Silicone Oil Market Outlook - 2027
The global 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.
The silicone oil market is anticipated to witness significant growth due to numerous factors such as rise in demand from personal care sector from emerging economies and rapid increase in application areas across automotive, medical, and construction industries. However, fluctuating cost of raw materials is one of the major factors hindering the market growth. On the contrary, rise in demand from various types of end users is increasing the consumer base of silicone oil, providing lucrative growth opportunities for the market. Asia-Pacific was the largest importer of silicone oil in 2019; however, the COVID-19 outbreak has negatively impacted the demand for silicone, owing to decrease in the industrial activities in countries such as China, India, and others. China was the highest importer of silicone-based products.
The silicone oil market is segmented on the basis of type, application, end-use industry, and region. By type, the market is bifurcated into straight silicone oil and modified silicone oil. On the basis of application, it is divided into sealant, skin &hair care, textile coating, detergent, chemical intermediate, anti-foam agent, release agent, and others. The end-use industries covered in the study includes chemical, construction, personal care, textile, electronics, automotive, medical, and others. Region wise, the silicone oil market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Silicone oil market share is analyzed is for above mentioned regions.
The silicone oil market analysis covers in-depth information of the major industry participants. Some of the major players 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.
The key players are adopting numerous strategies such as partnership; business expansion, acquisition, partnership, collaboration, and agreement to stay competitive in the silicone oil market.
For instance, Evonik planned to establish a new silicone plant in Geesthacht. The planned investment at the Geesthacht site is an important strategic move by strengthening focus on innovative specialty chemical product portfolio. The new plant has started operations in 2019 and includes silicone and silane-terminated polymers. This expansion has reinforced its silicone business.
By Type
Modified Silicone Oil is projected as the most lucrative segment.
By type, modified silicone oil has garnered highest share in the market in 2019. It is widely used across different sectors such as construction, textiles, and others. Sustainable growth of abovementioned end-use industries in developing regions is one of the major factors that boost the market growth. The additional functional properties of modified silicone include its use in different types of product formulations.
By Application
Skin and Hair Care is projected as the most lucrative segment.
By application, the skin &hair care segment has garnered the second highest share in the market in 2019, and is anticipated to grow at highest in terms of volume as well as revenue. This is attributed to rise in demand from emerging economies such as China, India, and others.
By End-use Industry
Personal Care is projected as the most lucrative segment.
On the basis of end-use industry, the personal care industry has garnered highest market share in 2019, in terms of volume and revenue. Silicone oil is used in various personal care products such as shaving products, shampoos, hair care products, and others. Growth in population and increase in demand for high-quality personal care products drive the growth of the silicone oil market in regions such as Asia-Pacific.
By Region
Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Region wise, Asia-Pacific is the fastest growing region, and garnered highest share in the market in 2019, in terms of volume. This is owing to presence of countries such as China, India, Japan, and others. China is largest consumer of silicone oil. The high demand for silicone oil in the country is because of rapid industrialization witnessed over the past few years. Many key players operating in the silicone oil market are expanding their silicone products business in the region, owing to factors such as rise in demand, easily availability of raw materials, cheap labor, favorable governmental regulations, and others.
Key Benefits for Stakeholders:
- The silicone oil market forecast is studied from 2020 to 2027.
- The report provides an in-depth analysis of the market along with the current and future market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the silicone oil industry for strategy building.
- The qualitative data in this report aims on market dynamics, silicone oil market trends, and developments.
- A comprehensive analysis of the factors that drive and restrain the silicone oil market growth is provided.
- The silicone oil market size is provided in terms of revenue and volume.
Silicone Oil Market Report Highlights
| Aspects | Details |
 By Type |
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 By APPLICATION |
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 By END-USE INDUSTRY |
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 By Region |
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 Key Market Players | Shin-Etsu Chemical CO. LTD, Evonik Industries AG, BRB International BV, Momentive Performance Materials, Inc, Wacker Chemie AG, Siltech Corporation, CHT Group, Elkem ASA, Iota Silicone Oil (Anhui) Co., Ltd, Dow, Inc |
Analyst Review
Rise in demand from end-use industries, especially from developing countries is driving the market growth. Furthermore, some of the factors that fuel the growth of the market are biocompatibility and eco-friendly nature of silicone oil. However, availability and fluctuating cost of raw materials, granuloma formation during retinal tamponade, and silicone oil contamination in aerospace industry are expected to hinder the market growth. In terms of demand, Asia-Pacific is projected to register a significant growth as compared to North America and Europe. In addition, because of COVID-19 outbreak there is lockdown across the globe; therefore, the demand for silicone oil is anticipated to decrease from few industries such as automotive, electronics, textile, and others. Some of the industries that are not majorly hampered because of COVID-19 outbreak are personal and home care sectors.
In terms of volume and revenue the CAGR of silicone oil market is 4.9% and 6.8% respectively.
Increasing application of silicone oil across numerous sectors such as automotive, medical, growing personal care industry in emerging economies are some of the factors anticipated to drive the silicone oil market.
Potential customers of silicone oil are hair care products manufacturing companies, skin care products manufacturing companies, and others.
On the basis of end-use industry, in terms of volume personal care segment will propel the silicone oil market growth.
Applications of silicone oils are sealant, skin and hair care, textile coating, chemical intermediate and others
Wacker Chemie AG, Elkem, Dow Inc, CHT Group, is some of the key players in the silicone oil market.
In terms of revenue the silicone oil market size is $3.6 billion in 2019.
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