Industry Outlook and Trend Analysis
The Guar Gum Market was worth USD 0.56 billion in the year of 2014 and is expected to reach approximately USD 1.09 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 7.75% during the forecast period. Guar gum is generally acknowledged as an ingredient in wide range of applications, for example, paper manufacturing, oil & gas, food & beverages, paper fabricating, pharmaceuticals & cosmetics and some more. Its multifunctional properties build its adoption in end-use applications. The developing oil and gas industry, particularly the shale gas industry, has thusly expanded the interest for guar gum, accordingly boosting the development of this market.
Function Outlook and Trend Analysis
On the basis of function, the market is divided into friction reducing, gelling, thickening, binding and others (strengthening, hardening, coagulating, and flocculating & settling). Application of guar gum as a gelling operator is evaluated to represent the biggest share of the market in the following years. Guar gum as a gelling operator is a flourishing business sector because of its current application in the oil and gas industry as an ingredient in the pressure driven fracking process. Aside from oil and drilling, guar gum is used as a gelling specialist in pharmaceutical and individual care applications, for example, dental impression materials, styling creams and gels, fluid cleansers, and shower gels, which is further filling the interest for guar gum as a gelling operator.
Application Outlook and Trend Analysis
The worldwide market has been divided based on application into pharmaceuticals & cosmetics, mining & explosives, oil & gas, paper fabricating, oil & gas, and others. Guar gum has been picking up significance in the oil and drilling portion, particularly in shale gas generation, where guar gum is used as an ingredient in the fracking liquid. Food & beverages is the following biggest application market for guar gum, under which there has been a major requirement for sustenance review guar gum for bakery & confectionery products, beverages, dairy & frozen foods products, and sauces and dressings among others.
Grade Outlook and Trend Analysis
On the basis of grade the market is segmented into pharmaceutical, food, and industrial. Industrial grade guar gum has emerged as the most used guar gum inferable from its application in the oil and gas part, combined with different applications, for example, tobacco, photography, textile, paper, and printing businesses. Food grade guar gum is the second exceptionally expended guar gum because of its broad application in the nourishment and refreshment industry in items, for example, candy store, and bakery & frozen food products.
Regional Outlook and Trend Analysis
North America is evaluated to hold a critical offer in the worldwide guar gum market and is additionally anticipated to develop at the most astounding CAGR amid the gauge time frame. The developing oil and gas industry in nations, for example, Canada and United States, and the demand for processed and frozen foods in the North American market are the principle factors for the exponential development of guar gum in this area. High import volumes by the United States are the central point that is impacting the area's offer in the market. There have been enormous development openings in the European and Asia-Pacific markets, because of the rising interest for guar gum from the food and feed industries.
The major players in the market are Vikas WSP Ltd, Dabur, Hindustan Gums & Chemicals Ltd, Rama Gum Industries India Limited and India Glycols Ltd. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Guar Gum Market is segmented as follows-
Food & beverages
Pharmaceuticals & cosmetics
Oil & gas
Mining & explosives
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?