The global hydrogenated polyisobutene market is estimated to be valued at US$ 17.33 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Hydrogenated polyisobutene is synthetic oil derived from polyisobutene. It is used as a viscosity modifier and emollient in personal care and cosmetics products. Hydrogenated polyisobutene increases the thickness and smoothness of creams and lotions. It leaves a silky feel to the skin without being greasy. Hydrogenated polyisobutene is also used in industrial applications such as lubricating greases, additive for metal working fluids and plasticizer for PVC.
Market key trends:
Rising demand from cosmetics industry is one of the key trends in hydrogenated polyisobutene market. Hydrogenated polyisobutene is widely used in cosmetic products such as makeup bases, facial cleansers, creams and lotions due to its viscosity enhancing and emollient properties. Increasing consumer spending on personal care and changing lifestyles have boosted the sale of cosmetic products over the years, thereby augmenting the demand for hydrogenated polyisobutene. Expanding applications of hydrogenated polyisobutene is another major trend. Development of low molecular weight and low viscosity grades of hydrogenated polyisobutene have increased its usage in new applications such as lubricating oils, food packaging and medical devices.
Threat of new entrants: The threat of new entrants in the hydrogenated polyisobutene market is moderate as it requires high initial capital investments and know-how to produce hydrogenated polyisobutene.
Bargaining power of buyers: The bargaining power of buyers is moderate-to-high as switching costs for buyers between suppliers are relatively low owing to the availability of various options in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for hydrogenated polyisobutene production are moderately differentiated.
Threat of new substitutes: Threat of new substitutes is moderate as limited alternatives are available that can serve the specific functionalities provided by hydrogenated polyisobutene.
Competitive rivalry: The competitive rivalry is high as major players compete on parameters such as product innovation, pricing, and supply relationships.
The global hydrogenated polyisobutene market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing demand from the cosmetics industry. The cosmetic industry demands hydrogenated polyisobutene for its usage in thickening and stiffening cosmetic formulations.
Regional analysis: Asia Pacific is expected to be the fastest growing market for hydrogenated polyisobutene during the forecast period owing to the region’s growing cosmetics industry. China dominates the Asia Pacific market and is expected to grow at a high rate due to rising incomes. North America is expected to hold a significant share in the global market during the forecast period due to the presence of major manufacturers in the region.
Key players: Key players operating in the hydrogenated polyisobutene market are A&E Connock, BASF SE, Elementis PLC, Glenn Corporation, Henan Tianfu Chemical Co. ltd, INEOS Oligomers, NOF America Corporation, Sensient Cosmetic Technologies, SOPHIM, The Innovation Company, and UPI Chem. BASF SE and INEOS Oligomers are the market leaders due to their wide product portfolio and global production capacities.