Rheology Modifiers Market worth $8.6 billion by 2024 | Key players Dow, BASF SE, Lubrizol Corp, Arkema, Clariant

According to recent market research the "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", 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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The global rheology modifiers market size is projected to reach USD 8.6 billion by 2024 from USD 7.2 billion in 2019, at a CAGR of 3.5%, between 2019 and 2024. The growing demand from the applications and increasing crude oil production & shale gas exploration is expected to support the growth of the rheology modifiers market. However, the shift from print to digital media is restraining the growth of the market. The increasing focus on deep and ultra-deepwater drilling has created opportunities for manufacturers. BASF SE (Germany), Clariant (Switzerland), Lubrizol Corporation (US), and Ashland (US) are the major players in the rheology modifiers market.

BASF SE (Germany) is one of the leading producers of rheology modifiers. BASF SE is one of the leading providers of rheology modifiers for coating solutions. The development of new technologies to produce innovative products and expansion of the existing production capacities are the main strategies adopted by this organization. In November 2019, 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 fulfill the growing demand for rheology modifiers across the globe.

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Clariant (Switzerland) is another leading player in this market. The company invests significantly in R&D for new technologies and innovations in product development. As part of its growth strategy, Clariant is principally focusing on organic strategy. The company launched two new rheology modifiers to meet the rising demands of end-users. Recently, in March 2018, the company launched a new rheology modifier called Aristoflex, for premium personal care products.

BYK Additives & Instruments (Germany) is also a leading producer of rheology modifiers. The company has adopted organic as well as inorganic growth strategies in the rheology modifiers market. In November 2017, BYK Additives & Instruments expanded the production facility at Gonzales, Texas. Along with the capacity expansion, the company also established a new R&D center at the same location. Around USD 50 million was invested by the company in this expansion. This helped the company to meet the increasing demand for rheology modifiers. In October 2016, BYK Additives & Instruments entered into a supply agreement with Nexeo Solutions (US). Under this agreement, Nexeo Solutions will distribute BYK's additives to the household, and the I&I cleaning industry.

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