The market for Guar Gum Powder has experienced rapid growth over the past few years. This trend is expected to continue through 2023, according to reliable research. By 2023, the market is forecast to grow by 6.2% annually. There are several factors that are driving this market including the increased demand for biofuels and the growing use of animal feeds. These reasons will help fuel the demand for Guar Gum Powder throughout the world.
How is the Growth of Guar Gum Powder Market North America?
The guar gum powder market is expected to experience fluctuating growth rates in the future. Some of the major factors driving this trend are rising demand for oil & gas industry, increasing use of industrial grade guar gum, and shale gas boom. Moreover, the increased awareness of the benefits of guar gum for weight loss is expected to further increase its use.
Guar gum powder finds wide applications in many end-use industries such as pharmaceuticals, food & beverages, water drilling, and paper manufacturing. It is also used as a natural emulsifier, water barrier, gelling agent, and lubrication. In addition, the high viscosity of guar gum makes it suitable for water-based drilling fluids. Therefore, it is widely used in the oil & gas and oil well fracturing processes.
During the past decade, the oil and gas industry emerged as the largest application segment in the guar gum powder market. However, in the coming years, the pharmaceuticals segment is expected to emerge as a prominent user. Furthermore, the increased productivity of processed foods is also expected to boost the product’s usage. Similarly, the rise in the number of exploration drilling activities in Europe will result in a surge in the demand for guar gum products.
North America is expected to be the dominant regional market for guar gum powder. Asia Pacific is another promising market for guar gum powder. This region is experiencing a rise in disposable income and rapid urbanization. Thus, the market in this region is expected to register a considerable growth rate. Moreover, with the rise in per capita disposable income, the market in this region is expected to experience a significant rise in demand for guar gum products.
Europe is another important regional market for guar gum. Due to the presence of several key manufacturers in this region, the market is expected to grow at a steady rate. In addition, the increasing use of guar gum as a water-barrier, shale inhibitor, and thickening agent in the oil and gas industry is expected to contribute positively towards the growth of this market.
Among the different regions, the United States dominates the market. This is attributed to the increase in the number of oil rigs in the country. As a result, the guar gum powder market in the US is expected to witness significant growth over the next few years. Moreover, the emergence of the industrial fracking process is also expected to increase the demand for guar gum.
What are the Factors affecting the Growth of Guar Gum Powder Market?
There are several factors that drive the growth of the global guar gum powder market. However, there are many restraints that may pose a threat to the market’s development. Hence, a comprehensive analysis of the industry’s key drivers, restraints, and opportunities is essential to assess the prevailing market scenario.
The primary driving forces are the increasing population in Asia-Pacific, growing disposable income, and increasing consumption of processed foods in the region. Moreover, the rising awareness of the benefits of guar gum as an appetite suppressant is also expected to boost demand. In addition, the emerging trend of consuming organic foods is also projected to further augment the demand.
Among the regions, the North America guar gum powder market is estimated to hold the largest share of the overall market in terms of volume. It is also expected to hold the lead during the forecast period. Furthermore, the food and beverage industry are expected to be the largest consumer of guar gum in the region.
The United States is the leading market for guar gum in the region. Moreover, the increasing adoption of hydraulic cracking in the oil and gas industry is a major factor behind the guar gum powder market’s growth in the region. Another important driver is the growing number of oil platforms in the U.S. Additionally, the government’s efforts to strengthen exploration drilling are also expected to impact the market.
The Europe guar gum powder market is also expected to witness strong growth during the forecast period. The region is further categorized into Italy, Germany, France, and the United Kingdom. One of the main consumers of guar gum in the European region is the food processing sector.
Increasing government initiatives to encourage the exports of guar gum is another key driver of the industry’s development. In addition, the increasing number of oil rigs in the United States is expected to further accelerate the growth of the industry. Moreover, the increasing use of guar gum in the pharmaceutical industry is expected to enhance the overall growth of the guar gum powder market.
Apart from the above-mentioned drivers, the other factors that are predicted to influence the industry’s growth are the increasing number of non-communicable diseases and increasing chronic disabilities. The aging population is also expected to drive the growth of the pharmaceutical industry.
Growth forecast for 2023 to 2028 for Guar Gum Powder
Among the global markets, the guar gum powder market in the United States is expected to hold the largest share. However, the market in Asia Pacific is expected to witness growth. Furthermore, the growing number of shale oil reserves in the U.S. is boosting the market in the country.
Moreover, the increasing usage of guar gum in hydraulic fracturing in the oil & gas industry is contributing to the growth of the guar gum powder market in the U.S. Therefore, the guar gum powder market in this country is projected to register a CAGR of 7.8% during the forecast period.
Another factor that is driving the guar gum powder market is the rising demand for organic foods. As a result, the trend of using guar gum as a natural hydrocolloid in convenience food products is set to increase.
Although the guar gum powder market has been growing at a slow pace in the past few years, the market is expected to see a rise in the coming few years. Moreover, the use of guar gum in the pharmaceutical industry will also augment the demand for the product.
Among the key countries, the United States held the leading share of the guar gum powder market in 2022. In addition, the country exhibited the highest CAGR during the forecast period.
Guar Gum Powder is a natural hydrocolloid which is widely used in various industries such as food, pharmaceutical, oil & gas, textile, paper, and cosmetics. It acts as a gelling agent, disintegrating agent, stabilizer, bonding agent, and emulsifier. In addition, it improves the structural properties of the products. The application of guar gum in different industrial sectors will continue to increase in the coming years.