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(MoneyNewsWire.Net, May 25, 2018 ) The guar gum market is projected to grow at a CAGR of 7.9%, in terms of value, from 2017 to reach a projected value of USD 1,115.8 Million by 2022. The multifunctional nature of guar gum, ease of incorporation in a wide range of applications, and increase in demand for guar gum from the oil & gas industry are the main factors driving the guar gum market. Increase in demand for convenience, dairy, and frozen foods across the globe, also fuels the demand for guar gum.
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The global market has been segmented, by grade, into food, industrial, and pharmaceutical. Industrial grade guar gum has emerged as the highly consumed guar gum owing to its application in the oil & gas sector, coupled with other applications such as textile, paper, photography, tobacco, and printing industries. Food grade guar gum is the second highly consumed guar gum due to its extensive application in the food & beverage industry in products such as confectionery, and bakery & frozen food products.
Based on function, the market is segmented into thickening, gelling, friction reducing, binding and others (coagulating, flocculating & settling, hardening, and strengthening). Consumption of guar gum as a gelling agent is estimated to account for the largest market share in 2017. Guar gum as a gelling agent is a booming market due to its recent application in the oil & gas industry as an ingredient in the hydraulic fracking process. Apart from oil & drilling, guar gum is used as a gelling agent in pharmaceutical and personal care applications, such as dental impression materials, styling creams & gels, liquid soaps, and bath gels, which is further fueling the demand for guar gum as a gelling agent.
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The global market has been segmented on the basis of application into oil & gas, food & beverages, mining & explosives, paper manufacturing, pharmaceuticals & cosmetics, and others (textile, animal feed, tobacco, ceramics, and synthetic resins). Guar gum has been gaining importance in the oil & drilling segment, especially in shale gas production, where guar gum is utilized as an ingredient in the fracking fluid. Food & beverages is the next largest application market for guar gum, under which there has been a high demand for food grade guar gum for bakery & confectionery products, dairy & frozen foods products, beverages, and sauces & dressings among others.
North America is estimated to occupy the largest share in the global guar gum market, in terms of value and volume, in 2017, owing to the booming oil & gas industry in North American countries such as the U.S. and Canada. Positive knowledge of segments create a platform for innovative applications of guar gum, and tapping the emerging markets in China, India, and Australia leads to growth opportunities in Asia-Pacific.
The high volatility of guar gum market, coupled with the increasing guar gum substitutes such as xanthan gum and locust bean gums, are the major factors restraining the growth of this market globally. The volatility of the market is largely due the high dependency of guar gum production on rainfall, high dependency of the demand for guar gum from the oil industry, and fluctuating crude oil prices.
The leading players who dominated the guar gum market include Hindustan Gums & Chemicals Ltd. (India), Vikas WSP Limited (India), India Glycols Limited (India), Rama Gum Industries (India) Ltd., and Dabur India Ltd. (India).
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