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Guar Gum Market to Reach a Revenue of USD 1111.8 Million by 2028; North America Guar Gum Market to Grow with the Highest CAGR of 7.7% During 2021-2028

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Research Nester published a report titled Guar Gum Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global guar gum market in terms of market segmentation by grade, application, end user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global guar gum market is segmented by grade into food, pharmaceutical, and industrial, out of which, the industrial grade segment is projected to hold the largest share of the market during the forecast period, i.e., 2021-2028. The segment is further anticipated to touch USD 605.3 Million by the end of 2028 by growing with the highest CAGR of 7.0% during the forecast period. The growth of the segment can be attributed to the increasing use of industrial gum across the end users for different end use purposes. Industrial grade guar gum is widely used as a sizing agent, thickening agent, wet-end additive, and gelling agent in industrial applications.

The global guar gum market is estimated to grow with a CAGR of 6.9% during the forecast period owing to the rising demand for guar gum from the oil & gas industry, backed by its numerous favorable properties. Guar gum renders the hydraulic fracturing water viscous and thus make it capable of carrying and suspending proppant deep into the fractures created via the water pressure. The market is also thriving on account of the growing production of crude oil and the increasing number of oil production plants worldwide. The United States Energy Information Administration (EIA), in one of its statistics, stated that in the year 2019, the annual production of crude oil and liquid fuel around the world reached 100.660 Million barrels per day. This production is further projected to reach 101.822 Million barrels per day by the end of 2022. The market is further projected to attain a market revenue of USD 1111.8 Million by the end of 2028 from USD 787.6 Million in 2019.

Geographically, the global guar gum market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America is anticipated to hold the largest market share throughout the forecast period. The market in the region is further projected to reach a value of USD 590.3 Million by the end of 2028 by growing with the highest CAGR of 7.7% during the forecast period. Increasing adoption of guar gum for hydraulic fracturing in the oil and gas industry in the countries, such as the United States, is one of the major factors anticipated to drive the market growth in the region.

Growing Demand for Guar Gum from End Use Industries

Guar gum possesses numerous applications in the end user industries, especially in the oil & gas industry, pharmaceuticals, and the food & beverage industry. In the oil & gas industry, guar gum is used in green corrosion inhibitors, drilling fluid formulations, dispersants, and others. In the food & beverage industry, it is widely used as a natural colloid for manufacturing products such as soups, bread, and others. In the pharmaceutical industry, guar gum is used as a natural polymer. Such factors are anticipated to drive the growth of the global guar gum market during the forecast period.

However, the concern for the fluctuating price of the raw materials used to manufacture guar gum is expected to operate as key restraint to the growth of global guar gum market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global guar gum market which includes company profiling of Ingredion Incorporated, Ashland Inc., Shree Ram Industries, Hindustan Gum & Chemicals Ltd., Vikas WSP Ltd., International Flavors & Fragrances, Inc., Cargill, Incorporated, Ruchi Soya Industries Limited, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global guar gum market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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