Silicone Oil Market Trend is Growing Worldwide with Future Opportunities Analysis by 2030
The silicone oil market is segmented on the basis of type, application, end-use industry & region. By type, the market is bifurcated into straight silicone oil
WILMINGTON , DELAWARE , UNITED STATES, April 24, 2024 /EINPresswire.com/ -- Allied Market Research has recently released a report titled "Silicone Oil Market," forecasting significant growth for the industry from 2020 to 2027. The global silicone oil market, valued at $3.6 billion in 2019, is anticipated to reach $6.1 billion by 2027, with a CAGR of 6.8%.
Market Drivers, Restraints, and Opportunities:
The expansion of application areas in automotive, medical, and construction industries is propelling the growth of the global silicone oil market. However, fluctuating costs of raw materials pose a challenge to growth. Nonetheless, the rising demand for personal care products in developing countries offers multiple opportunities for key industry players.
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COVID-19 Impact:
The global lockdown has led to a significant decline in the adoption of silicone oil across industries such as cosmetics, automotive, and construction. Disruptions in the supply chain have further exacerbated the situation. However, increased consciousness about hygiene has led to high usage of silicone oil in personal care and home care products, thus maintaining moderate market growth.
Dominance of Modified Silicone Oil:
The modified silicone oil segment accounted for over two-thirds of the global silicone oil market revenue in 2019 and is expected to maintain its dominance by 2027. This is attributed to its widespread application across sectors like construction and textiles. The straight silicone oil segment is projected to grow at the fastest CAGR of 7.6% throughout the forecast period.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐘𝐨𝐮𝐫 𝐄𝐯𝐞𝐫𝐲 𝐃𝐨𝐮𝐛𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/1738
Skin and Hair Care Segment Leading:
The skin and hair care segment held nearly one-third of the global silicone oil market share in 2019 and is expected to continue its dominance until 2027. It is also forecasted to register the fastest CAGR of 8.0% from 2020 to 2027, driven by increased demand for high-quality products from emerging economies like China and India.
Regional Insights:
North America and Asia-Pacific held the major share of the market in 2019 and are expected to maintain dominance by 2027. North America is also projected to exhibit the fastest CAGR of 7.1% during the study period, owing to the presence of well-established personal care and automotive organizations in the region.
Key Players:
Key players in the industry include Evonik Industries AG, Shin-Etsu Chemical Co., Ltd., Dow Inc., Elkem ASA, Wacker Chemie AG, Siltech Corporation, BRB International BV, Momentive Performance Materials, Iota Silicone Oil (Anhui) Co., Ltd, and CHT Group.
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David Correa
Allied Market Research
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