In 2021, the guar gum market is expected to be worth US$1.13 billion. The market is expected to increase at a 2.8% CAGR through 2026, reaching US$ 1.3 billion.
Guar gum is commonly used in industries such as oil and gas, cosmetics, and pharmaceuticals, in addition to food. It is used in pharmaceutical tablets and capsules as a binder, disintegrant, and controlled-release component. Guar gum is a thickening, emulsifying, and stabilising substance used in cosmetic creams, lotions, and personal care products.
Because of its widespread application in the food, pharmaceutical, cosmetic, and oil and gas industries, the guar gum industry is rapidly rising. Guar gum demand is expected to rise as industries continue to seek natural and usable components that will improve industrial potential and innovation.
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Food grade, rapid hydrated gum oil drilling grade, and industrial grade are the three major product type sectors. The market has been divided into many end-use industries, including the food and beverage, fracking, textile, pharmaceutical, and other end-use industries. The fundamental functions of thickening and stabiliser, binding agent, and other functional qualities make up the essential segments.
Among the product types, the fast-hydrated gum oil drilling grade segment will continue to remain attractive during the assessment period. This segment currently accounts for nearly 70% revenue share of the market and is likely to remain lucrative throughout the forecast period. The fast hydrated gum oil drilling grade is likely to surpass US$ 800 Mn in revenues by the end of the forecast period.
Demand for guar gum is likely to remain robust in the fracking segment. Currently, fracking accounts for over two-thirds revenue share of the market, and it is highly likely that the dominance of this segment will continue beyond 2017. This segment is projected to grow at a CAGR of 2.4% to reach a valuation of over US$ 800 Mn by the end of the forecast period.
The use of guar gum has been witnessing an increase owing to its growing application in the oil & gas industry. However, as the oil and gas industry is going through a sluggish phase, the demand for guar gum has declined to an extent. Some of the sluggishness on account of oil & gas is likely to be compensated by growing demand in the food and beverage industry. Guar gums find wide-ranging applications in the food & beverage industry, where it is used as a thickener and stabilizer.
Steady demand from the food and beverage industry is likely to provide an impetus to the growth of the guar gum market during the assessment period. Growth is likely to remain steady from the textile and paper sector, however, availability of other feasible alternatives can stymie demand to an extent.
Although still at a nascent stage, demand for guar gum in managing health disorders such as diabetes and cardiac elements presents an opportunity for manufacturers. Further advancement in the application of guar gum in the healthcare sector can open up new avenues of growth for guar gum manufacturers during the assessment period. Some of the leading players in the market include Lucid Group, Jai Bharat Gum, Hindustan Gums, Vikas WSP, Shree Ram Gum, Cargill Inc, Supreme Gums Pvt. Ltd, Ashland Inc., India Glycols Ltd, Rama industries and Lamberti.
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Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Product Type
- Food Grade
- Fast Hydrated Gum Oil Drilling Grade
- Industrial Grade
End Use Industry
- Food and Beverages
- Fracking
- Textiles
- Pharmaceuticals
- Other End Use Industries
Primary Function
- Thickener and Stabilizer
- Binding Agent
- Other Functional Properties
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