Selbyville, Delaware, June 18, 2024 (GLOBE NEWSWIRE) -- Silicone Fluids Market is projected to reach a revenue of USD 8.3 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The increasing use in diverse sectors to render versatile properties is driving the industry growth. The rising demand for lubricants and brake fluids in the automotive sector and expanding application in personal care products will favor the demand for silicon fluids for their conditioning and moisturizing effects. As per data from the India Brand Equity Foundation (IBEF), in January 2024, the total passenger vehicle sales in India reached 3,93,074. Also, the growing utilization of various fluids in the construction industry for waterproofing and sealing is accelerating their appeal.
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The stability of silicone fluids under extreme temperatures is increasing their adoption in industrial applications. The shift towards sustainable and high-performance materials has further increased. Significant advancements in production technologies are making way for enhanced product quality and reduced costs. The rising urbanization and industrialization, particularly in emerging economies, will also positively influence the market growth trajectory.
Dimethyl silicone fluids to record preference
Silicone fluids market from dimethyl silicone fluids segment is projected to account for sizeable share of the silicone fluids industry by 2032, owing to their excellent thermal stability, low surface tension, and lubricating properties. These fluids are widely used in personal care products, automotive lubricants, and industrial applications. On account of their non-toxicity and compatibility with other materials, they are garnering significant popularity. The increasing demand in emerging economies and advancements in manufacturing processes are also driving the segment growth.
Growing demand to in aerospace sector
Silicone fluids industry from the aerospace end-use segment will expand at significant pace between 2024 and 2032, driven by the growing need for high-performance materials that withstand extreme temperatures and pressures. Silicone fluids offer excellent thermal stability, low volatility, and superior lubrication, making them ideal for aerospace applications. They boast of an ability to reduce maintenance costs and improve efficiency in aerospace components is. The increasing investments in aerospace technology and innovations will also fuel the product adoption in these applications.
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Europe to attract significant market growth prospects.
Europe silicone fluids market is estimated to depict substantial growth from 2024 to 2032, led by the strong demand in automotive, construction, and personal care sectors. The presence of strict environmental regulations across the region is promoting the use of eco-friendly and high-performance materials. The advancements in technologies and manufacturing processes are improving product quality and reducing costs. The rising urbanization, industrialization, and investments in R&D are further boosting the regional product deployment.
Silicone Fluids Market Participants
Some of the leading firms operating in the silicone fluids industry include Allnex Belgium NV, BASF SE, Bluestar Silicones, Dow, Elkem Silicones, Evonik Industries AG, Gelest Inc., Jiangsu Xinyi New Material Technology Co., Ltd., KCC Corporation, Lubrizol Corporation, Momentive Performance Materials, and Momentive Silicones.
These market leaders are adopting various corporate expansion strategies, such as mergers & acquisitions, collaborations, and establishing new manufacturing plants to increase their industry share. For instance, in September 2023, Wacker Chemie AG, a multinational chemical company, announced the expansion of its specialty silicone manufacturing capacities in China to produce functional silicone emulsions, silicone fluids and silicone elastomer gels.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
