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the periods presented. Therefore, results for the three and twelve months ended June 30, 2024 are not fully comparable with results for the prior year periods.

For fiscal 2024, the Company reported revenues of $959.3 million, an increase of $107.8 million, or 13%, as compared to the prior year. In addition, the Company reported operating income of $111.9 million, an increase of $6.9 million, and adjusted operating income of $211.5 million, an increase of $9.9 million, both as compared to the prior year.(2)

For the fiscal 2024 fourth quarter, the Company reported revenues of $186.1 million, an increase of $38.1 million, or 26%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $8.9 million and adjusted operating income of $13.1 million, representing improvements of $12.9 million and $12.4 million, respectively, as compared to the prior year quarter.(2)

Executive Chairman and CEO James L. Dolan said, “We delivered strong financial results in our first full year as a standalone entertainment company. Looking ahead, we believe our Company – with its unique portfolio of live entertainment offerings – is well positioned to generate robust adjusted operating income growth in fiscal 2025.”

Results for the Three and Twelve Months Ended June 30, 2024 and 2023:

Three Months Ended

Twelve Months Ended

June 30,

Change

June 30,

Change

$ millions

2024

2023

2024

2023

Revenues

$ 186.1

$ 147.9

$ 38.1

26 %

$ 959.3

$ 851.5

$ 107.8

13 %

Operating Income (Loss)

$ (8.9)

$ (21.8)

$ 12.9

59 %

$ 111.9

$ 105.0

$ 6.9

7 %

Adjusted Operating Income

$ 13.1

$ 0.7

$ 12.4

$ 211.5

$ 201.6

$ 9.9

5 %

Note: Amounts may not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.

(1)

The Company’s most recent financial guidance for fiscal 2024 was for revenues of $940-$950 million, operating income of $100-$110 million, and adjusted operating income of $200-210 million.

(2)

See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. During the third quarter of fiscal 2024, the Company amended this definition so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with Madison Square Garden Sports Corp. (“MSG Sports”) is no longer excluded in all periods presented. For the three and twelve months ended June 30, 2024, the non-cash portion of operating lease revenue was $2.5 million and $25.3 million, respectively, and for the three and twelve months ended June 30, 2023 the non-cash portion of operating lease revenue was $1.5 million and $26.5 million, respectively.

Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2024 fourth quarter revenues from entertainment offerings of $142.9 million increased $23.3 million, or 20%, as compared to the prior year period, primarily due to higher event-related revenues, an increase in revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements and, to a lesser extent, an increase in venue-related sponsorship, signage and suite license fees.

Event-related revenues increased $13.2 million, primarily due to an increase in the number of concerts at The Garden as compared to the prior year quarter.Revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $7.7 million, primarily due to higher suite license fee revenues as compared to the prior year quarter.Venue-related sponsorship, signage and suite license fees revenues increased $1.5 million as compared to the prior year quarter.

Fiscal 2024 fourth quarter arena license fees and other leasing revenues of $8.5 million increased $3.6 million, or 75%, as compared to the prior year period, primarily due to higher arena license fees, the result of more Rangers and Knicks regular season games played at The Garden as compared to the prior year quarter.

Fiscal 2024 fourth quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $99.7 million increased $11.7 million, or 13%, as compared to the prior year quarter.

Event-related expenses increased $5.1 million, primarily due to higher expenses incurred as a result of the increase in event-related revenues.Expenses associated with the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $5.8 million, primarily due to higher expenses incurred as a result of the increase in suite license fee revenues.

Food, Beverage and Merchandise
Fiscal 2024 fourth quarter food, beverage and merchandise revenues of $34.7 million increased $11.2 million, or 48%, as compared to the prior year period. This reflects higher food and beverage sales at Rangers and Knicks games at The Garden (primarily due to more regular season and playoff home games) and, to a lesser extent, an increase in food and beverage sales at concerts and other live sporting and entertainment events at the Company’s venues, all as compared to the prior year quarter.

Fiscal 2024 fourth quarter food, beverage and merchandise direct operating expenses of $22.7 million increased $8.1 million, or 56%, as compared to the prior year quarter, primarily driven by the related increase in food and beverage revenues.

Selling, General and Administrative Expenses
Fiscal 2024 fourth quarter selling, general and administrative expenses of $55.8 million increased $3.1 million, or 6%, as compared with the prior year period. Fiscal 2024 fourth quarter results reflect the Company on a fully standalone basis. Results for the fiscal 2023 fourth quarter reflect the allocation of corporate and administrative costs based on the accounting requirements for the preparation of carve-out financial statements through the April 20, 2023 spin-off date and reflect the Company on a fully standalone basis for the balance of the fiscal 2023 fourth quarter. Therefore, results for the fiscal 2023 fourth quarter do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the entire period.

Operating Income and Adjusted Operating Income
Fiscal 2024 fourth quarter operating loss of $8.9 million improved $12.9 million and adjusted operating income of $13.1 million increased $12.4 million, both as compared to the prior year quarter. The improvement in operating loss and the increase in adjusted operating income were primarily due to higher revenues, partially offset by higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses.

About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for 90 years. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures
During the third quarter of fiscal 2024, the Company amended its definition of adjusted operating income (loss) so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in the calculation of adjusted operating income (loss) in all periods presented.

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, and (viii) amortization for capitalized cloud computing arrangement costs. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the executive deferred compensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated and combined basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.

Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Ari Danes, CFA
Senior Vice President, Investor Relations, Financial Communications & Treasury
Madison Square Garden Entertainment Corp.
(212) 465-6072

Justin Blaber
Vice President, Financial Communications
Madison Square Garden Entertainment Corp.
(212) 465-6109

Grace Kaminer
Vice President, Investor Relations & Treasury
Madison Square Garden Entertainment Corp.
(212) 631-5076

Conference Call Information:
The conference call will be Webcast live today at 8:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 888-660-6386 / Conference ID Number 8020251
Conference call replay number is 800-770-2030 / Conference ID Number 8020251 until August 23, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations/

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

June 30,

Twelve Months Ended

June 30,

2024

2023

2024

2023

Revenues

Revenues from entertainment offerings

$ 142,872

$ 119,554

$ 723,897

$ 643,885

Food, beverage, and merchandise revenues

34,713

23,521

162,092

135,933

Arena license fees and other leasing revenue

8,489

4,860

73,276

71,678

Total revenues

$ 186,074

147,935

959,265

851,496

Direct operating expenses

Entertainment offerings, arena license fees, and other leasing
direct operating expenses

(99,716)

(88,011)

(475,502)

(420,301)

Food, beverage, and merchandise direct operating expenses

(22,661)

(14,520)

(93,334)

(79,628)

Total direct operating expenses

(122,377)

(102,531)

(568,836)

(499,929)

Selling, general and administrative expenses

(55,807)

(52,679)

(206,963)

(180,216)

Depreciation and amortization

(13,904)

(14,094)

(53,876)

(60,463)

Gains, net on dispositions

—

4,361

Restructuring charges

(2,846)

(421)

(17,649)

(10,241)

Operating (loss) income

(8,860)

(21,790)

111,941

105,008

Interest income

701

1,440

2,976

7,244

Interest expense

(14,193)

(13,814)

(57,954)

(51,869)

Other (expense) income, net

(3,127)

10,605

(4,672)

17,389

(Loss) income from operations before income taxes

(25,479)

(23,559)

52,291

77,772

Income tax benefit (expense)

92,406

(924)

92,009

(1,728)

Net income (loss)

66,927

(24,483)

144,300

76,044

Less: Net loss attributable to nonredeemable noncontrolling
interest

—

(553)

Net income (loss) attributable to MSG Entertainment’s
stockholders

$ 66,927

$ (24,483)

$ 144,300

$ 76,597

Earnings (loss) per share attributable to MSG
Entertainment’s stockholders:

Basic

$ 1.42

$ (0.47)

$ 2.99

$ 1.48

Diluted

$ 1.41

$ (0.47)

$ 2.97

$ 1.47

Weighted-average number of shares of common stock:

Basic

47,067

51,819

48,275

51,819

Diluted

47,599

51,819

48,589

52,278

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income as described in this earnings release:

Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Company’s Employee Stock Plan, Sphere Entertainment’s Employee Stock Plan, the Company’s Non-Employee Director Plan and Sphere Entertainment’s Non-Employee Director Plan.Gains, net on dispositions. This adjustment eliminates the impact of gains or losses from the disposition of assets or businesses.Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.

Three Months Ended

Twelve Months Ended

June 30,

$ thousands

2024

2023

2024

2023

Operating (loss) income

$ (8,860)

$ (21,790)

$ 111,941

$ 105,008

Depreciation and amortization

13,904

14,094

53,876

60,463

Share-based compensation

4,983

7,541

24,544

29,521

Gains, net on dispositions

—

(4,361)

Restructuring charges

2,846

421

17,649

10,241

Merger, spin-off, and acquisition related costs(1)

—

2,035

—

Amortization for capitalized cloud computing arrangement costs

172

431

1,008

600

Remeasurement of deferred compensation plan liabilities

(11)

452

121

Adjusted operating income(2)

$ 13,108

$ 686

$ 211,505

$ 201,593

_________________

(1)

This adjustment represents non-recurring costs incurred and paid by the Company for the sale of the retained interest by Sphere Entertainment Co.

(2)

During the third quarter of fiscal 2024, the Company amended the definition of adjusted operating income so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented. Pursuant to GAAP, recognition of operating lease revenue is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. As a result, operating lease revenue is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Adjusted operating income includes operating lease revenue of (i) $4,159 and $42,769 of revenue collected in cash for the three and twelve months ended June 30, 2024, respectively, and $2,290 and $41,524 of revenue collected in cash for the three and twelve months ended June 30, 2023, respectively, and (ii) a non-cash portion of $2,467 and $25,299 for the three and twelve months ended June 30, 2024, respectively, and $1,467 and $26,545 for the three and twelve months ended June 30, 2023, respectively.

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

June 30,

2024

2023

ASSETS

Current Assets:

Cash, cash equivalents and restricted cash

$ 33,555

$ 84,355

Accounts receivable, net

77,259

63,898

Related party receivables, current

17,469

69,466

Prepaid expenses and other current assets

90,801

77,562

Total current assets

219,084

295,281

Non-Current Assets:

Property and equipment, net

633,533

628,888

Right-of-use lease assets

388,658

235,790

Goodwill

69,041

Indefinite-lived intangible assets

63,801

Deferred tax assets, net

68,307

—

Other non-current assets

110,283

108,356

Total assets

$ 1,552,707

$ 1,401,157

LIABILITIES AND DEFICIT

Current Liabilities:

Accounts payable, accrued and other current liabilities

$ 203,750

$ 214,725

Related party payables, current

42,506

47,281

Long-term debt, current

16,250

Operating lease liabilities, current

27,736

36,529

Deferred revenue

215,581

225,855

Total current liabilities

505,823

540,640

Non-Current Liabilities:

Long-term debt, net of deferred financing costs

599,248

630,184

Operating lease liabilities, non-current

427,014

219,955

Deferred tax liabilities, net

—

23,518

Other non-current liabilities

43,787

56,332

Total liabilities

1,575,872

1,470,629

Commitments and contingencies

Deficit:

Class A Common Stock (a)

456

450

Class B Common Stock (b)

Additional paid-in capital

33,481

17,727

Treasury stock at cost (4,365 and 840 shares as of June 30, 2024 and June 30, 2023,
respectively)

(140,512)

(25,000)

Retained earnings (deficit)

115,603

(28,697)

Accumulated other comprehensive loss

(32,262)

(34,021)

Total deficit

(23,165)

(69,472)

Total liabilities and deficit

$ 1,552,707

$ 1,401,157

_________________

(a)

Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 45,556 and 45,024 shares issued as of June 30, 2024 and June 30, 2023, respectively.

(b)

Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of June 30, 2024 and June 30, 2023.

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SELECTED CASH FLOW INFORMATION

(in thousands)

(Unaudited)

Twelve Months Ended

June 30,

2024

2023

Net cash provided by operating activities

$ 111,266

$ 135,694

Net cash (used in) provided by investing activities

(62,371)

30,305

Net cash used in financing activities

(99,695)

(144,217)

Net (decrease) increase in cash, cash equivalents and restricted cash

(50,800)

21,782

Cash, cash equivalents and restricted cash, beginning of period

84,355

62,573

Cash, cash equivalents and restricted cash, end of period

$ 33,555

$ 84,355

View original content to download multimedia:https://www.prnewswire.com/news-releases/madison-square-garden-entertainment-corp-reports-fiscal-2024-fourth-quarter-and-full-year-results-302224118.html

SOURCE Madison Square Garden Entertainment Corp.

Technology

Arandell Corporation Completes Acquisition of Maple Grove Operations

Published

55 mins ago

September 24, 2024

MENOMONEE FALLS, Wis., Sept. 24, 2024 /PRNewswire/ — Saothair Capital Partners (“Saothair”), a private equity firm focused exclusively on investing in middle-market manufacturing and industrial companies, announced today that its portfolio company Arandell Corporation (“Arandell”) has acquired the business and assets of the Maple Grove, MN, facility (“Maple Grove“) from the CJK Group.

Arandell is one of the nation’s leading providers of high-quality catalog and brochure printing, mailing and logistics.

Maple Grove was previously acquired as part of CJK Group’s acquisition of Kodi Collective from LSC Communications in February of 2024.

Arandell’s existing facility and corporate office are based in Menomonee Falls, WI, and for over 100 years, Arandell has built a reputation in the marketplace for providing exceptional service and print quality along with effective solutions for postal optimization and logistics for many leading brands, retailers and other clients.

Already one of the largest printers in the country, by the addition of the Maple Grove facility, Arandell significantly increases its available capacity – complementing the ongoing expansion at the Menomonee Falls facility – and provides an even wider range of print and binding solutions to its customers to support their needs and help manage costs. With over 200 employees, the Maple Grove operations include a large double-web press platform that can efficiently run lightweight paperstocks and a bindery that offers significant capacity for both flat and letter marketing mail.

Sandy L. Ford, President and CEO of Arandell, said, “We are tremendously excited to welcome the Maple Grove team to Arandell. Maple Grove has a great reputation for quality and reliability, and their capabilities are a perfect complement to our Menomonee Falls facility, allowing us to grow across both locations. Arandell is committed to being the leading provider of print mail solutions in the marketplace, and this acquisition represents a milestone for our organization in that mission.”

Kevin Madden, Managing Partner of Saothair, added, “We are thrilled to provide the necessary support for Sandy and the Arandell team as they expand their capabilities in the marketplace and provide our customers with the quality and reliability they expect from Arandell.”

Legal counsel to Saothair and Arandell was provided by Jenner & Block.

About Saothair Capital Partners

Saothair is a private investment firm focused exclusively on investing in middle-market manufacturing and industrial businesses facing unique financial or operational challenges. Saothair makes controlling equity investments in companies across various industries, including paper & packaging, plastics, metals processing, automotive, building products, healthcare-related products, food & beverage, and other manufacturing. Saothair works in partnership with each key stakeholder invested in the business’s long-term success. For more information, please see www.saothair.com.

View original content:https://www.prnewswire.com/news-releases/arandell-corporation-completes-acquisition-of-maple-grove-operations-302257633.html

SOURCE Saothair Capital Partners, LLC

Technology

Silicones Market Positioned for Significant Growth, Expected to Reach $23.3 Billion by 2029

Published

55 mins ago

September 24, 2024

Silicones: Driving Innovation Across Industries with High-Performance Applications in Construction, Manufacturing, and Transportation. BCC Research Study Projects 6.0% CAGR, with Market Growth from $17.4 Billion in 2024 to $23.3 Billion by 2029.

BOSTON, Sept. 24, 2024 /PRNewswire/ — “According to the latest BCC Research study, the demand for “Silicones: Global Markets” is expected to grow from $17.4 billion in 2024 and is projected to reach $23.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 6.0% during the forecast period of 2024 to 2029.”

The report provides an in-depth analysis of the global silicone market, focusing on its wide-ranging industrial applications in sectors such as transportation, construction, personal care, energy, healthcare, and electronics. It examines critical parameters evaluated by industries and regulatory bodies, given the ongoing advancements and expansions within these sectors. BCC Research has segmented the silicone market by product form—silicone elastomers, fluids, resins, gels, and others—and by end-use industries, including industrial processes, construction, personal care, transportation, energy, healthcare, and electronics. The report offers detailed market estimations in terms of value (in millions of dollars) and volume (in kilotons), with 2023 as the base year and forecasts extending from 2024 to 2029. Additionally, it covers regional market sizes across Asia-Pacific, Europe, North America, and the Rest of the World (RoW), while discussing market strategies, ESG development, regulatory landscape, key players, and driving forces shaping the industry.

The relevance of this report is underscored by the rapidly growing markets in sectors like construction, transportation, and electronics, all of which are driving a heightened demand for binding and coating substances. This surge is directly elevating the need for silicone products, a critical material in these industries. Moreover, with the rising concerns over pollution and environmental impact, the recycling of silicone has gained importance, opening doors for sustainable silicone products that can help reduce the carbon footprint. This shift not only creates new opportunities for businesses to enter the market but also highlights the essential role of silicone in the continued expansion of global industries.

Please click here for more details on “The Global Market for Silicones Report.”

The following factors drive the global market for silicones:

Surge in the Construction and Automotive Industries: Silicones are heavily used in construction for their sealants, adhesives, and coatings because they are durable and withstand harsh weather conditions. In the automotive sector, silicones are crucial for making gaskets, hoses, and other parts that need to handle hot temperatures and tough environments. As these industries expand, the demand for silicones naturally increases.

Increasing Demand for Silicone in Energy and Electronics Industries: In the energy sector, silicones are important for renewable technologies like solar panels and wind turbines, where they provide essential insulation and protection. For electronics, silicones are used to encase and protect delicate components, ensuring devices are reliable and long-lasting.

Growing Silicone Usage in Healthcare and Medical Applications: The healthcare industry relies on silicones for many uses, such as in medical devices, implants, and prosthetics, thanks to their compatibility with the human body and their flexibility. They are also used in wound care products and drug delivery systems, which help improve patient outcomes.

Rise of Silicone Recycling: With increasing environmental concerns, recycling silicones is becoming more common. This helps to minimize waste and reduce the environmental impact of silicone production. This trend is driven by stricter regulations and a growing emphasis on sustainability among manufacturers and consumers.

Request a sample copy of the global market for silicone reports.

Report Synopsis

Report Metrics

Details

Base year considered

2023

Forecast Period considered

2024-2029

Base year market size

$16.5 billion

Market Size Forecast

$23.3 billion

Growth rate

CAGR of 6.0% for the forecast period of 2024-2029

Segment Covered

Product Form, End User, and Region

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Countries covered

China, India, Japan, the U.S., Canada, Mexico, Germany, Spain, and France

Key Market Drivers

• Surge in the construction and automotive industries.

• Increasing demand for silicone in energy and electronics industries.

• Growing silicone usage in healthcare and medical applications.

• Rise of silicone recycling.

Key Interesting Facts About the global market for silicones:

Silicone is a versatile material used in scar treatment due to its beneficial properties.Silicone gel helps balance growth factors, hydrate skin, and protect scarred tissue from bacteria.It regulates collagen synthesis, reducing scar tissue formation over time.Silicone scar treatment products come in sheets, strips, and gels for unique needs.These products are recommended by healthcare professionals and can be used at home effectively.

The global market for silicones report includes in-depth data and analysis addressing the following important queries:

What is the projected market size and growth rate of the market?
– The estimated size of the silicones market will be $23.3 billion by 2029, with a CAGR of 6.0%.

What are the key factors driving the growth of the market?
– Expansion of the construction and automotive industries worldwide
– Increasing demand from packaging, furniture, footwear, and appliance industries

What segments are covered in the market?
– The market is segmented based on product form, end-user, and region. Segmentation based on product form: the market is segmented into silicone elastomers, silicone fluids, silicone resins, silicone gels, and others. Based on end use, the market is segmented into construction, transportation, electronics, personal care and consumer goods, healthcare, industrial processes, energy, and others. Regional estimates and forecasts comprise North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

By end-user, which segment will dominate the market by the end of 2029?
– The construction segment silicone market will continue to dominate the market by the end of 2029.

Which region has the highest market share in the market?
– Asia-Pacific holds the largest market share due to the extensive presence of key players in this region and the high demand for automotive and electronics applications. Additionally, China and the Southeast Asian region have been among the largest utilizes of the technology.

Some of the Key Market Players Are:

ASAHI KASEI ADVANCE CORP.BRB INTERNATIONALCHT GERMANY GMBH DOWDUPONTDYSTAR SINGAPORE PTE. LTD.ELKEM ASAEVONIK INDUSTRIES AGINNOSPECKCC SILICONE CORP.MITSUBISHI SHOJI CHEMICAL CORP.SHIN-ETSU CHEMICAL CO. LTD.SILCHEM INC.SPECIALTY SILICONE PRODUCTS INC.WACKER CHEMIE AG

Browse More Related Reports:

Global Markets for Adhesives & Sealants or Joining and Fastening: This report provides a comprehensive overview of the global adhesives and sealants market, emphasizing their critical role across various industries including transportation, woodworking, packaging, construction, medical and healthcare, and consumer goods. With growing industrialization driving demand, advancements in adhesive and sealant technologies, such as hot melt, solvent-based, and silicone formulations, are crucial. The market analysis includes segmentation by type, technology, chemicals, curing techniques, and end-use sectors, forecasting market growth from 2024 to 2029 across key regions like Asia-Pacific, Europe, North America, and the Rest of the World (RoW). Key players, market strategies, and environmental, social, and governance (ESG) considerations also feature prominently in this assessment of the market landscape.

Elastomers: Applications and Global Markets: This report provides comprehensive insights into the global elastomers industry, detailing the several types of elastomers, such as thermosets and thermoplastics, and the processes associated with them, including injection molding, extrusion, adhesive, and coating. It also examines the key end-use industries that rely on elastomers, such as automotive, industrial, medical, consumer goods, and building and construction. The report offers market estimates based on manufacturers’ total revenues, with projected revenue values presented in constant U.S. dollars. Additionally, the market is segmented by region, covering North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW).

Directly purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.

About BCC Research

BCC Research provides objective, unbiased measurement, and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Corporate HQ: 50 Milk St. Ste 16, Boston, MA 02109, USA

Email: info@bccresearch.com,

Phone: +1 781-489-7301

For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

Logo – https://mma.prnewswire.com/media/2183242/4931371/BCC_Research_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/news-releases/silicones-market-positioned-for-significant-growth-expected-to-reach-23-3-billion-by-2029–302257644.html

SOURCE BCC Research LLC

Technology

GDT Expands Collaboration Capabilities with MDS Acquisition

Published

55 mins ago

September 24, 2024

DALLAS, Sept. 25, 2024 /PRNewswire/ — Global IT solutions provider General Datatech (GDT) announced that it has acquired MDS Global IT (MDS) to expand its international collaboration and contact center practice.

MDS’s deep expertise in Cisco Unified Collaboration and Unified Contact Center Enterprise complements GDT’s industry-leading capabilities in networking, data center modernization, and security. MDS adds customers in the healthcare, retail, banking, technology, and manufacturing industries to GDT’s large existing client base. The combined capabilities and significant scale of GDT and MDS together create new opportunities for customers on both sides.

“GDT continues making strategic business investments to scale our capabilities, meet the growing digital transformation needs of customers, and expand global market share,” said Shawn O’Grady, Chair and CEO of GDT. “We look forward to welcoming MDS’s clients and employees to GDT. We believe both parties will benefit from our expanded capabilities and scale, especially in segments like modern networking, security, and hybrid data center.”

“MDS brings a long list of strong customer relationships and deep capabilities in the collaboration and contact center space through its US- and India-based resources,” said Kyle Dziubinski, CEO of MDS. “I’m thrilled to bring the strength and breadth of capabilities of GDT to our existing customer base.”

About GDT

As a global IT solutions provider, GDT accelerates its clients’ digitalization and business goals by transforming and modernizing platforms, networks, and cybersecurity through industry-leading infrastructure solutions, deep expertise, and flexible service delivery models.

GDT has a 26-year heritage and a global workforce, including its Indian Technology Center in Bangalore. Partners consistently recognize GDT for expertise across its solution stack. GDT maintains over 450 certifications with the world’s best-known technology providers. GDT’s history, knowledge, and global reach provide the foundation for developing rich, sustainable services and solutions that push its people to the forefront of IT thought leadership and expertise.

Follow GDT on LinkedIn and visit www.GDT.com.

Logo – https://mma.prnewswire.com/media/1718058/GDT_logov1.jpg

View original content:https://www.prnewswire.com/in/news-releases/gdt-expands-collaboration-capabilities-with-mds-acquisition-302257509.html