Global Guar Gum Market Highlights Over 2019 - 2028
The global guar gum market is estimated to grow with a CAGR of 6.9% during the forecast period, i.e., 2021-2028. 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. The growth of the market can be attributed primarily to the growing demand for guar gum from the oil & gas industry as its derivatives are extensively used across a wide array of applications, especially in green corrosion inhibitors, drilling fluid formulations, dispersants, and others.
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Industrial grade guar gum is used as a thickening agent in the hydraulic fracturing for oil recovery and oil stimulation. 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. In addition, the high viscosity of this biopolymer molecule also greatly reduces the friction and thereby augment water pressure. Moreover, the development of hydrophobically modified guar gum derivative (HMGG) for fracturing fluid formulations is also expected to result in the increased application of guar gum in oil and gas industry over the forthcoming years. The market is further projected to grow on account of the growing production of crude oil worldwide and therefore the need for guar gum in the oil & gas industry. According to the statistics by the United States Energy Information Administration (EIA), the annual production of crude oil and liquid fuel around the world reached 100.660 Million barrels per day in the year 2019 and is further projected to reach 101.822 Million barrels per day by the end of 2022.
Further, growing adoption of guar gum in the pharmaceutical industry as a natural polymer, along with the rising popularity of convenience food products, such as soups, bread, and others, where guar gum is used a natural hydrocolloid, are some of the additional factors anticipated to drive the market growth.
Global Guar Gum Market Regional Synopsis
Regionally, the global guar gum market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest market share throughout the forecast period and is further projected to reach a value of USD 590.3 Million by the end of 2028. The market in the region is also anticipated to grow with the highest CAGR of 7.7% during the forecast period. Further, in the year 2028, the market in the region is projected to hold the largest share of 53.09%. The growth of the market in the region can be attributed to the increase in adoption of guar gum for hydraulic fracturing in the oil and gas industry. Amongst the countries in the region, the market in the United States held the largest share during the forecast period. Increasing number of shale oil reserves in the country, and the increasing imports of guar gum in the country from Asian countries are some of the major factors projected to drive the market growth. The guar gum market in the United States is further projected to grow with the highest CAGR of 7.8% during the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Guar Gum Market
- Growing Demand for Guar Gum from the Oil & Gas Industry
- Increasing Adoption of Guar Gum in the Pharmaceutical Industry
- Volatility in the Price of Raw Materials
Global Guar Gum Market Segmentation Synopsis
The global guar gum market is segmented by grade into food, pharmaceutical, and industrial. Out of these segments, the industrial grade segment is projected to hold the largest share of the market during the forecast period and is further anticipated to touch USD 605.3 Million by the end of 2028. The segment is also anticipated to grow with the highest CAGR of 7.0% during the forecast period. Industrial grade guar gum is used in a wide array of industries namely oil & gas, explosives manufacturing, paper, textile, and others. It is used as a sizing agent, thickening agent, wet-end additive, and gelling agent in these industrial applications. Industrial grade guar gum powder is available in a broad range of particle size and viscosity. The market is further segmented based on application into thickening, gelling, binding, friction reducing, and others. Amongst these segments, the thickening segment is anticipated to grow with the highest CAGR of 7.1% during the forecast period. Based on end user, the market is segmented into oil & gas, food & beverages, mining & explosives, paper manufacturing, pharmaceuticals, personal care & cosmetics, and others. Out of these, the pharmaceuticals segment is projected to grow with the highest CAGR of 7.2% during the forecast period.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global guar gum market that are included in our report are 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.
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