From Coatings to Cosmetics: Why Waterless Rheology Modifiers Matter to Investors

The global waterless rheology modifiers industry represents a specialized segment of performance additives used to control viscosity, texture, and flow behavior in formulations that operate without added water. These modifiers are critical in high-solids, solvent-borne, and dry formulation systems across coatings, adhesives, sealants, composites, and select specialty cosmetics and industrial fluids. Globally, the rheology modifiers market at large has been expanding steadily, driven by increasing industrialization, demand for high-performance materials, and formulation innovation across end-use sectors. In broader rheology modifiers, regional expansions such as China, India, and East Asia dominate due to ongoing construction, automotive, and manufacturing growth, while trends toward bio-based and eco-friendly modifiers continue shaping development paths. Manufacturers are releasing new sustainable products and enhancing formulations to meet customer performance and regulatory needs. For example, several producers are launching biodegradable or natural rheology agents with improved compatibility and sensory attributes to support personal care and industrial applications, reinforcing the dynamic nature of the market.
In 2024, the total global market size for waterless rheology modifiers amounted to USD 429 million with a growing compound annual growth rate at 9,3% by 2031, reaching a market size USD 799 million by 2031. With an average selling price at USD 6,000 per ton, reflecting the total 71,421 ton sold in 2024. The factory gross margin is at 25%, implies to a factory gross profit of USD 1,500 per ton and cost of goods sold at USD 4,500 per ton. The COGS breakdown is raw materials, processing, packaging & logistics, quality assurance and regulatory. A single line full machine capacity production is around 300 ton per line per year. Downstream demand is concentrated in personal care & cosmetic, coating & paints and adhesives & sealants.

Latest Trends and Technological Developments
In late 2024 and into 2025, the waterless rheology modifiers and broader rheology additive sector has seen notable innovation oriented toward sustainability and performance. On September 2024, Nouryon introduced Structure® Silk starch, a readily biodegradable rheology modifier designed for personal care formulations, reflecting the shift toward renewably sourced and environmentally compatible thickening technologies. In October 2025, Elementis announced plans to highlight sustainable natural oil phase rheology modifiers and film formers at In-Cosmetics Asia 2025, with biodegradable and patent-pending technologies aimed at high-performance cosmetics and skincare formulations, aligning with global trends toward eco-conscious additives. Meanwhile, the industry continues to invest in bio-based and smart rheology systems that respond to formulation demands such as pH responsiveness or temperature-adapted viscosity control, indicating advanced materials science integration with rheological performance.
Dow Chemical purchases RHEOVIS® HS 1231, a hydrophobically modified ethoxylated urethane (HEUR) thickener, from BASF for approximately USD 5,200 per metric ton. This waterborne associative thickener is specifically designed for high-shear viscosity building in waterborne architectural and industrial coatings. In a separate transaction, Lubrizol supplies CARBOPOL® Ultrez 30 polymer, a cross-linked polyacrylate gum, to Procter & Gamble for use in advanced waterless personal care gels at a contract price of roughly USD 8.50 per kilogram. For the oil and gas sector, Clariant provides VISCALO OPT, an organoclay-based additive, to Halliburton for USD 4,800 per ton to control the rheology of non-aqueous drilling fluids and synthetic-based muds.
A major automotive manufacturer, Toyota Motor Corporation, applies BYK®-410, a rheology modifier based on modified urea, in its solvent-based automotive primer-surfacer coatings. The product is used to impart strong anti-sagging properties and ensure uniform film build on vertical body panels during the robotic spraying process. For this high-volume production line, Toyota's coating supplier purchases BYK-410 from BYK Additives & Instruments (part of ALTANA) in bulk quantities, with the application costing the formulated coating system approximately USD 3.75 per kilogram of final product, a critical investment to guarantee a flawless, defect-free paint finish.
Asia remains the most significant regional contributor to the global waterless and broader rheology modifiers market, fueled by rapid industrial expansion in China, India, South Korea, and ASEAN economies. Robust growth in paints and coatings, automotive manufacturing, and infrastructure projects has increased demand for high-performance additives in these markets. Investments by major global and local chemical producers to expand capacity in the Asia-Pacific region support this trend, and national industrial development initiatives in India under programs like Make in India have broadened domestic demand for innovative materials including rheology modifiers. Chinas position as the leading regional market is reinforced by strong coatings and industrial application growth, while South Asias growing manufacturing base contributes additional momentum.
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Waterless Rheology Modifiers by Type:
Fumed Silica

Organoclays and Smectite Based Thickeners

Polyamide or Hydrocarbon Wax Powders

Cellulosic and Bio Based Powders

Others

Waterless Rheology Modifiers by Product Category:
Powder

Granules

Pellets

Others

Waterless Rheology Modifiers by Market Segment:
High Shear Stability

Thixotropy

Suspension Efficiency

Others

Waterless Rheology Modifiers by Features:
Water Free Formulation

High Thickening Efficiency

Shear Thinning Behavior

Thermal and Chemical Stability

Others

Waterless Rheology Modifiers by Usage:
Powder Coating and Dry Mix Paints

Construction Dry Mortars and Adhesives

Agrochemical and Fertilizer Formulations

Oilfield and Industrial Lubricants

Others

Waterless Rheology Modifiers by Application:
Cosmetic and Personal Care

Adhesives and Sealants

Paint and Coatings

Others

Global Top 10 Key Companies in the Waterless Rheology Modifiers Market
Evonik Industries AG, EVK (Germany)

Cabot Corporation, CBT (US)

BASF SE, BAS (Germany)

Clariant AG, CLN (Switzerland)

Wacker Chemie AG, WCH (Germany)

Ashland Global, ASH (US)

Croda International Inc, CRDA (UK)

Nouryon, (Netherlands)

Elementis plc, ELM (UK)

Dow Inc, DOW (US)

Regional Insights
Within ASEAN, including Indonesia, demand for waterless rheology modifiers is emerging as downstream industries such as automotive, construction, consumer goods, and industrial coatings grow. Indonesias expanding infrastructure and industrial sectors create increasing utilization of specialty additives, with local formulators seeking performance solutions that support high-solid and solvent-reduced systems. Other ASEAN countries are similarly experiencing growth in manufacturing and construction activity, translating into rising uptake of rheology control additives, both waterless and waterborne, as formulators adapt to performance and regulatory requirements.
The industry faces several challenges, including volatility in raw material prices driven by petrochemical market fluctuations, which directly impact COGS and pricing strategies for rheology modifiers, particularly waterless variants that rely on specialty inputs. Supply chain disruptions and limited awareness in certain emerging markets can constrain adoption rates, and technical challenges regarding performance consistency, formulation compatibility, and regulatory compliance in diverse applications continue to require ongoing R&D investment.
Key strategic priorities for stakeholders include capacity expansion in high-growth regions, investment in sustainable and bio-based rheology technologies, and closer collaboration with downstream formulators to tailor solutions for specific end-use performance demands. Geographic diversification of supply chains and localized production can mitigate logistics risks and support responsive delivery to regional markets. Companies that prioritize high-efficiency production, digital formulation tools, and performance differentiation will likely gain competitive advantage.
Product Models
Waterless rheology modifiers are powder additives used to adjust the flow behavior, thickening, and structural properties of formulations that contain little to no water.
Fumed Silica Ultrafine amorphous silica powders formed via flame hydrolysis. They create three-dimensional networks that increase viscosity and control flow in solvent-based and oil-rich systems. Notable products include:
AEROSIL® 200 Evonik: Premium hydrophilic fumed silica for viscosity build-up and anti-settling in coatings and adhesives; ideal for high-performance formulations. Price: ~$68/kg.
CAB-O-SIL® M-5 Cabot Corporation: Standard fumed silica delivering thickening and anti-settling for adhesives and sealants. Price: ~$35/kg.
HDK® H15 Wacker Chemie AG: Hydrophobic silica grade used across coatings and adhesives for thixotropy and viscosity control. Price: ~$57/kg
HDK® H13L Wacker Chemie AG: Hydrophobic grade with excellent adhesion and corrosion resistance features. Typical price: ~$68/kg

AEROSIL® 130 Evonik Industries AG: Ultra-fine hydrophilic fumed silica with high specific surface area for strong thixotropic and reinforcing performance. Typical price: ~$810/kg.
Organoclays & Smectite Based Thickeners is an organically modified clay minerals that intercalate in organic phases to deliver thixotropy, yield stress, and sag resistance in non-aqueous formulations. Notable products include:
Garamite® 1958 (from BYK/Altana): Modified clay rheology modifier for heavy coatings. Price: ~$68/kg.
Bentone® 34 Elementis plc: Standard organoclay for general non-aqueous formulations. Price: ~$46/kg
Clariant Organoclay OC-25 Clariant AG: Organoclay thickener tailored for solventborne systems. Typical price: ~$69/kg.
Polyamide or Hydrocarbon Wax Powders is a microcrystalline or engineered wax powders that provide non-aqueous gelling, structure build-up, and heat-resistance, especially in solventborne systems. Notable products include:
Polyamide Wax Powder BASF SE: Universal non-aqueous thickener. Price: ~$68/kg.
Polyamide Rheology Powder Clariant AG: Premium structural powder for paste systems. Price: ~$912/kg..
Wax-Enhanced Rheology Additive Elementis plc: Structure modifier with anti-sag benefits. Price: ~$68/kg.
Polyamide Powder Ashland Global: Structural additive in solventborne systems. Price: ~$68/kg
Manufacturing Wax Powder Croda: Blended structure modifier in specialty markets. Price: ~$68/kg
Cellulosic & Bio-Based Powders is a natural or semi-synthetic cellulose derivatives and bio-based polymers offering rheology control, thickening, and sustainable formulation benefits. Notable products include:
atrosol® Plus Ashland Global: Hydroxyethyl cellulose for thixotropy in anhydrous gel systems. Price: ~$912/kg.
Walocel® HPMC Dow Inc.: Cellulose ether thickener in non-aqueous paints. Price: ~$68/kg.
Bio-Cellulose Powder Nouryon: Sustainable polymer for flow control. Price: ~$68/kg.
HPMC Rheology Modifier Ashland Global: Economical cellulose option. Price: ~$46/kg
Eco-Cellulose Powder Croda International: Sustainable, high-performance rheology control. Price: ~$912/kg

The global waterless rheology modifiers market is positioned for continued growth, driven by industrial and formulation innovation across multiple sectors. With a 2024 market size of USD 429 million and projected sustained demand, aligned with rising focus on performance and sustainability, the industry offers resilience and opportunities for expansion in Asia, ASEAN, and beyond.

Investor Analysis
Investors analyzing this report should note that waterless rheology modifiers constitute a high-value niche within broader rheology and performance additive markets, benefitting from strong pricing and attractive gross margins. Rapid industrial growth in Asia and ASEAN, combined with sustainability trends and product innovation, supports robust demand curves. Understanding cost structures, production capacities, and downstream demand profiles enables investors to identify scalable opportunities. Strategic insights into regional expansion, sustainable technology adoption, and supply chain localization provide actionable intelligence for capital allocation, portfolio diversification, and long-term value creation.

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5 Reasons to Buy This Report
Comprehensive global and regional market sizing and segmentation.
Detailed cost structure, pricing, and profitability insights.
Latest trends and technological developments with dated references.
Strategic analysis including challenges and opportunities.
Competitive landscape and key player profiling.
5 Key Questions Answered
What is the current global market size and unit volume for waterless rheology modifiers?
How is the industry performing across Asia and ASEAN regions?
What are the key trends shaping technological development?
What challenges and strategic imperatives affect future growth?
Who are the top industry players and their strategic priorities?
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: key insights, key emerging trends, etc.
Chapter 3: Manufacturers competitive analysis, detailed analysis of the product manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 5 & 6: Sales, revenue of the product in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 7: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: The main points and conclusions of the report.

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