Carbomer is a soft and white powder composed of a polymer of acrylic acid. It is thickening agent used in numerous manufacturing goods such as adhesives, pharmaceuticals, personal care & cosmetics and other consecutive materials. Carbomers have a high-molecular weight and are cross-linked polymers of acrylic acid. The growing demand for pharmaceuticals and skincare products owing to the product’s stability and efficiency have stimulated the carbomers market providing it a long-term shelf stability. In 2019, the global carbomers market accounted for USD 1,1041.45 Million and is estimated to grow at a CAGR of 8.04% during the forecast period, i.e., 2021-2028.
Regional Growth Highlights during 2019-2028
The global carbomers market is segmented by region into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Out of these, the Asia Pacific carbomers market accounted for the largest market share of 51.5% in the global carbomers market, in 2019, with the high production base of personal care and cosmetics, pharmaceuticals, and HI&I cleaning products. Further, this region’s carbomers market is expected to witness the highest CAGR of 8.60% during the forecast period, among all the regional markets.
The European carbomers market accounted for the second-largest market share in terms of both the value and volume in the global carbomers market in 2019. This significant market share and growth are ascribed to the region’s high consumption of personal care and cosmetic products, top pharmaceutical manufacturing base, high adoption of carbomers in region’s household, Industrial, or Institutional (HI&I) cleaning products, and many others. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
Based on product, the global carbomers market is segmented into carbomer 934, carbomer 940, carbomer 941, carbomer 980 and others. Among these, the carbomer 934 segment holds the largest share with a value of 38.5% in the year 2019, and is further anticipated to grow with a CAGR of 8.16% during the forecast period. This is owing to the increasing selling rate of various skincare products such as hair removal creams, color cosmetics, facial care, gels, body lotions and sun care products. Carbomer 934 is a cross-linked polyacrylate polymer which exhibits stability at high temperature and viscosity along with short flow rheology characteristics.
By Polymer Type
On basis of polymer type, the market is segmented into homopolymer, copolymer and interpolymer among other components. With low to high viscosity range, homopolymer is the largest polymer type segment in the global carbomers market which is accounted for a value of USD 713.4 million in the year 2019. These are among the most commonly used polymers wherein acrylic acid is crosslinked with allyl ethers of polyalcohol.
The global carbomers market is further segmented by application into emulsifiers, thickeners, dispersing agent, conditioning agent and others. On the back of growing demand for personal care products & cosmetics with stabilizing agents which are used for maintaining the product quality for a longer period, thickeners are holding the largest market share an is anticipated to grow with a CAGR of 8.35% during the forecast period. In 2020, thickeners held a market value of USD 372.74 million. Rheology modifying agents, such as thickeners, greatly impact the product formulation and thereby enhance the skin feel, product stability, and efficacy of the product. This factor has also strengthened the market growth.
The End-Use segmentation is divided into personal care & cosmetics, pharmaceuticals, homecare, and others, among which the personal care & cosmetics segment held the largest market share of the end-use segment with a value of 44.90%. in 2019. This value is owing to the maximum demand for personal care & cosmetics in the global market. Personal care industry highly regionalized and diverse. Numerous products such as hair care, dyes, fragrances, nail care, bathing, and cosmetics use various chemical ingredients. Some of the most commonly used chemical ingredients are polymers, emulsifiers, pigments, thickeners, surfactants, and others. Therefore, continuous innovations on the formulation of various skincare products using such chemical elements is another crucial factor, which has strengthened the market growth
Market Drivers & Challenges
Rapidly Increasing Demand for Carbomers in Various End-Use Sectors
Carbomers are actively used in personal care products and cosmetics for maintaining the stability of the product. Rapid increase in the demand for sunscreen, exfoliators, masks, skin-tone correctors, anti-aging and skin-lightning creams are the major key factors that are expected to uplift the carbomers market depending on the consumption, globally.
Rapidly increasing consumer demand for anti-aging and skin-lightening or brightening skincare products on the back of the rising aging population is among the key factors for higher carbomers' consumption. This has led to the development and formulation of innovative products with active ingredients, which cater to consumers' specific skin requirements. Carbomers are widely used in such preparations. Some skincare products where carbomers are used are skin-lightening and brightening formulations, anti-aging, and exfoliation formulations, masks, skin-tone correctors, sunscreens, and UV protection formulations.
Pharmaceutical sector is another major end-use industry wherein carbomers are used in substantial quantities. These acrylic acid polymers provide the functionality to the pharmaceutical ingredients. The pharmaceutical industry has upgraded its standard in the global market on the back of rising demand for hand sanitizers, vitamin capsules and other major medicines being prescribed for daily use. Carbomers are used for rheology modification, bio-adhesion, controlled release of solid dosage forms, and emulsification, among others.
Price Volatility of Raw Materials and Stringent Regulations to Act as Restraints for the Market Growth
A large number of raw materials, which are used for the production of carbomers are sourced from crude oil and petrochemicals. Some of these raw materials include acrylic acid, propylene, and acetylene. As a result, price volatility among such raw materials is a major limiting factor expected to restrain the market growth over the forecast period. Also, a stringent regulatory framework about the concentration of carbomers in pharmaceutical and cosmetic products has also significantly impacted the overall market growth resulting in the limited adoption of carbomers by various manufacturers.
Impact of Covid-19 on the Global Carbomers Market
Global carbomers market is one of the prominent markets in recent times and witnesses a high demand from various end-use industries including personal care & cosmetics, pharmaceutical, homecare, industrial & institutional cleaning, and several others. With the impact of COVID19, end use manufacturers have been facing both demand and supply problems owing to the lockdown announcements by respective regional governments. There has also been a variation in the consumer behavior towards purchasing either products or opting for professional services of personal care and cosmetics across the globe. However, pharmaceutical, homecare, and industrial and institutional cleaning applications are generating major percent of global demand, owing to high requirement of medicine and sanitizing products.
Some of the prominent industry leaders in the global carbomers market are Anhui Newman Fine Chemicals Co. Ltd., Evonik Industries AG, The Lubrizol Corporation, Maruti Chemicals, Ashland, SUMITOMO SEIKA CHEMICALS CO. LTD., Surfachem Group Ltd, and Amnem. In spite of challenges faced by various businesses and countries due to COVID-19, the market for carbomers hold a significant growth over the duration of next 5 years.
FREQUENTLY ASKED QUESTIONS
Rising demand for different grades of carbomers in the end-use industries and technological enhancements for the development of advanced acrylic polymers are few major factors driving the carbomer market growth.
The market is anticipated to attain a CAGR of 8.04% over the forecast period, i.e. 2021-2028.
The major players in the market are Anhui Newman Fine Chemicals Co. Ltd., Evonik Industries AG, The Lubrizol Corporation, Maruti Chemicals, Ashland, SUMITOMO SEIKA CHEMICALS CO. LTD., Surfachem Group Ltd, Amnem, and others.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The carbomer market is majorly segmented by product, polymer type, application, end-use, and by region.
The thickener segment which is a sub-segment of the application segment, registered a market share of 37.6% in the year 2019 and is anticipated to grow significantly in the coming years on owing to the growing adoption of thickeners/rheology modifiers in
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