Silicone Oil Market Size, Outlook: Analysing the 6.68% CAGR and USD 6.88 Billion Projection by 2032
The demand for silicone oil is growing due to factors such as growing urbanization as there is an increase in the standard of living, etc., encouraging people to use advanced products. Asia Pacific region emerged as the largest market for the global silicone oil market, with a 43.56% share of the market revenue in 2022.
Newark, Oct. 11, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global silicone oil market is expected to grow from USD 3.61 Billion in 2022 to USD 6.88 Billion by 2032, at a CAGR of 6.68% during the forecast period 2023-2032.
Silicone oils are broadly used as lubricants, hydraulic fluids or thermal fluids. Its properties, like temperature stability and good heat-transfer characteristics, are broadly used in laboratories for oil baths kept on top of the hotplate stirrer and as freeze dryers as refrigerants. Also, the silicones can survive stress and temperature extremes, and their adhesives are broadly used for sealing and protecting the doors, wings, windows, hydraulic switches, fuel tanks, wing edges, overhead bins, vent ducts, engine gaskets, landing gear electrical devices, black wires and electrical wires.
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To enhance their market position in the global silicone oil market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In June 2016, Dow Chemical Company completely acquired Dow Corning’s silicones business, which became a good strategic fit in the company’s material sciences portfolio. This acquisition brought customers a broad range of differentiated, high-value solutions. It also helps the organization become a significant leader in the silicone oil market.
Market Growth & Trends
Silicon oil is broadly used as a lubricant and acts as a superior electrical insulator. Silicon oil is a kind of organic compound which is non-toxic, odourless, inactive, and flexible. It has high thermal stability, compressibility and good dielectric properties. It is broadly used in the laboratory oil bath because of its excellent temperature stability and heat transfer ability. It is also used in several medical formulations, which are suggested for treating flatulence. It is broadly used in the automotive sector for its application in the automotive cooling fan clutch assemblies as fluid. Silicon oil maintains surgical instruments as it has good water-repellent properties. It is available in the market at high competitive prices in large volumes. Its demand is growing from the end-user sectors such as automotive and personal care, among others, propelling the market’s growth. Its qualities include biocompatibility, conditioning advantage, high permeability, low surface tension and pressure sensitivity. The demand for silicone oil is growing due to factors such as growing urbanization as there is an increase in the standard of living, etc., encouraging people to use advanced products. Medical grade silicone is present in ranges of grades. The silicone materials produce seals, gaskets and lead insulation for cardiac resynchronization and neurostimulation devices. It offers a safe coating for stents and is used to produce catheters and medical valves cost-effectively. Similarly, soft skin adhesives are designed to offer gentle, non-irritation adhesion to delicate skin. Silicone also supports many drug delivery systems, i.e. from traditional parenteral packaging applications such as vials and syringes to devices which deliver drugs slowly with time. All these factors eventually propel the silicone oil market in the forecasting period.
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• In 2022, the automotive segment dominated the market with the largest market share of 46.37% and market revenue of USD 1.67 Billion.
The end user segment is divided into automotive, cosmetics & personal care, textile and others. In 2022, the automotive segment dominated the market with the largest market share of 46.37% and market revenue of USD 1.67 Billion. Silicone oil is broadly used in automotive paint protection paint formulations such as spray sealant and wax, among others, for repelling water and offering lasting protection. Silicone oil has its application in automotive components like gaskets, seals, O-rings and lubricants.
• In 2022, the lubricant segment dominated the market with the largest market share of 38.66% and market revenue of USD 1.39 Billion.
The application segment is divided into lubricant, anti-foam agent, release agent, textile coating and others. In 2022, the lubricant segment dominated the market with the largest market share of 38.66% and market revenue of USD 1.39 Billion. Silicone oils have been broadly used as excellent lubricants for several decades for polymers and rubbers as they have a very low friction coefficient. Moreover, the viscosity of the silicones is less dependent on temperatures than petroleum oils.
Regional Segment Analysis of the Silicone Oil Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global silicone oil industry, with a market share of 43.56% and a market value of around USD 1.57 Billion in 2022. China is known for producing silicone fluid worldwide, and its demand is increasing gradually due to rapid urbanization. China produces silicone fluid chemicals, which are used worldwide as lubricants, softeners, paint and home care product additives.
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Key players operating in the global silicone oil market are:
• The Lubrizol Corporation
• CES Silicones Europe
• Clearco Products Co., Inc.
• Haynes Manufacturing Company
• Dow Corning Corporation
• Wacker Chemie AG
• Elkay Chemicals Pvt. Ltd.
• Shin-Etsu Chemical Co. Ltd
• Bluestar Silicones International
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global silicone oil market based on below mentioned segments:
Global Silicone Oil Market by End User:
• Cosmetics & Personal Care
Global Silicone Oil Market by Application:
• Anti-Foam Agent
• Release Agent
• Textile Coating
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About the report:
The global silicone oil market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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