The global guar gum market is likely to surpass US$ 1.3 Bn in revenues by the end of 2026, according to a new research report by Future Market Insights (FMI). The report projects the market to grow at a CAGR of 2.8% during the forecast period 2017-2026, with steady demand from end users in Asia Pacific excluding Japan (APEJ) likely to provide growth opportunities to stakeholders in the market. Applications in food and beverage industry are likely to create steady demand during the assessment period.
To give readers comprehensive insights on the guar gum market, the market has been segmented based on product type, end use industry, and key function. Additionally, through region-based analysis and segmentation, the research offers readers substantial information on both profitable and slowly expanding markets.
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Food grade, rapid hydrated gum oil drilling grade, and industrial grade are the three major product type sectors. The market has been divided into many end-use industries, including the food and beverage, fracking, textile, pharmaceutical, and other end-use industries. The fundamental functions of thickening and stabiliser, binding agent, and other functional qualities make up the essential segments.
Throughout the term of evaluation, the fast hydrated gum oil drilling grade category will continue to be a favourite among product types. This market sector, which currently accounts for about 70% of sales, is anticipated to remain prosperous during the anticipated time frame. The fast hydrated gum oil drilling grade is expected to bring in more than US$ 800 Mn at the end of the predicted term.
Demand for guar gum is likely to remain robust in the fracking segment. Currently, fracking accounts for over two-third revenue share of the market, and it is highly likely that the dominance of this segment will continue beyond 2017. This segment is projected to grow at a CAGR of 2.4% to reach a valuation of over US$ 800 Mn by the end of the forecast period.
The use of guar gum has been witnessing an increase owing to its growing application in the oil & gas industry. However, as the oil and gas industry is going through a sluggish phase, the demand for guar gum has declined to an extent. Some of the sluggishness on account of oil & gas is likely to be compensated by growing demand in the food and beverage industry. Guar gums find wide-ranging applications in the food & beverage industry, where it is used as a thickener and stabilizer.
Steady demand from the food and beverage industry is likely to provide an impetus to the growth of the guar gum market during the assessment period. Growth is likely to remain steady from the textile and paper sector, however, availability of other feasible alternatives can stymie demand to an extent.
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Although still at a nascent stage, demand for guar gum in managing health disorders such as diabetes and cardiac elements presents an opportunity for manufacturers. Further advancement in the application of guar gum in the healthcare sector can open up new avenues of growth for guar gum manufacturers during the assessment period. Some of the leading players in the market include Lucid Group, Jai Bharat Gum, Hindustan Gums, Vikas WSP, Shree Ram Gum, Cargill Inc, Supreme Gums Pvt. Ltd, Ashland Inc., India Glycols Ltd, Rama industries and Lamberti.
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Product Type
- Food Grade
- Fast Hydrated Gum Oil Drilling Grade
- Industrial Grade
End Use Industry
- Food and Beverages
- Fracking
- Textiles
- Pharmaceuticals
- Other End Use Industries
Primary Function
- Thickener and Stabilizer
- Binding Agent
- Other Functional Properties
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