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Guar Gum Market: Drivers, Restraints, Opportunities, and Challenges

(Entertainment-NewsWire.com, October 02, 2019 ) Guar gum is one of the major segments in the hydrocolloids market, and is used in a wide range of applications. The most common application areas for guar gum are oil & gas, food & beverages, mining & explosives, paper manufacturing, pharmaceuticals & cosmetics, and other applications, which include textile, animal feed, tobacco, ceramics, and synthetic resins. The application sector where a majority of alcohol is used is the energy sector, in the form of biofuel.

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The market for guar gum was valued at USD 708.6 million in 2016, and is projected to reach USD 1,115.8 million by 2022, at a CAGR of 7.9% during the forecast period. Currently, this market is gaining momentum due to the increase in demand for guar gum in the oil & gas industry and the multi-functionality of guar gum for various applications across many industries. The rise in oil drilling and oil recovery activities in countries such as Saudi Arabia, Iran, Iraq, the U.S., Canada, and Argentina is expected to increase the demand for guar gum in the coming years. Furthermore, a shift in focus towards unconventional sources of oil such as tight oil or shale oil, wherein guar gum is used for extraction, is projected to create potential opportunities for guar gum in the coming years.

The guar gum market, by grade, has been segmented into food, industrial, and pharmaceutical. The industrial grade segment is projected to grow at the highest CAGR from 2017 to 2022. The industrial grade guar gum is one of the major grades as it is used in applications in all the major industries (apart from the food industry) ranging from oil & gas, textile, painting, coating, mining & explosives, paper & printing, and detergents.

Guar gum is used for various applications such as food & beverages, oil & gas, paper manufacturing, mining & explosives, pharmaceuticals, cosmetics, and others, which include textile, animal feed, tobacco, ceramics, and synthetic resins. The oil & gas segment is expected to continue its dominance during the forecast period and is projected to grow at the highest CAGR from 2017 to 2022.

The guar gum market has been segmented on the basis of function into thickening, gelling, binding, friction reducing, and others which include coagulating, flocculating & settling, hardening, and strengthening. Gelling and friction reducing are the primary functions of guar gum; both segments collectively accounted for a share of about 60.6% in 2016. Guar gum as a gelling agent is a booming market due to its recent application in the oil & gas industry as an ingredient in the hydraulic fracking process. In addition to its function as a gelling agent, friction reduction is another function of guar gum which makes it highly advantageous in drilling oil & gas and in firefighting.

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The guar gum market is experiencing high growth, particularly in the North American region, in terms of both value and volume due to the surge in the demand for industrial-grade guar gum, owing to the growing shale gas industry. The demand for natural additives and processed food among consumers is fueling the growth of the food-grade guar gum in the European market. The rapid growth in demand for processed and convenience foods, steady growth forecasted for the oil and gas industries, and growing demand for hydrocolloids from allied sectors, is driving the growth of the guar gum market.

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Source: EmailWire.Com

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