Impact Assessment of COVID-19 Outbreak on Rheology Modifiers Market
Global Rheology Market: Overview
The primary application industries of the global rheology modifiers market include the paints and coatings industry and the personal care products industry. Both have been experiencing tremendous scope of growth recently and are expected to continue displaying a high growth rate. As a result, the demand for rheology modifiers is also expected to increase over the coming years, allowing key players to broaden their product profiles and for new players to gain entry into regional markets.
The top application industries of rheology modifiers are showing an accelerated growth rate in demand owing to the strengthening infrastructure in emerging economies, growing urban population densities, and quality improvements in rheology modifiers. Consumer goods and automotive and two industries that make wide use of theology modifiers, and are two industries currently showing a massive growth rate. They further provide fruitful ventures for players in the global rheology modifiers market.
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Owing to these factors, the global rheology modifiers market is expanding at a CAGR of 3.7% between 2016 and 2024. It is expected to reach US$6.8 bn in 2024, after being recorded at US$4.9 bn in 2015.
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Asia Pacific Holds the Largest Growth Opportunity for Rheology Modifiers Manufacturers
From a geographical perspective, Asia Pacific is showing a robust economic growth, coupled with a high population density that is steadily increasing its spending power on consumer goods. As such, it is the perfect ground for the global rheology modifiers market and its players to prosper.
The Asia Pacific construction and automotive industries are the strongest ones in the region. Both are showing massive growth rates over the coming years and both are major application industries of rheology modifiers. As a result, the Asia Pacific rheology modifiers market is showing a CAGR of 3.9% between 2016 and 2024. Within this region, the product segment of organic rheology modifiers is expected to show the faster growth rate and market size in 2024, as compared to inorganic rheology modifiers. In 2015, nearly 52% of the Asia Pacific rheology modifiers market was taken up by China, manifesting the strong industrial growth of the country. The country’s market share is expected to increase till 2024.
The North America rheology modifiers market stands to gain from upcoming construction projects in the region to drive itself. Apart from construction, sealants, personal care products, and paints and coatings are also expected to provide a significant scope of growth for rheology modifiers players. Meanwhile, Europe is showing a steady growth in its demand for rheology modifiers due to a growing concern over the use of clean raw materials and modifiers that are not detrimental to health.
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Organic Rheology Modifiers Continue to Dominate Revenue Shares
With organic and inorganic being the two product segments in the global rheology modifiers market, about 63% was occupied by the organic segment in 2015. It is also expected to be the faster growing segment in the global rheology modifiers market in terms of both revenue generation and volume growth.
All major organic rheology modifiers – including polyurethane, guar gum, and xanthan gum – are heavily used in the industries of construction, pharmaceuticals, and paints and coatings, owing to their effectiveness and ease of production. On the other hand, inorganic rheology modifiers such as precipitated and fumed silica find major scope of use in adhesives, sealants, and pharmaceuticals. Most of the organo-clay based rheology modifiers find major use in personal care products and paints and coatings, which are the two top application industries for the global rheology modifiers market.
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