TAGS: Sealants Waterborne Adhesives Solvent borne Adhesives
Markets and Markets (M&M) anticipates that the global rheology modifiers market size is projected to reach USD 8.6 billion by 2024 from USD 7.2 billion in 2019, at a CAGR of 3.5%.
The demand from various applications across the globe, coupled with the increasing crude oil production and shale gas exploration, is the major factor driving the growth of the rheology modifiers market.
Key Ingredient of A&S Industry
Rheology modifiers are the key ingredient of the paints & coatings, adhesives & sealants and cosmetics & personal care products. Hence the increasing demand from these applications is a significant driver of the rheology modifiers market.
Based on application, the
rheology modifiers market has been segmented into paints & coatings, cosmetics & personal care, adhesives & sealants, home care, and I&I products, construction, inks, pharmaceuticals, oil & gas, and others. The cosmetics & personal care segment is projected to register the highest growth in terms of value as well as the volume of the global rheology modifiers market.
Rheology modifiers are mainly used as a thickener in the numerous cosmetics & personal care applications, including make-up products, skincare creams, foundations, and toiletry products. The concentration of rheology modifiers depends upon the application of the products. In recent years, the cosmetics & personal care industry has been primarily driven by the increase in disposable income and changing lifestyles.
Largest Market Share in APAC Region
Emerging nations present a huge potential for international companies that offer superior quality products compared to the locally-produced ones. Multinational companies have begun establishing a strong foothold in countries such as Russia, India, and China.
Organic is expected to be the fastest-growing rheology modifiers segment during the forecast period. Based on the type, the most commonly used rheology modifiers are organic and inorganic rheology modifiers. Organic rheology modifiers are diverse in terms of chemistry and availability than inorganic rheology modifiers and are mainly based on natural raw materials.
They have been further classified into two major types, natural and synthetic. The demand for organic rheology modifiers is very high in all the applications. This is mainly due to its high-performance and environmentally friendly nature. Organic rheology modifiers can be used in the wide class of mediums such as waterborne systems, solvent-borne systems, and solventless systems.
APAC is projected to account for the largest share in the rheology modifiers market during the forecast period, in terms of value. The growing population and infrastructural developments in the region have increased the use of rheology modifiers in various applications. The increasing economic growth, followed by substantial investments in applications, such as construction, oil & gas, power generation, and others. Industry alliances are also expected to support the growth of the rheology modifiers market in the region.
Source: Markets and Markets