Silicone Fluids Market worth $6.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 27, 2021 /PRNewswire/ -- According to the new market research report "Silicone Fluids Market by Type (Straight, Modified), End-Use Industry (Personal Care & Beauty, Textiles, Automotive & Transportation, Industrial, Building & Construction), & Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the global Silicone Fluids Market size is projected to grow from USD 5.1 billion in 2021 to USD 6.6 billion by 2026, at a CAGR of 5.5% from 2021 to 2026.
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The market is projected to grow in accordance with the increase in the demand for silicone fluids in numerous end-use industries, particularly for personal care & beauty applications across the globe. Furthermore, the silicone fluids market has witnessed a significant increase in demand, owing to its water repellency, lubricity, mold-releasability, and defoaming properties.
In terms of value & volume, the modified segment is estimated to lead the silicone fluids market in 2020.
The modified segment accounted for the largest market share in the silicone fluids market. Silicone fluids with organic groups introduced at the ends and side chains are called modified silicone fluids. Modified silicone fluids are used in various applications, as ingredients in cosmetics, resin modifiers, textile treatment agents, additives for waxes, water repellents for construction applications, and release agents.
In terms of value & volume, personal care & beauty segment is estimated to be the fastest-growing segment in the silicone fluids market.
The personal care & beauty segment is expected to grow at the highest CAGR from 2021 to 2026. It is witnessing high growth owing to versatility and unique properties of silicone fluids. They offer several functional benefits, including a rheological stable base with delivery benefits and good compatibility with other solvents, actives, and inert ingredients in the formula. One of the major driving factors for personal care is the aging population in the European and North American regions. This leads to an increase in the demand for anti-aging and anti-hair loss products.
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The APAC region is projected to account for the largest share in the silicone fluids market during the forecast period.
The APAC region is projected to lead the silicone fluids market in terms of both value and volume from 2021 to 2026. This region is witnessing the highest growth rate due to the rapid economic expansion. According to the IMF, China and India are among the fastest-growing economies globally. India is expected to overtake China with the highest growth rate, thus driving the global economy. The rising disposable income of people, shifting of manufacturing facilities from developed regions, such as North America and Europe, and rapidly growing industrial sectors are expected to drive the market in APAC.
The Dow Chemical Company (US), Wacker Chemie AG (Germany), Elkem ASA (Norway), Momentive (US), and Shin-Etsu Chemical Co., Ltd. (Japan), amongst others, are the key players operating in the silicone fluids market.
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