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Definition of Market/Industry:
The expansion of the cosmetics industry is expected to drive growth of the hydrogenated polyisobutene market across the globe. For instance, according to Cosmetics Europe, the cosmetics consumption in Europe in 2014 was valued at US$ 80.69 billion and increased to US$ 86.48 billion in 2017.
Statistics:
The hydrogenated polyisobutene market was valued at US$ 15.1 Mn in 2018, and is expected to reach US$ 22.8 Mn by the end of 2027, exhibiting a CAGR of 4.7% during the forecast period (2019 to 2027).
Drivers:
The rising demand for cosmetics & personal care products is expected to boost growth of the hydrogenated polyisobutene market across the globe. In cosmetics, hydrogenated polyisobutene helps to enhance the thickness of the lipid portion of cosmetics and personal care products. It acts as a lubricant on the surface of the skin which gives the skin a smooth and soft look. These factors are expected to drive demand for hydrogenated polyisobutene globally.
Statistics:
Figure 1. Global Hydrogenated Polyisobutene Market Share (%), By Region, 2018
Market Restraints
The potential side effects of hydrogenated polyisobutene such as inflammation and skin irritation are expected to hamper the growth of the global hydrogenated polyisobutene market during the forecast period.
Market Opportunities
Key players are focusing on new product launches and business expansions to gain a dominant share in the hydrogenated polyisobutene market on a global level.
For instance, in July 2018, UPI Chem invested US$ 17 million in a new distribution center for its natural ingredients and chemical supply business at Mebane, North Carolina (U.S). This has helped the company in expanding its presence in North Carolina and thereby increased its customer base.
Market Trends/Key Takeaways
In the cosmetics & personal care industry, hydrogenated polyisobutene is used for manufacturing sunscreens and BB creams, among others products in addition to lipstick manufacturing. For instance, Vichy Laboratories offers a lift active eye serum formulated with hydrogenated polyisobutene. Moreover, this serum also contains rhamnose, ascorbyl glucoside, and beeswax.
Among function, the global hydrogenated polyisobutene market is segmented into emollient, viscosity increasing agent, plasticizer and others (extruders, etc.). The emollient and viscosity increasing agent segments are expected to gain traction during the forecast period owing to the use of these products in cosmetic formulations as binders and their skin conditioning properties. Therefore, the growing use of cosmetics and personal care products is expected facilitate growth of the emollient and viscosity increasing agent segments. For instance, according to the U.S. Department of Commerce, International Trade Administration (ITA), beauty and personal care (BPC) industry in India was valued at US$ 8 billion in 2016 and it is expected to exhibit a CAGR of 5-6% during 2017 and 2021.
Figure 2. Global Hydrogenated Polyisobutene Market Share (%), By End-use Industry, 2018
Based on end-use industry, the global hydrogenated polyisobutene market is segmented into cosmetics & personal care, adhesives, rubber and others (textiles, lubricants, etc.). In 2018, the cosmetics & personal care segment accounted for 95.5% of the revenue share.
Competitive Section:
Company Names
Recent Developments
Elementis PLC
The global hydrogenated polyisobutene market is expected to exhibit a CAGR of 4.7% during the forecast period owing to rising awareness about various benefits offered by hydrogenated polyisobutene. Hydrogenated polyisobutene is manufactured in a wide range of molecular weights and is used as a substitute for different cosmetic ingredients such as squalene. It is used in many cosmetic products for hair, skin, eye and nail care such as exfoliants, BB creams, lip balm, and moisturizers among others.
Among function, the emollient segment is expected to gain traction during the forecast period owing to its use in cosmetic formulations. Therefore, the rising use of cosmetics & personal care products is expected to facilitate growth of the emollient segment during the forecast period. For instance, according to the U.S. Department of Commerce, International Trade Administration (ITA), the local production of cosmetics and personal care products in Mexico was valued at US$ 6.5 billion in 2015 and it reached US$ 7.3 billion in 2018. Europe is also expected to account for a significant market share in the emollient and viscosity increasing agent segments due to the rising demand for cosmetics in the region. For instance, according to Cosmetics Europe, the cosmetics consumption in Europe in 2014 was valued at US$ 80.69 billion and it increased to US$ 86.48 billion in 2017.
Among regions, Latin America accounted for a significant market share in 2018 owing to increasing demand for hydrogenated polyisobutene-based cosmetic products. Furthermore, Mexico is expected to hold dominant position in the Latin America market during the forecast period owing to the increasing rate of production of cosmetics and personal care products in the country. According to Instituto Nacional de Estadística y Geografía (INEGI), in Mexico, the production of face powders and foundations was valued at US$ 5.28 million in March 2016 which increased to US$ 5.84 million in March 2018. Moreover, Mexico is the second-largest market for beauty products in Latin America, according to the U.S. Department of Commerce, International Trade Administration (ITA). These factors are expected to drive demand for hydrogenated polyisobutene in Latin America.
Furthermore, key players are adopting inorganic growth strategies such as product launches and product developments in order to expand their share in the global hydrogenated polyisobutene market. For instance, in January 2019, BASF SE introduced a new product range of emulsifiers called Emulgade Sucro Plus at Cosmet’Agora trade show. These products have a natural-base and have been approved by COSMOS. COSMOS (COSMetic Organic and Natural Standard), sets certification requirements for organic and natural cosmetics products in the Europe and is also recognized globally by the cosmetic industry.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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