Rheology Modifiers Market to Witness Comprehensive Growth by 2024
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The cost of switching among different players could be ignorable for a higher percentage of consumers, considering their solid supply chains and global presence that allow them to secure a larger share. Akzo Nobel N.V. and BASF SE have been expected to be among the key players in the market.
As per the statistic procured by TMR in its publication, the global rheology modifiers market has been prophesied to record a handsome valuation of US$6.8 bn by 2024 at a 3.7% CAGR for the aforementioned forecast years. In 2015, the market had reached a US$4.9 bn. By product, the organic market could grow at a faster pace after attaining a larger share of 63.0% in 2015. Geographically, Asia Pacific has been forecasted to be a faster-expanding market with a 3.9% CAGR on the cards.
Vendors Take Advantage of Growing Paints and Coatings and Personal Care Markets
The ability of rheology modifiers to alter the physical characteristics of fluids for better suiting a function has been envisaged to raise the demand in market through top applications such as paints and coatings and construction. With a high level of activities witnessed in these applications, any rise in their growth could mean a favorable prospect for market players. The elevation in demand in the automotive sector has been projected to provide a strong momentum to the paints and coatings market.
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More opportunities could take shape in the world rheology modifiers market on the back of a high sale of personal care products. Properties such as anti-sagging, leveling, and stabilizing emulsions could set the tone for a strong growth in the world rheology modifiers market. A majority of organoclay based rheology modifiers could find a vital usage in paints and coatings and personal care sectors, two major end-use industries of the market. Xanthan gum, guar gum, polyurethane, and other organic rheology modifiers have been expected to find application in other industries due to their ease of production and effectiveness.
Preference for Digital Media Hampers Demand from High-income Printing Industry
Despite all the positives of the international rheology modifiers market, players could be challenged with few deterring factors such as a declining demand from publication houses and printing companies. The market had always enjoyed the lucrative end-user base in the printing sector. However, with the rising shift toward digital media, the aggressive scope of business from printing ink manufacturers has been prognosticated to be humbled in future.
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Nevertheless, since the international rheology modifiers market is not solely dependent on the printing sector, business opportunities could birth from other growing applications such as personal care, pharmaceuticals, and textiles. Amongst these, the higher consumption of cosmetics and personal care products supported by surging disposable income of consumers and amplifying urban population densities has been envisioned to intensify the demand for rheology modifiers.
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