Global Guar Gum Market was valued US$0.63 Bn in 2017 and is estimated to reach US$1.1 Bn by 2026 at a CAGR of more than 7.2% during a forecast period.
Global Guar Gum Market is segmented by Grade, by function, by Application, and by Region.
Guar Gum Market by grade segment is classified into pharmaceutical, industrial and Food. By function segment classified into stabilizer & emulsifier, thickening & gelling Agent, binder and friction reducer. By application, a segment is classified into oil & gas, food & beverage, and Pharmaceuticals & Cosmetics. Geographically split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Based on grade industrial segment headed the Guar Gum market. Demand for industrial grade guar gum is increased rapidly owing to the shale gas boom. Since industrial grade guar gum is used in huge quantities in the hydraulic fracking process for extraction of shale oil and gas, demand is anticipated to rise in line with the shale oil and gas industry. Demand for food-grade guar gum is projected to surge in line with increasing food processing industry, which is due to changing lifestyle and eating habits. Drug formulators and their attempts to make available innovative solutions is projected to drive the pharmaceutical industry.
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In function stabilizer & emulsifier segment is growing at the highest CAGR during the forecast period. Guar gum is extensively used as a stabilizer in ice cream to raise viscosity and shelf life by controlling ice crystallization at the time of storage. An emulsifier is used in personal care products to mix water with essential oils and also used in a pharmaceutical application. To improve product structure it is used as a thickener and gelling agent as jellies, desserts, and candies. It is helpful to increase the viscosity of water, which is used to extract oil and natural gas from shale rock formations. It can be used as a binder for fragmented tobacco fines to produce reconstituted tobacco sheets.
The oil & gas segment accounted for the major share in the guar gum market. Owing to functional properties such as gelling, thickening, and friction reducing, industrial grade guar gum is mostly used in the oil & gas sector. The growing number of oil well drilling projects and rising shale gas production are driving the demand for guar gum in the oil & gas sector. Wide-ranging applications of guar gum among a widely held of sectors create a platform for newer developments of guar gum, which drives the rise in demand and market growth for guar gum-based products.
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Growing demand for convenience food due to varying eating habits is expected to have a significant impact on industry trends. Guar gum as an additive offers extended and stable shelf-life to processed food; which is projected to boost market growth. The pharmaceutical industry is expected to be one of the main factors driving overall market growth. The aging population and increasing prevalence of non-communicable diseases and chronic disorders are anticipated to fuel the growth of the pharmaceutical industry, thus resulting into increase in product consumption which increases the demand of guar gum market during the forecast period.
North America guar gum market is projected to grow at the highest CAGR during the forecast period. The increasing oil & gas industry in countries and the maximum demand for processed and frozen foods are the major factors for the exponential growth of guar gum market in the region. Also, efforts by the U.S. government to enrich exploration activities are anticipated to positively affect market growth. All other regions are following to contribute the growth in Guar Gum market.
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The report includes detailed profiles of the prominent market players that are trending in the market. Hindustan Gums & Chemicals Ltd., Vikas WSP Limited, India Glycols Limited, Rama Gum Industries Ltd. and Dabur India Ltd., TIC, Nutriroma, AEP Colloids, and Shree India Sino, among others.
Scope of the Global Guar Gum Market
Global Guar Gum Market By Grade:
Global Guar Gum Market By Function:
Stabilizer & Emulsifier
Thickening & Gelling Agent
Global Guar Gum Market By Application:
Oil & Gas
Food & Beverage
Pharmaceuticals & Cosmetics
Global Guar Gum Market By Region:
The Middle East and Africa
Key Player analysed in the Global Guar Gum Market:
Hindustan Gums & Chemicals Ltd.
Vikas WSP Limited
India Glycols Limited
Rama Gum Industries Ltd.
Dabur India Ltd.
Shree India Sino