Silicone Oil Industry 2023 Global Trends, Demand, Segmentation and Opportunities Forecast To 2030

Market Scope

Market Research Future (MRFR) affirms that the Silicone Oil Market had touched USD 1.83 billion in 2021 and could achieve a growth rate of 4.8% from 2022 to 2030 (analysis period).

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Market Boosters and Barriers

Escalating sales of personal care, cosmetics, and pharmaceutical products are expected to benefit the silicone oil market in the years ahead. Silicone oil is known for its impressive properties that include high viscosity, non-toxicity, and low density, and therefore, note substantial demand in sectors like pharmaceutical, cosmetics personal care, automotive, healthcare and many more. As a result, the stunning growth of these industries along with the automotive, electronics and chemical sectors will mean significant market growth in the next several years. Other important properties like high water resistance, inertness, significant thermal and electric stability, and the lack of odor could further enhance its appeal among the major end-use sectors.

Soaring concerns with regard to the deteriorating environmental health is another factor that has worked in favor of the silicone oil industry in recent years. Since it is a biodegradable and biocompatible material, the demand should escalate rapidly in the coming years, in line with the growing preference for eco-friendly products worldwide. In the healthcare industry, it acts as a tamponade agent during the treatment of retinal detachment. The tamponade is useful when the retinal traction is not completely released as well as for those patients that are unable to preserve head arranging that is crucial for a gas tamponade within the retina.

Vendors are increasingly emphasizing on technical integration throughout the value chain, which has raised the competition level in the global market. Rising use of modern technologies like drones, robotics, Internet of Things (IOT), artificial intelligence, cloud computing, and blockchain has transformed numerous aspects of the manufacturing process. These technologies have not only bolstered the safety level during manufacturing but also fostered efficiency and reliability, while facilitating accurate monitoring across the supply chain.

Segmental Analysis

Application and end-use industry are the key market segments listed in the MRFR report, to give a better understanding of the growth prospects.

Key applications of silicone oil identified in the market study are thermal bath fluid, damping fluid, dielectric fluid, lubricant, pharmaceuticals, cosmetics products, and more.

Major end-use industries are aerospace defense, automotive, healthcare, cosmetics, and others.

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Regional Outlook

The silicone oil industry can be split into five major regions, including Asia Pacific (APAC), Europe, North America, MEA or Middle East Africa and Latin America.

Apart from gaining the leading position, Asia Pacific is also set to chart the fastest growth trajectory between 2022 and 2030. Rising industrialization rate in line with the efforts by the government to bolster the economic status has led to significant growth of sectors like healthcare, cosmetics, and automotive. Moreover, the exploding population and the surging vehicle ownership has fostered the growth of the automotive industry in the region, especially in China, Japan, and India. Besides, growing interest in maintaining hygiene and health among the people can also boost the demand for silicone oil in the years to come.

Europe, with the thriving healthcare and cosmetics industry and an impressive GDP, has successfully procured the second position in the global market. The high living standards in the region has led to higher focus on health, which helps bolster the sales of cosmetic as well as healthcare products. This should favor the silicon oil market in the region over the next few years. Another major end-user in the region is the aerospace defense sector, generating massive demand for silicone oil. With impressive properties like excellent thermal stability, electric insulators, heat transferring and non-flammable abilities, silicone oil is used largely in radiators and external coolants loops in various space stations in the region.

Significant Companies

The most important manufacturers in the silicon lubricant industry include Aurolab (India), Clearco Products Co., Inc. (US), Momentive (US), Thermo Fisher Scientific Inc. (US), Shin-Etsu Chemical Co. Ltd (Japan), Elkem Silicones (France), CHT UK Bridgwater Ltd (UK), BRB International (Netherlands), D R P Silicone (India), Evonik Industries AG (Germany), China National Bluestar (Group) Co, Ltd (China), Anhui Youcheng Siliconeoil Co., Ltd (China), Siltech Corporation (Canada), Merck KGaA (Germany), Wacker Chemie AG (Germany), to mention a few.

These firms take up extensive research and development initiatives to launch new and more innovative products. They also enter into contractual deals such as mergers and acquisitions, agreements, strategic investments while also striving to boost their production capacities in a bid to capitalize on the business opportunities.

For instance, in January 2021, Momentive Performance Materials Inc. acquired KCC Corp.’s silicone business in the UK and Korea as well as China. This will help Momentive enhance its expertise in advanced silicones and their applications. The acquisition should consolidate both the firms’ combined expertise in various derivatives of silicones such as silicone oil with enhanced applications in telecommunications, healthcare, personal care, electronics, transportation, construction, energy, agriculture, and many more.

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