“Global Silicone Oil Market to reach a market value of USD 7.4 Billion by 2031 growing at a CAGR of 7.0%”
The Global Silicone Oil Market size is expected to reach $7.4 billion by 2031, rising at a market growth of 7.0% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,288.4 kilo tonnes, experiencing a growth of 25.1% (2020-2023).
Silicone oils have occlusive properties, forming a protective barrier on the skin’s surface that helps to lock in moisture. Growing hair care industry is translates into higher demand for silicone oil within the industry, as per the National Investment Promotion and Facilitation Agency Indian hair care industry is predicted to reach $3.62 Bn by 2026 with a rate of 2%. In 2022, the hair care segment accumulated revenue of $3.34 Bn. Hence, the skin & hair care segment recorded $1,150.2 million revenue in the silicone oil market in 2023. In terms of volume, 461.3 kilo tonnes of silicone oils are expected to be utilized in skin & hair care by the year 2031. Silicone oils are prized for their silky-smooth texture and ability to impart a luxurious feel to skincare and haircare products. They create a lightweight, non-greasy, and velvety finish on the skin and hair, enhancing the overall sensory experience of using these products.
Silicone oil is used as an intraocular tamponade agent in retinal detachment surgeries. When a patient experiences retinal detachment, a procedure involves injecting silicone oil into the eye to reposition the detached retina and maintain its placement during the healing phase. This procedure helps restore vision and prevent further retinal detachment. Hence, increasing demand in the healthcare sector is driving the market’s growth.
Moreover, with electronic devices’ increasing complexity and miniaturization, there’s a growing need for effective heat dissipation solutions to prevent overheating and ensure optimal performance. Silicon oil is used as a coolant and thermal management fluid in electronic components like CPUs, GPUs, and power electronics to dissipate heat and maintain safe operating temperatures efficiently. The growth of the electronics industry translates to a higher demand for silicon oil in manufacturing applications. Therefore, the rising electronics and electrical industry propels the market’s growth.
However, Silicon oil is primarily derived from silicon, a key component of quartz, a naturally occurring mineral. The extraction and purification of silicon requires significant energy input and specialized processes, contributing to high raw material costs. Other chemicals and additives may also be required to synthesize silicon oil, further adding to production expenses. In conclusion, these quality assurance practices add to the overall cost of production, hampering the market’s growth.
Based on type, the market is divided into straight and modified. In 2023, the straight segment garnered 33% revenue share in the market. In terms of volume, 795.9 kilo tonnes of Straight silicone oil is expected to be utilized by the year 2031. Straight silicone oil is versatile and can be used in various industries. Its distinct characteristics, encompassing elevated thermal stability, chemical inertness, minimal surface tension, and exceptional dielectric attributes, render it appropriate for various uses, including lubrication, hydraulic fluids, cosmetics, personal care items, textiles, and industrial coatings.
On the basis of application, the market is segmented into sealant, skin & hair care, textile coating, detergent, chemical intermediate, anti-foam agent, release agent, and others. The chemical intermediate segment witnessed 13% revenue share in the market in 2023. In terms of volume, 279.4 kilo tonnes of Silicone oils is expected to be utilized as chemical intermediate by the year 2031. Silicone oils possess various functional properties, including thermal stability, chemical inertness, low surface tension, and lubricity.
Based on end-user, the market is categorized into chemical, construction, personal care, textile, electronics, automotive, medical, and others. In 2023, the personal care segment registered 26% revenue share in the market. In terms of volume, 442.2 kilo tonnes of Silicone oils is expected to be utilized in personal care by the year 2031. Silicone oils improve the spread ability and uniformity of personal care formulations, ensuring the even distribution of active ingredients and enhancing their efficacy. They also help to reduce friction during application, making products easier to apply and distribute on the skin or hair.
Free Valuable Insights: Global Silicone Oil Market size to reach USD 7.4 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed the maximum revenue share in the market in 2023. In terms of volume, 872.9 kilo tonnes of silicone oil is expected to be utilized by the year 2031. The Asia-Pacific region is witnessing rapid urbanization and infrastructure development, driven by population growth, urban migration, and government-led initiatives. Silicone oil is used in construction materials such as sealants, adhesives, coatings, and waterproofing solutions to enhance the durability, performance, and sustainability of buildings, roads, bridges, and other infrastructure projects.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4.4 Billion |
| Market size forecast in 2031 | USD 7.4 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.0% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 422 |
| Number of Tables | 869 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, End User, Region |
| Country scope |
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| Companies Included | Siltech Corporation, The Dow Chemical Company, Momentive Performance Materials, Inc. (Hexion, Inc.), Evonik Industries AG (RAG-Stiftung), Elkem ASA (Bluestar Elkem International Co., Ltd. S.A.), Iota Silicone Oil (Anhui) Co., Ltd (Iota Corporation Limited), Wacker Chemie AG, CHT Germany GmbH (RB Beitlich Industrie Beteiligungen GmbH), and BRB International B.V. (PETRONAS Chemicals Group Berhad) |
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End-user (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $7.4 billion by 2031.
Increasing Demand in Healthcare Sector are driving the Market in coming years, however, High Cost of Production restraints the growth of the Market.
Siltech Corporation, The Dow Chemical Company, Momentive Performance Materials, Inc. (Hexion, Inc.), Evonik Industries AG (RAG-Stiftung), Elkem ASA (Bluestar Elkem International Co., Ltd. S.A.), Iota Silicone Oil (Anhui) Co., Ltd (Iota Corporation Limited), Wacker Chemie AG, CHT Germany GmbH (RB Beitlich Industrie Beteiligungen GmbH), and BRB International B.V. (PETRONAS Chemicals Group Berhad)
In the year 2023, the market attained a volume of 1,288.4 kilo tonnes, experiencing a growth of 25.1% (2020-2023).
The Modified segment is leading the Market by Type in 2023; thereby, achieving a market value of $4.9 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023; thereby, achieving a market value of $2.9 billion by 2031.
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