Silicone Oil Market Size, Outlook: Analysing the 6.68% CAGR and USD 6.88 Billion Projection by 2032

Newark, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global silicone oil market is expected to grow from USD 3.61 Billion in 2022 to USD 6.88 Billion by 2032, at a CAGR of 6.68% during the forecast period 2023-2032.

Silicone oils are broadly used as lubricants, hydraulic fluids or thermal fluids. Its properties, like temperature stability and good heat-transfer characteristics, are broadly used in laboratories for oil baths kept on top of the hotplate stirrer and as freeze dryers as refrigerants. Also, the silicones can survive stress and temperature extremes, and their adhesives are broadly used for sealing and protecting the doors, wings, windows, hydraulic switches, fuel tanks, wing edges, overhead bins, vent ducts, engine gaskets, landing gear electrical devices, black wires and electrical wires.

Competitive Strategy

To enhance their market position in the global silicone oil market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In June 2016, Dow Chemical Company completely acquired Dow Corning’s silicones business, which became a good strategic fit in the company’s material sciences portfolio. This acquisition brought customers a broad range of differentiated, high-value solutions. It also helps the organization become a significant leader in the silicone oil market.

Market Growth & Trends

Silicon oil is broadly used as a lubricant and acts as a superior electrical insulator. Silicon oil is a kind of organic compound which is non-toxic, odourless, inactive, and flexible. It has high thermal stability, compressibility and good dielectric properties. It is broadly used in the laboratory oil bath because of its excellent temperature stability and heat transfer ability. It is also used in several medical formulations, which are suggested for treating flatulence. It is broadly used in the automotive sector for its application in the automotive cooling fan clutch assemblies as fluid. Silicon oil maintains surgical instruments as it has good water-repellent properties. It is available in the market at high competitive prices in large volumes. Its demand is growing from the end-user sectors such as automotive and personal care, among others, propelling the market's growth. Its qualities include biocompatibility, conditioning advantage, high permeability, low surface tension and pressure sensitivity. The demand for silicone oil is growing due to factors such as growing urbanization as there is an increase in the standard of living, etc., encouraging people to use advanced products. Medical grade silicone is present in ranges of grades. The silicone materials produce seals, gaskets and lead insulation for cardiac resynchronization and neurostimulation devices. It offers a safe coating for stents and is used to produce catheters and medical valves cost-effectively. Similarly, soft skin adhesives are designed to offer gentle, non-irritation adhesion to delicate skin. Silicone also supports many drug delivery systems, i.e. from traditional parenteral packaging applications such as vials and syringes to devices which deliver drugs slowly with time. All these factors eventually propel the silicone oil market in the forecasting period.