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Impact of Covid-19 on Silicone Oil Market- Top Key Players to 2031

 

Silicone Oil Market: Overview

 

·         Silicone oil is also known as polydimethylsiloxane (PDMS). Silicone oil contains silicon–oxygen linkages, which are considered stronger than the typical carbon-to-carbon chains present in hydrocarbon fluids. Hence, demand for silicone oil is high.

·         Silicone oil is employed in various industries such as automotive, cosmetics & personal care, pharmaceutical, electronics, textile, and chemical

·         Silicone oil is transparent, non-toxic, odorless, and inert. It has electric and thermal stability, which makes it suitable for usage in various industrial applications.

Key Drivers and Restraints of Silicone Oil market

 

·         Increase in demand for cosmetics, personal care products, and pharmaceutical products is expected to drive the global silicone oil market in the near future. Silicone oil possesses properties such as low density, high viscosity, and non-toxicity; as a result, demand for silicone oil is high in sectors such as cosmetics & personal care and pharmaceutical.

·         Growth of automotive, chemical, and electronics sectors across the globe is anticipated to boost the global silicone oil market during the forecast period. Properties of silicone oil such as water resistance, lack of odor, nontoxicity, inertness, and electric and thermal stability are expected to drive the global silicone oil market during the forecast period.

·         Increase in awareness about environment protection across the world is expected to drive the global silicone oil market during the forecast period. Silicone oil is a biocompatible and biodegradable material. Led by its eco-friendly properties, the demand for silicone oil is expected to increase in the near future.

·         Limited availability and fluctuating costs of raw materials are major restraints of the global silicone oil market

Global Silicone Oil Market: Segmentation

 

·         The global silicone oil market can be segmented based on type and end-user industry

·         Based on type, the global silicone oil market can be segmented into straight silicone fluid and modified silicone oil. The modified silicone oil segment is expected to dominate the global market between 2021 and 2031. Modification of silicone oil can be achieved by adding amino, carboxyl, methacryl, or dimethyl group to its structure, which imparts additional properties such as water repellency, absorbability, flexibility, and lubricity. Thus, demand for modified silicone oil is expected to rise significantly during the forecast period.

·         In terms of end-user industry, the global silicone oil market can be classified into cosmetics & personal care, pharmaceutical, automotive, chemical, electronics, textile, and others. The cosmetics & personal care segment is projected to expand at a rapid pace during the forecast period.

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Global Silicone Oil Market: Regional Segmentation

 

·         In terms of region, the global silicone oil market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         North America is a highly lucrative region of the global silicone oil market. The market in North America is expected to expand at a significant CAGR during the forecast period. The U.S. is expected to lead the silicone oil market in North America during the period.

·         Asia Pacific held major share of the global silicone oil market in 2020. The market in the region is expected to expand at a significant pace during the forecast period, as countries such as China, Japan, and India witness high demand for silicone-oil-based cosmetic and personal care products as well as pharmaceutical products. In terms of consumption, China holds major share of the market in the region.

·         Europe was also a key region of the global silicone oil market in 2020, driven by rising demand for the oil in pharmaceuticals and renewable energy sectors for applications in windmill and solar panels as coatings, sealants and adhesives  

·         The market in Latin America and Middle East & Africa is expected to expand at a steady pace during the forecast period

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COVID-19 Impact on Global Silicone Oil Market

 

·         The COVID-19 pandemic has adversely affected the global silicone oil market. Manufacturing and power sector activities across the globe suffered temporary shut down during the lockdowns. Measures such as social distancing also impacted operations. However, demand recovery in manufacturing as well as power sector after lockdowns is likely to boost the silicone oil market in the near future.

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Key Players in Market

The global silicone oil market has a highly competitive landscape. It is dominated by the presence of various prominent players across the globe. Prominent players operating in the silicone oil market include:

·         Momentive Performance Materials Inc.

·         CHT UK Bridgwater Ltd.

·         Evonik Industries AG

·         Wacker Chemie Ag

·         Dow Corning Corporation

·         Shin-Etsu Corporation

·         KCC Basildon

·         Gelest Inc.

·         Siltech Corporation

·         Merck KGaA

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