TAGS: Sealants
Markets and Markets (M&M) anticipates that global rheology modifiers market was valued at USD 7.2 billion in 2019 and is projected to reach USD 8.6 billion by 2024, growing at a cagr 3.5% from 2019 to 2024. 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 market.
Rheology modifiers are the key ingredient of paints & coatings, adhesives & sealants and cosmetics & personal care products. Hence the increasing demand from these applications is a significant driver of the market.
Organic Segment is Projected to be Fastest-growing Rheology Modifiers
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 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.
Highest Growth in APAC Region
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.
Cosmetics & Personal Care: Fastest Growth
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. 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.
Market Players
The key market players profiled in the report include The Dow Chemical Company (US), BASF SE (Germany), Lubrizol Corporation (US), Arkema (France), Clariant (Switzerland), Croda International Plc. (UK), Ashland (US), Akzo Nobel N.V. (Netherlands), Elementis Plc. (UK), and BYK Additives & Instruments (Germany).
BASF SE (Germany) is a leading innovator in the rheology modifiers market. The company has a strong and diversified geographic presence globally with Europe as a significant shareholder. Moreover, the company has developed a new rheology modifier to meet the increasing demand. For instance, the company launched a new rheology modifier: Rheovis HS 1181 which is an APEO-free HASE thickener, mainly designed for high PVC paints. This has helped the company to meet the growing demand from customers across the globe.
Clariant (Switzerland) is another leading producer of rheology modifiers, globally. The company focuses on expanding its presence in emerging markets and maintaining a strong position in the existing ones. The company has a significant geographical presence and a strong brand image in the market. It is focusing on maintaining its place in the market by strengthening its customer relationships in the key industries through innovations in applications and technological areas. The company launched a new rheology modifier called Aristoflex, for premium personal care products. This helped the company to capture an additional market share.
Latest Developments
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Recently in April 2019, Lubrizol Corporation introduced a new multifunctional, 2-in-1 rheology modifier called Carbopol with style boosting properties.
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In May 2019, Ashland launched a new rheology modifier called Aquaflow NMS-460E for use in deco paints and wood coating.
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In February 2017, Elementis completed the acquisition of a personal care ingredients manufacturer SRLH Holdings Inc. (SummitReheis) (US). This helped the company to strengthen its position in the global rheology modifiers market.
Source: Markets and Markets (M&M)