TAGS: Solvent borne Adhesives Waterborne Adhesives UV/EB Cure Adhesives Sealants
Precedence Research (PR) anticipates that the global rheology modifiers market size which was estimated at USD 8.21 billion in 2022 is projected to hit around USD 12.53 billion by 2032, growing at a CAGR of 4.32% during the forecast period 2023 to 2032.
Market Overview
Rheology is defined as the direct relationship between the strain and stress of the substance. It helps to know the mechanical behavior of the substances with the surfaces. Also, Rheology refers to the study of the flow of materials, and one of the most common rheology measurements is viscosity - or the measurement of the resistance of a fluid to flow. For numerous applications in the majority of sectors, including food and beverage, paints, inks, coatings, oil, cosmetics, and pharmaceuticals, viscosity is a crucial rheological parameter.
Rheology modifiers are typical additives used in almost every industry to manage non-Newtonian behaviors like shear thinning or shear thickening as well as to change the overall viscosity magnitude. These essential ingredients can aid to control shelf stability, ease of application, texture, and processability in addition to helping to obtain the proper viscosity. Viscosity measurements can also be used to investigate the effects of protein solution formulation changes. By introducing and measuring changes in rheological properties when the formulation is changed, intermolecular interactions can be investigated. There are several different rheology modifiers available. The common rheology modifiers used in multiple industries are Arginine, K-carrageenan, Xanthan Gum, Laponite, and others.
The primary types of rheology modifiers are Alkali Swellable Emulsions (ASE), Hydrophobically modified Alkali Swellable Emulsion (HASE), Hydrophobically modified Ethoxylated Urethane Resin (HEUR), Hydroxyethyl Cellulose (HEC), and Nonionic Synthetic Associative Thickener (NSAT). Common applications of rheology modifiers include: stabilizing lubricant viscosity in a variety of temperatures, enhancing curing and preventing sedimentation in inks and paints, improving permeability and sweep efficiency of suspension drilling fluids, and altering the characteristics of food and pharmaceutical products.
In order to enhance solvent-borne, water-borne, UV-cured, and high-solid systems, viscosity modifiers including hectorite, fumed silica, and polyether polyol associative thickeners are commonly implemented in adhesives and sealants.
Increased Demand from Automotive & Construction Sector
Increasing demand for coatings & paint applications in different sectors such as automotive & construction, oil & gas is likely to flourish the requirement for rheology modifiers market in the coming years. In addition to this, employment of rheology modifiers is elevating owing to the increasing requirement for personal care products all over the world during the upcoming few years. On the other hand, the technological alteration to digital media from conventional paper printing is expected to slow down the requirement for the rheology modifiers market. In addition to this, the fluctuating costs of gas & oil are also likely to have a negative effect on the development of the rheology modifiers market in the upcoming years.
Nonetheless, emerging different end industries in the Asia Pacific are likely to increase new opportunities for major companies in the rheology modifiers market in the coming years. Moreover, different mergers and acquisitions in the rheology modifiers market are set to propel the market growth. In addition, rising disposable income among individuals and subsequent demand for sophisticated and high-quality houses and infrastructure, along with rising production of automotive vehicles is expected to further boost demand for paints and coatings, in turn, contribute to revenue growth of the rheology modifiers market.
The growing demands of rheology modifiers in food & beverages, pharmaceuticals, cosmetics & personal care, and other industries to maintain the thickness of products as well as the shelf life of that product and preserve them for a longer period in their required state is driving the market growth.
Additionally, developing infrastructures in many nations demand paint & coatings for the protection of that infrastructure from environmental conditions which is boosting the rheology modifiers market. Also, the increasing media attraction in the new generation to look attractive is growing the sales of many beauty products which is further rising the demand for rheology modifiers in cosmetics & personal care applications.
The raw elements needed to synthesize viscosity modifiers are manufactured using crude oil, which is a crucial component. The cost of common chemicals and the raw materials needed to make products are some of the things that are most strongly influenced by fluctuating crude oil prices. One of the key growth inhibitors for the market for rheology modifiers is the volatility of crude oil prices.
Furthermore, the availability of raw materials, processing diffractions, worker charges, and diverse costs of modifiers in different industries like adhesives & sealants, pharmaceuticals, paint and coatings, oil & gas, construction, inks, agriculture, textile, mining, water treatment, and others are restraining the market development.
Segments Insight
Type Insights
Based on type, the segment is categorized into organic and inorganic. The organic segment accounted for the largest share of the market during the analysis period. It is also expected to be the fastest-growing segment during the study period. Organic rheology modifiers are more diverse in terms of chemistry and availability than inorganic rheology modifiers and are mainly based on natural raw materials. They are further divided into two main categories natural and synthetic. The primary drivers of this market are the superior performance of organic rheology modifiers in a variety of applications and their environmental friendliness.
Moreover, inorganic thickeners are frequently utilized in the formulation of cosmetic and personal care products. They are widely used in the pharmaceutical and paints and coatings industries when in the precipitated form. Demand for inorganic rheology modifiers is expected to increase significantly.
Application Insights
Based on application, the segment is divided into paints & coatings, cosmetics & personal care, adhesives & sealants, pharmaceuticals, home care, oil & gas, construction, inks, and others. The paints & coatings application accounted for the largest share in 2021. In construction, automotive, aerospace, marine, wood, general industrial, and other industries, paints and coatings have a wide range of applications. Owing to population growth and urbanization, high growth is expected in paints & coatings, adhesives &inks, cosmetics & personal care, and home care applications during the forecast period, which, in turn, is expected to fuel the rheology modifiers market. China, India, and the US are expected to drive the demand for rheology modifiers in the future market.
Additionally, the growth of digital media and the ensuing decline in ink usage is expected to limit industry growth to some extent. However, a promising prognosis for application in the fields of cosmetics, personal care, building, medicine, paints & coatings, and sealants & adhesives will promote the growth of the market in the forthcoming years.
Distribution Channel Insights
Based on the distribution channel the segment is characterized by direct and indirect distribution. Indirect distribution dominated the market in 2021, owing to the increasing sales and demands of exporters, importers, wholesalers, and retailers for the products. Also, the 3PL is helping to boost the market during the analysis period. Furthermore, the direct distribution is increasing the demand in the rheology modifiers market due to the direct supply of the product to the consumers which is lowering the prices of the products and making more demands on them.
Highest Growth in Asia Pacific Region
Based on region, the Asia Pacific is the largest market for rheology modifiers, followed by North America and Europe. The massive industrial growth in the Asia Pacific has been fueling the growth of the rheology modifiers market over the past few years, which is expected to continue during the next five years as well. Over the past ten years, both domestic and international investments have steadily increased in important industries like mining, manufacturing, energy, and construction. According to the IMF, the GDP growth rate of China was 8 % in 2021, which is expected to result in the growth of the industrial sector and the demand for rheology modifiers in the country.
India's GDP has grown at a moderate rate over the previous ten years. The nation has drawn significant investment in major financial sectors like construction, cement, personal care, and energy. The outlook for India's economy has been excellent. The Indian government is concentrating on the manufacturing sector by liberalizing rules and offering additional incentives, such as cheap land and expedited permissions from all relevant authorities. As a result, the economy in its entirety is growing rapidly. During the projection period, this is anticipated to fuel the region's need for rheology modifiers.
Recent Developments
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In January 2022, the “Alive Beauty” concept from BASF’s Care Creations offers a range of innovative and natural-based solutions for cosmetic products that combine outstanding performance with a positive emotional impact.
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In June 2021, Consumer demand for natural cosmetics is growing rapidly, prompting personal care manufacturers to find eco-friendly alternatives to tried-and-true solutions. With the COSMOS-approved texturizing biopolymer Hydagen Clean, BASF offers a natural alternative to synthetic polymers. The cold processable rheology modifier, obtained from the tuber of the konjac plant native to Southwest China, is suitable for aqueous systems like gels, fluids, and serums, as well as more novel formats such as patches, jellies, and peel-off formulations. Its film-forming and gelation properties allow for exceptional textures.
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In August 2020, with Lamesoft Balance, BASF launches a product for the stabilization of ingredients in skin and hair cleansing formulations that is derived from 100 percent natural feedstock. Acting as a natural structure enhancer in surfactant-based systems, it allows for stabilizing wax-based opacifiers in rinse-off applications even in low viscosity formulations. It provides pleasant and homogenous rheology in finished formulations.
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In January 2020, Milliken & Company acquired Borchers Group Limited from The Jordan Company, Borchers Group Limited produces a wide range of additives, including rheology modifiers.
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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.
Source: Precedence Research