The global guar gum market size is expected to reach US$ 1,234.6 million in 2024. It will likely exhibit steady growth during the forecast period, with global demand for guar gum products rising at 4.8% CAGR. Accordingly, total market valuation is projected to reach US$ 1,963.93 million by 2034.
Guar gum is widely used in many industries, including oil and gas, cosmetics, and medicines, as well as food. It is utilised in pharmaceutical tablets and capsules as a binder, disintegrant, and controlled-release ingredient. Guar gum is a thickening, emulsifying, and stabilising agent that is extensively used in cosmetic creams, lotions, and personal care products.
Because of its widespread application in the culinary, pharmaceutical, cosmetic, and oil and gas industries, the guar gum business is rapidly increasing. Guar gum demand is expected to grow as companies continue to seek natural and usable components that will increase industrial potential and innovation.
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The three principal product type sectors are food grade, fast hydrated gum oil drilling grade, and industrial grade. The market has been segmented into numerous end-use industries, including food and beverage, fracking, textile, pharmaceutical, and others. The important portions include the core functions of thickening and stabilisation, binding agent, and other functional properties.
Among the product types, the fast-hydrated gum oil drilling grade segment will continue to remain attractive during the assessment period. This segment currently accounts for nearly 70% revenue share of the market and is likely to remain lucrative throughout the forecast period. The fast hydrated gum oil drilling grade is likely to surpass US$ 800 Mn in revenues by the end of the forecast period.
Demand for guar gum is likely to remain robust in the fracking segment. Currently, fracking accounts for over two-thirds 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.
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.
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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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