Rapidly increasing application areas across automotive, medical and construction industry and biocompatible and biodegradable material drive the growth of the global silicone oil market. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period. The demand for silicone oil is reduced in among the end use industries such as chemical, construction, personal care, textile, electronics, and automotive during the lockdown.
Portland, OR, Nov. 25, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global silicone oil market generated $3.6 billion in 2019, and is estimated to reach $6.1 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, top winning strategies, business performance, pricing analysis, and competitive landscape.
Rapid increase in application areas across the automotive, medical, and construction industries and availability of biocompatible & biodegradable material drive the growth of the global silicone oil market. However, lack of availability and fluctuating costs of raw materials hinder the market growth. On the other hand, rise in demand for personal care products in developing countries create new opportunities in the coming years.
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During the coronavirus pandemic, the demand for silicone oil is reduced among the end use industries such as chemical, construction, personal care, textile, electronics, and automotive due to the restrictions on manufacturing activities in the industries.
The supply chain in the silicone oil industry has been impacted badly during global lockdown.
China has been the highest importer of silicone-based products. The lockdown in the country impacted the demand.
The report offers a detailed segmentation of the global silicone oil market based on type, application, end use industry, and region.
Based on type, the modified silicone oil segment contributed to the largest share in 2019, accounting for nearly two-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the straight silicone oil segment is expected to register the highest CAGR of 7.6% from 2020 to 2027.
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Based on application, the skin and hair care segment accounted for the largest share in 2019, holding around one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, the same segment is estimated to portray the highest CAGR of 8.0% during the forecast period. Moreover, the detergent segment is growing with the CAGR of 7.5% during the forecast period.
Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the same region is expected to grow at the highest CAGR of 7.1% from 2020 to 2027. However, Europe is estimated to grow at the CAGR of 6.8% during the forecast period
Leading market players analyzed in the research include Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Evonik Industries AG, Dow Inc., Momentive Performance Materials, Inc., Siltech Corporation (Siltech), Elkem ASA (Elkem), CHT Group, BRB International BV (BRB), and Iota Silicone Oil (Anhui) Co., Ltd (Iota Silicone Oil).
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