DUBLIN–(BUSINESS WIRE)–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” report has been added to ResearchAndMarkets.com’s offering.
The global rheology modifiers market size is projected to grow from USD 7.2 billion in 2019 to USD 8.6 billion by 2024, at a CAGR of 3.5%.
The increasing demand from various applications mainly drives the 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.
Organic is projected to account for the largest share of the overall rheology modifiers market, in terms of value, between 2019 and 2024.
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 demand for organic rheology modifiers is very high in all the applications. This is mainly due to its high performance and environmentally friendly nature. Organic rheology modifiers can be used in the wide class of mediums such as waterborne systems, solvent-borne systems, and solventless systems.
Paints & Coatings is the largest application in the overall rheology modifiers market in terms of value.
The consumption of rheology modifiers is very high in the paints & coatings application. Paints & coatings are defined as a mixture or dispersion of opaque pigments or powders in a liquid. These include all organic and inorganic coatings, such as enamels, varnishes, emulsions, and bituminous coatings. The primary function of rheology modifiers in the paints & coatings application is to provide the desired viscosity with rising demand from the APAC region, especially from China, India, and Japan. There is an increasing demand for paints & coatings in private housing and commercial offices, in addition to infrastructures such as roads, rail, and energy. Growth in the buildings & construction sector has been driving the global rheology modifiers market in the paints & coatings application.
Rapid industrialization in APAC to drive the demand for rheology modifiers.
The APAC rheology modifiers market is projected to be the largest during the forecast period. The growing industrialization and infrastructural development in the region have offered enormous opportunities for the use of rheology modifiers across various applications in APAC. The major rheology modifiers markets in APAC are China, Japan, India, Indonesia, and Malaysia. China is the major hub for manufacturing activities, globally, followed by Japan and India.
- Growing Demand From Applications
- Increasing Crude Oil Production and Shale Gas Exploration
- Changing Lifestyle, Increase in Purchasing Power of Middle-Class Population, and Increased Concern Regarding Hygiene
- Shift From Print to Digital Media
- Environmental Impact
- Increasing Focus on Deep and Ultra-Deepwater Drilling
- BASF SE
- The Dow Chemical Company
- Croda International Plc
- Lubrizol Corporation
- Akzo Nobel N.V.
- Elementis Plc
- BYK Additives & Instruments
- Munzing Corporation
- Wanhua Chemical Group Co., Ltd.
- Cargill, Incorporated
- Dupont De Nemours Inc
- Eastman Chemical Company
- Evonik Industries AG
- The Euclid Chemical Company
- Hangzhou Jingyi Chemical Co., Ltd
- PPG Industries
- SAN Nopco Limited
- SNF Holding Company
- Kusumoto Chemicals, Ltd.
- Zhejiang Qinghongnew Material Co., Ltd.
- Ffc Inc.
- Cutch Oil & Allied Industries Private Limited
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