by The global Hydrogenated Polyisobutene Market is estimated to be valued at US$ 17.33 Mn or 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.
Market Overview:
Hydrogenated polyisobutene is a viscous, colorless liquid widely used as a lubricant additive and viscosity index improver in engine and industrial oils. It improves the viscosity-temperature properties of lubricating oils and helps in reducing oil consumption.
Market key trends:
The growing demand for lubricant additives from the automotive industry is the major factor driving the growth of the hydrogenated polyisobutene market. Hydrogenated polyisobutene provides vital benefits like reduced frictional resistance, improved gear efficiency, and extended lifetime to lubricating oils used in engines and transmissions. Rapid industrialization and increasing vehicle fleet across developing regions are expected to boost automotive aftermarket sales, which in turn will boost the demand for hydrogenated polyisobutene over the forecast period. Stringent regulations regarding fuel efficiency and low emission vehicles will further propel the market growth.
SWOT Analysis
Strength: Hydrogenated Polyisobutene has multifunctional properties like emolliency, lubricity and film-forming ability which makes them suitable for various personal care applications.
Weakness: High manufacturing cost and availability of substitute products like mineral oils and silicones.
Opportunity: Growing personal care industry especially in Asia Pacific region offers new opportunities. Increasing consumer awareness about negative effects of mineral oil-based products.
Threats: Stringent regulations regarding the use of ingredients in personal care products differ across regions which poses a challenge. Rising raw material costs.
Key Takeaways
The global Hydrogenated Polyisobutene market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing demand for multifunctional skin care products. Hydrogenated Polyisobutene is widely used as an emollient, lubricant, and thickener in skin care creams, lotions, and oils.
Regional analysis: The Asia Pacific region is expected to dominate the Hydrogenated Polyisobutene market during the forecast period. This is attributed to factors such as rapid growth of the personal care industry in developing economies like China and India. Growing middle class population with increasing disposable incomes make Asia Pacific the fastest growing market for Hydrogenated Polyisobutene.
North America and Europe continue to be the major regional markets and are expected to account for over 50% of the global demand. Stringent regulations regarding the ingredients used in personal care products in these regions also favors market growth.
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. Global manufacturers are focusing on strategic partnerships and new product launches to strengthen their market position.
