Carbomer Market Size, Share & COVID-19 Impact Analysis, By Type (Carbomer 940, Carbomer 980, Carbomer 934, and Others), By Application (Personal Care and Cosmetics, Pharmaceutical Industry, and Others), and Regional Forecast, 2021-2028

The global carbomer market size was USD 660.2 million in 2020. The market is projected to grow from USD 687.1 million in 2021 to USD 1,022.9 million in 2028 at a CAGR of 5.8% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a positive pact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -2.1% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Carbomers are high molecular weight cross-linked acrylic acid polymers. It is polymerized with the help of solutions such as ethyl acetate, benzene, and cross-linking agents such as pentaerythritol polyallylether & polyallyl sucrose. The product offers properties such as flow characteristics, relative viscosity, suspending ability, mucilage clarity, relative ion & shear tolerance varies. It is mainly known for its use in the cosmetic industry, and also has practical applications in medicine and hygiene. Moreover, innovation in the existing state of personal care, cosmetics, and pharmaceutical products by leading market players is pushing demand for more improved formulations for carbomers. Thus, the favorable growth of these industries globally is anticipated to drive the carbomer market growth during the forecast period. 

COVID-19 IMPACT

Impacts on Production due to Spread of COVID-19 Resulted in Market Decline

The COVID-19 pandemic has hampered the production of the carbomer due to lockdowns, social distances, and trade bans, which have caused enormous disturbances in worldwide supply chains. The personal care industry’s manufacturing was temporarily shut down due to lockdowns in many nations, affecting production and consumption. However, rapid growth in the healthcare industry coupled with increasing demand for hand sanitizer has offset the consumption of the product.  Additionally, many governments are trying to get their economies back on track, as a result, the market is estimated to stabilize in the next couple of years.  

LATEST TRENDS

Rapidly Growing Personal Care Industry to Create Market Opportunities

The improving quality of life, promising impact of beauty & personal care on personal life, and the advanced consumer trends toward luxury and personal care brands are projected to drive the personal care industry. Such factors would further increase the product adoption. The product aids in the consistency and flow of cosmetics as well as providing a smooth, silky texture to lotions, creams, and gels. Additionally, the product serves as a suspending agent that aids in the retention of tiny particles, such as exfoliants and essential oils in the mix, thereby allowing the components to be applied with minimal effort on the skin. Moreover, the rising innovations in skincare products and rising consumer expenditure on personal products, lotions, and creams will fuel the product adoption. Hence, this would create market opportunities during the forecast timeframe.

DRIVING FACTORS

Increasing Demand from Pharmaceutical Industry to Fuel Market Growth

The rising adoption from the pharmaceutical industry will augment the market growth. Factors such as the rapid infrastructure development in the healthcare industry and rising health consciousness amongst the consumers has flourished the pharmaceutical industry worldwide. Such factors led to increasing the product demand in the pharmaceutical industry. The product offers bioavailability, high adhesion, permanent suspension, and sustained-release properties. This makes it an ideal component for drug delivery gel systems and suitable for ophthalmology, oral, nasal, intestinal, rectal drugs, and vaginal product applications. Moreover, the increasing product demand among hospitals led several manufacturers to offer carbomer for medical purposes. For instance, Lubrizol offers Carbopol 71G NF and Carbopol ETD 2020 NF for oral treatment and drug formulations. Hence such factors create newer heights for the market during the forecast period.

RESTRAINING FACTORS

Government Regulation Imposed on Benzene Polymerized Carbomer to Restrict Market Growth

Government regulations imposed on benzene polymerized carbomer to reduce its use in the pharmaceutical industry are restraining the market growth. According to the Food and Drug Administration, benzene is a carcinogen that causes leukemia and other blood diseases in humans. Its contamination has caused the recall of several hand sanitizers and aerosol medication products. Such factors led several manufacturers to switch to an alternative method for product making, thereby surging the cost of manufacturing. Hence, this is anticipated to hamper the market growth of carbomers.  

SEGMENTATION

By Type Analysis

Others Segment to Hold Largest Carbomer Market Share in Global Market owing to ITS Suitability in Several Applications

Based on type, the market is segmented into Carbomer 940, 980, 934, and others. In this segment, another segment is leading the market growth. This segment includes the carbomer grades such as 981, U-20, U-21, 340, 341, 380, 381, 396, 640, 676, 141, 140, and many others. On the basis of a variety of characteristics, all these products are suitable for different applications in personal care products & cosmetics, pharmaceuticals, and miscellaneous industrial cleaning systems. Carbomer 940 provides excellent thickening, high viscosity, and higher suspending performance in a low dose. These properties increase its demand for rheology modifiers in personal care & cosmetics products, which is further driving the growth of this segment.

The carbomer 980 segment is expected to indicate the fastest growth in the global market during the forecast period. The popular applications of this type include hair styling gel, moisturizing gels, bath gels, hand lotions, body lotions, and face lotions. The increasing adoption of thickening agents in these products is pushing demand for carbomer 980 in the global market. Carbomer 934 polymer offers a creamy sensory profile hence preferred as a rheology modifier in cosmetic creams and lotions and formulations including emulsions, heavy gels, and suspensions.

By Application Analysis

Personal Care & Cosmetics Segment was Dominant Application in 2020 due to Rising Consumer Preference for these Products

Based on application, the market is categorized into personal care & cosmetics, pharmaceutical, and others. The personal care and cosmetics industry segment dominated the global market in 2020. In personal care & cosmetics manufacturing, carbomers are used to thicken the preparations as a gelling agent or emulsifier. Its main application includes facial cleansers, soaps, body washes, conditioners, hair color, shampoo, styling, sun care, lotions. The increasing consumer spending on cosmetics is encouraging leading players to innovate their current line of products. This, in turn, is creating a healthy atmosphere for the growth of this segment in the global market.

In the pharmaceuticals industry, the product is majorly used as rheology modifiers, suspension stabilizers, tablet binders, mucoadhesive aids, and bioavailability enhancers. Increasing research & development activities in the pharmaceutical industry to introduce advanced products is surging the demand for pharmaceutical excipients, including carbomers. The others segment includes paints, coatings, dyestuffs, surfactants, and cleaner applications. In these applications, the product acts as a stabilizer, rheology modifier, and thickening agent. With the increasing demand for paints, coatings, and surface cleaners, the others segment is expected to show steady growth during the forecast period.

REGIONAL INSIGHTS

The market size in Asia Pacific stood at USD 258.4 million in 2020. In this region, China holds a lion’s share in the regional market backed by higher consumption of carbomer by all end-use industries. The growth is attributed to the growing population, increasing consumer spending on healthcare, and favorable government regulations. Furthermore, increasing investment by the leading manufacturers in China, India, South East Asia to set up a manufacturing base due to bulk availability of raw material & cheap labor cost are further contributing to the growth of the global market in the region.

In North America, the U.S. is a leading consumer of carbomer. The rapid expansion of the healthcare industry coupled with increasing research and development activities has fueled the market growth. Additionally, increasing online purchases of cosmetic products by consumers will further boost product adoption in this region. The presence of large-scale manufacturers such as L’Oréal, Unilever, Estée Lauder in Europe has created a healthy competition in the regional cosmetics industry over the years. The higher demand for premium make-up products backed by the evolving fashion industry has boosted the demand for emulsion stabilizers and thickening agents.

On account of rising social media influence, Latin American consumers are becoming more aware of the benefits of cosmetic and pharmaceutical products. Steadily growing consumer desire for a healthy lifestyle in the region has provided a concrete roadmap for both home-grown players to invest more in the domestic cosmetics industry. The growing demand for halal personal care products in the Middle East & Africa is pushing product demand, as certain product grades are accepted as a halal-certified cosmetic ingredients. In addition, increasing public and private investment in the development of pharmaceutical infrastructure is pushing demand for potential pharmaceutical excipients, thereby boosting product adoption in this region.

KEY INDUSTRY PLAYERS

Capacity Expansion was the Strategic Initiative Implemented by Companies to Increase their Market Presence

Key producers operating in the market are Lubrizol, Tinci Materials, Evonik Industries, and DX Chemicals. Lubrizol is a leading specialty chemical company and operates in more than 100 countries worldwide. It serves various industries including beauty and personal care, pharmaceuticals, energy solutions, homecare, lubricants, and water treatment. The company manufactures various types for pharmaceutical, topical, and personal care applications. These products are used as rheological modifiers, suspension stabilizers, mucoadhesive aids, and bioavailability enhancers. In 2020, the company increased the production of ‘Carbopol’, the carbomer used in gel hand sanitizers.

LIST OF KEY COMPANIES PROFILED:

• Lubrizol (U.S.)


• Tinci Materials (China)


• SNF Floerger (France)


• Evonik Industries (Germany)


• Sumitomo Seika (Japan)


• Newman Fine Chemicals (China)


• Corel Pharmachem (India)


• DX Chemicals (China)


• Maruti Chemicals (India)


• Amnem (India)

Key Industry Development

• July 2021: The Lubrizol Corporation invested more than USD 25 million in its manufacturing facility located in Calvert City, Kentucky. The facility specializes in the manufacturing of Carbopol polymers and Pemulen polymeric emulsifiers. This investment will enable the company to expand production capacity and update its infrastructure at Calvert City facility while continuously improving safety and quality.

REPORT COVERAGE

The market research report offers a detailed analysis of the market and focuses on crucial aspects such as leading companies, types, and applications. Also, it provides quantitative data in terms of volume and value, market analysis, research methodology for market data, and insights into market trends and highlights vital industry developments and competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation