According to a new report published by Allied Market Research titled, "Silicone Oil Market by Type, Application, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2020–2027," the silicone oil market was valued at $3.6 billion in 2019, and is projected to reach $6.1 billion by 2027, growing at a CAGR of 6.8% from 2020 to 2027. Silicone oil is used to manufacture different lubricants and oils across industries. Moreover, it has replaced hydrocarbon-based products in various industrial applications due to its superior thermal stability. The usage of silicone oil varies according to the end-user industry. For instance, in automotive industry, it is used as release agent, lubricating agent, and hydraulic oil among others. It is frequently finding usage in the medical segment due to its biocompatibility. Furthermore, it is also used for skin topical and personal care applications as it is non-sensitizing and non-irritating in nature.
In chemical industry, it is used as an intermediate while formulating lubricants, antifoaming agents, and other products. Heat & cold resistance, viscosity stability, chemical stability, and low surface tension make silicone oil ideal for use in chemical industry. Chemical industry accounted for around one-fourth of the global silicone oil market revenue in 2019. Construction and personal care industries together contribute around half of the global market revenue. Though, automotive and medical industries contribute a small share in the global revenue, the revenue contribution from both the end users are estimated to grow at a highest CAGR as compared to other segments.
Silicone oil has a wide range of applications such as sealant, skin & hair care, textile coating, detergent, chemical intermediate, anti-foam agent, release agent, and others. The skin & hair care application segment accounted for 25.7% of the silicone market revenue in 2019. North America and Europe silicone oil market were dominated by this segment with collective volume share of 52.6% in 2019. However, Asia-Pacific is estimated to witness the fastest growth, owing to rise in income and spending power of consumers in the emerging economies. Silicone oil market share is analyzed for the main regions i.e., North America, Europe, Asia-Pacific, and LAMEA.
The silicone oil market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include Wacker Chemie AG, Evonik Industries AG, Shin-Etsu Chemical Co., Ltd., Momentive Performance Materials, Inc., Dow Inc., Elkem ASA (Elkem), Siltech Corporation (Siltech), BRB International BV (BRB), CHT Group, and Iota Silicone Oil (Anhui) Co., Ltd (Iota Silicone Oil)
Other players in the value chain of the silicone oil market include Clearco Products Co., Inc., CES Silicones, Anhui Youcheng Siliconeoil Co., Ltd., Haynes Manufacturing Company, KB RollerTech Kopierwalzen GmbH, Fisher Scientific International, Inc., SYNCO Chemical Corporation, Elkay Chemicals Pvt. Ltd., MR Silicone Industries, KCC Silicone Corporation, Lubriplate Lubricants Co., Santa Cruz Biotechnology, Inc., Spectrum Laboratory Products Inc., Terra Silicon & Chemical Industry, Zhejiang Sucon Silicone Co., Ltd., Chem Cycle Bitterfeld GmbH, Guangzhou Yinghui Trading Co., Ltd, H. N. K. Silicone Enterprise, Iota Silicone Oil (Anhui) Co.,Ltd., and Esco Products, Inc.
Key Findings of the Study:
- Depending on the type, the straight silicone oil segment is projected to grow at the highest CAGR of nearly 7.6%, in terms of revenue, during the forecast period.
- Region wise, North America is expected to register the CAGR of nearly 7.1%, in terms of revenue, in the coming future.
- By end-use industry, the medical segment is estimated to exhibit the CAGR of 9.3%, in terms of revenue.
- Asia-Pacific dominated the silicone oil market with a share of over 40.0% in 2019, in terms of volume.
- A comprehensive analysis of the factors that drive and restrain the market growth is provided in the report.
- The qualitative data in this report aims at the market dynamics, silicone oil market trends, and developments in the industry.
- The silicone oil market size in provided in terms of volume and revenue.