- Rapidly increasing application areas across automotive, medical, and construction industry drive the growth of the global silicone oil market
PORTLAND, Oregon, June 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Silicone Oil Market by Type (Straight Silicone Oil and Modified Silicone Oil), Application (Sealant, Skin &Hair Care, Textile Coating, Detergent, Chemical Intermediate, Anti-foam Agent, Release Agent, and Others), End-Use Industry (Chemical, Construction, Personal Care, Textile, Electronics, Automotive, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global silicone oil industry was estimated at $3.6 billion in 2019 and is anticipated to hit $6.1 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.
Drivers, restraints, and opportunities:
Rapidly increasing application areas across automotive, medical, and construction industry drive the growth of the global silicone oil market. On the other hand, fluctuating costs of raw materials impede the growth to some extent. However, rise in demand for personal care products in developing countries is expected to create multiple opportunities for the key players in the industry.
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The modified silicone oil segment to dominate by 2027:
Based on type, the modified silicone oil segment contributed to more than two-thirds of the global silicone oil market revenue in 2019, and is expected to lead the trail by the end of 2027. This is due to its wide application across different sectors such as construction, textiles, and others. The straight silicone oil segment, on the other hand, would grow at the fastest CAGR of 7.6% throughout the forecast period.
The skin and hair care segment to maintain the dominant share:
Based on application, the skin and hair care segment accounted for nearly one-third of the global silicone oil market share in 2019, and is projected to retain its dominance till 2027. The same segment would register the fastest CAGR of 8.0% from 2020 to 2027. Rise in demand for high quality skin and hair care products from emerging economies such as China, India, and others drives the growth of the segment.
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North America and Asia-Pacific garnered the major share in 2019:
Based on geography, North America and Asia-Pacific held the highest share in 2019, and is expected to rule the roost by 2027. However, the region across North America would also portray the fastest CAGR of 7.1% during the study period. This is attributed to the presence of well-established personal care and automotive organizations in the province.
Key players in the industry-
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