The silicone oil market is driven by the increasing demand for product from the end-use industries such as automotive, personal care, construction, and electronics, among others. Silicone oil is likely to witness significant demand from the automotive industry in the forecast period owing to the increasing application of the product in various applications such as precision casting, cleaning of the surface, and drying out electrical connectors. It is also used as a paint resistant in automobiles. Meanwhile, the development of silicone oil sprays is likely to provide robust impetus to the market growth, owing to the convenience of application of this product in any part of an automobile.
In June 2021, Wacker Chemie AG (ETR: WCH) developed BELSIL® DADM 3240 E by converting two silicones into an aqueous solution. This product will be suitable for formulating shampoos, conditioners and leave-in products. In shampoo systems, this new co-emulsion is compatible with the usual surfactant systems employed in hair care and the processing is straightforward. This development is likely to be a bane for personal care industry and will propel the sale of silicone oil in the forecast period, as it is highly effective, even at low concentrations. It is likely to provide results which are usually not provided by the conventional silicone oil.
In terms of region, the Asia Pacific region is likely to account for a significant share in the market. The market is being driven by the thriving automotive industry, along with the various technological advancements in the field. Introduction of electric vehicles is one such example. The market growth in the region is expected to be aided by the rising demand for the product from the personal care industry, owing to the rising disposable income and growing population in countries like India, China, and Japan, among others.
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The major players in the market are Wacker Chemie AG, Evonik Industries AG, and Shin-Etsu Chemical CO. LTD., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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