CHICAGO, March 9, 2020 /PRNewswire/ --According to the new market research report "Rheology Modifiers Market by Type (Organic and Inorganic), Application (Paints & Coatings, Cosmetics & Personal Care, Adhesives & Sealants, Inks, Pharmaceuticals, Home and I&I Products, Oil & Gas, Construction) - Global Forecasts to 2024", published by MarketsandMarkets™, the global Rheology Modifiers Market size is projected to reach USD 8.6 billion by 2024, at a CAGR of 3.5%, from USD 7.2 billion in 2019.
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The increasing demand from various applications primarily triggers the growth of the global rheology modifiers market. Paints & coatings are the largest application for rheology modifiers. Automotive, construction, furniture, metal, and other similar industries are the end-users of paints and coatings. These industries are mature in developed economies of Western Europe and North America and growing at a rate of 2%–4%. On the contrary, the growth rate of these industries is high, approximately 5%–6%, in developing economies of Eastern Europe, Latin America, and APAC. The cosmetics industry is rapidly growing in emerging markets such as Brazil, China, and India. Increasing consumer awareness about the usage of high-quality cosmetic products and willingness to pay premium prices are driving the cosmetics industry at the global level, thus, driving the demand for rheology modifiers. Moreover, the increasing crude oil production and shale gas exploration is expected to drive the demand for the rheology modifiers market between 2019 and 2024.
Organic is the largest type of the rheology modifiers market.
The organic segment accounted for the largest share of the overall market, in terms of value, in 2018. It is also expected to be the fastest-growing segment during the forecast period. 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 high performance of organic rheology modifiers in various applications, along with their environmentally friendly properties, are the key factors driving this segment.
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Paints & coatings are projected to be the largest application of the rheology modifiers market during the forecast period.
The paints & coatings application accounted for the largest share of the overall market in 2018. The paints & coatings have a wide range of applications in construction, automotive, aerospace, marine, wood, general industrial, and other sectors. Owing to population growth and urbanization, high growth is expected in paints & coatings, adhesives & inks, cosmetics & personal care, and home care and I&I products 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 over the next few years.
APAC is projected to be the largest market of rheology modifiers during the forecast period.
APAC is the largest market of rheology modifiers, followed by North America and Europe. The massive industrial growth in APAC 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. Domestic and foreign investments in key sectors, such as energy, manufacturing, construction, and mining, have been consistently growing over the past decade. According to the IMF, the GDP growth rate of China was 6.3% in 2018, which is expected to result in the growth of the industrial sector and the demand for rheology modifiers in the country. Over the past decade, India has been witnessing a moderate GDP growth. The country has attracted heavy investments in key industrial sectors, such as construction, cement, personal care, and energy. The economic outlook for India has been very optimistic. The Government of India is focused on the manufacturing sector by liberalizing policies and providing additional incentives, such as land at cheap rates and faster clearances from all the concerned departments. As a result, the overall economy is rapidly growing. This is expected to drive the sale of rheology modifiers in the region during the forecast period.
The key Rheology Modifiers 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).
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