The report "Guar Gum MarketGuar Gum Market by Function (Thickening, Gelling, Binding, Friction Reducing), Application (Food & Beverages, Oil & Gas, Paper Manufacturing, Mining & Explosives, Pharmaceuticals & Cosmetics), Grade, and Region - Global Forecast to 2022", The global guar gum market was valued at USD 708.6 Million in 2016, and is projected to reach USD 1,115.8 Million by 2022, at a CAGR of 7.9% during the forecast period.
Guar gum is widely accepted as an ingredient in wide number of applications, such as oil & gas, food & beverages, mining & explosives, paper manufacturing, pharmaceuticals & cosmetics and many more. Its multifunctional properties increases its adoption in end-use applications. The growing oil & gas industry, especially the shale gas industry, has in turn increased the demand for guar gum, thereby fueling the growth of this market.
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Industrial grade guar gum projected to be the largest segment
The industrial grade segment is estimated to account for the largest market share in the guar gum market in 2017. Industrial grade guar gum is considered as the most widely used guar gum, owing to its multi-functional properties and its vast applications in the oil & gas, mining & explosives, paper manufacturing, textile, tobacco, and photography among other industries. Following industrial grade, food grade guar gum occupies a dominating share in the guar gum market, owing to its high demand in the food & beverages industry, mainly from the frozen food and confectionery sectors.
Oil & gas: The most widely preferred guar gum application
The oil & gas segment accounted for the largest share in the guar gum market, in terms of value and volume, in 2016. Due to functional properties such as gelling, thickening, and friction reducing, industrial grade guar gum is widely used in the oil & gas sector. Increasing number of oil well drilling projects, and increasing shale gas production in countries such as China and the U.S. are driving the demand for guar gum in the oil & gas sector. Wide applications of guar gum among a majority of sectors create a platform for newer developments of guar gum, which drives the increase in demand and market growth for guar gum-based products.
North America is estimated to be the most lucrative market for guar gum
In 2017, North America is estimated to hold a significant share in the global guar gum market and is also projected to grow at the highest CAGR during the forecast period. The growing oil & gas industry in countries such as the U.S. and Canada, and the high demand for processed and frozen foods in the North American market are the main factors for the exponential growth of guar gum in this region. High import volumes by the U.S. is the major factor that is influencing the region’s share in the market. There has been immense growth opportunities in the European and Asia-Pacific markets, due to the rising demand for guar gum from the food and feed industries.
This report includes a study of the product offerings and competitive benchmarking of leading companies. It includes the profiles of leading companies such as Hindustan Gums & Chemicals Ltd. (India), Vikas WSP Limited (India), India Glycols Limited (India), Rama Gum Industries Ltd. (India), and Dabur India Ltd. (India).
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Guar Gum Market is projected to reach USD 1,115.8 Million by 2022
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