“The guar gum market projected to grow at a CAGR of 7.9%”
The guar gum market is projected to grow at a CAGR of 7.9% from 2017 to reach USD 1,115.8 million by 2022. The demand for guar gum is projected to be on the rise, owing to factors such as the booming oil & gas industry, increasing demand for convenience and processed food, and growth in innumerable applications such as mining, explosives, pharmaceutical, cosmetic, and paper industries, due to their multi-functional properties. Growth in shale gas production and increasing demand for frozen and dairy food products, are fueling the growth of guar gum demand. However, the market for guar gum is expected to fluctuate due to its high dependency on rainfall and the crude oil market. Also, the development of substitutes such as xanthan gum and locust gums can pose as a restraint for the market growth.
“Oil & gas segment, by application, is projected to be the fastest-growing in the guar gum market”
In terms of both value and volume, the oil & gas segment is projected to grow at the highest rate between 2017 and 2022. Due to functional properties such as friction reduction, thickening, gelling, and high viscosity, guar gum is widely used in oil well drilling, geological drilling, and water drilling activities. The rise in oil drilling and oil recovery activities in countries such as Saudi Arabia, Iran, Iraq, the U.S., Canada, and Argentina is expected to increase the demand for guar gum in the coming years.
“North America is estimated to be the fastest-growing region in the market.”
In the global guar gum market, North America is estimated to be the fastest-growing region, in terms of value and volume, between 2017 and 2022. This region comprises developed economies such as the U.S., Canada, and Mexico, which occupies a significant share in the global guar gum market. Large volumes of guar gum imported by the U.S. and Canada, for the oil & gas industry, is the main factor contributing to the dominance and fast growth of North America in the global guar gum market.
The rising shale gas industry coupled with the increase in consumer demand for processed & convenience foods in the North American and European regions, drive the demand of the guar gum. Application of guar gum in multiple industries such as mining, explosives, paper manufacturing, textile, firefighting, tobacco, and photography due to its multifunctional properties, is another factor contributing to the increasing demand for guar gum from these regions.
Break-up of primaries:
- By Company Type: Tier 1 – 50 %, Tier 2 – 20%, and Tier 3 – 30%
- By Designation: C level – 40%, Director level – 30%, and Others – 30%
- By Region: North America – 20%, Europe – 17%, Asia-Pacific – 48%, and RoW – 15%
The global market for guar gum is dominated by key players such as Vikas WSP Limited (India), Hindustan Gums & Chemicals Ltd. (India), India Glycols Limited (India), Rama Gum Industries (India) Ltd., Jai Bharat Gums & Chemicals Ltd. (India), Dabur India Ltd. (India), Neelkanth Polymers (India), Guangrao Liuhe Chemicals Co. Ltd. (China), Lucid Group (India), Global Gums & Chemicals Pvt. Ltd. (Pakistan), Ashland Specialty Ingredients (U.S.), Ingredion, Inc. (U.S.), Altrafine Gums (India), Ruchi Soya Industries Ltd. (India), and Supreme Gums Pvt. Ltd. (India).
The guar gum market has been segmented on the basis of grade, application, function, food & beverage application, and region. In terms of insights, this research report has focused on various levels of analyses?industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global guar gum market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get an overview of the global guar gum market
- To get an overview of the key players of the guar gum industry
- To gain insights of the major regions in which the guar gum market is growing
- To gain knowledge of the growth of various grades of guar gum