Asia Pacific market, which accounted for 35% of the global revenue in 2015, is estimated to register a CAGR of over 4% over 2016-2024. Rapid industrialization coupled with the expansion of automotive and construction industry are the major driving forces behind APAC rheology modifiers market growth.
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Personal care industry, which is yet another booming industry, is also a vital driving factor for rheology modifiers market. personal care industry, having had a market value of USD 580 billion in 2015, is estimated to surpass USD 790 billion by 2024. This growth will in turn boost rheology modifiers market owing to its rising demand across various personal care products to impart desirable properties such as suspension, consistency, and stabilization to these products. Inorganic modifiers are mainly used for the personal care industry. Rheology modifiers application in the personal care industry is estimated to grow at a CAGR of 3.5% over the period of 2016-2024.
Rheology modifiers find applications in various pharmaceutical products such as creams, ointments, gels, syrups, and lotions, to maintain the semi solidity. The pharmaceutical sector, particularly, has been observing remarkable gains across North America, which will positively impact U.S. rheology modifiers market. As per the study, North America rheology modifiers industry collected a revenue of USD 1 billion in 2015 and will exhibit significant annual growth rate over the years ahead. The factors contributing toward the industry growth are the surging demand for personal care products coupled with the escalating geriatric population.
The growth in the end user industries across the globe will fuel rheology modifiers market size. US, being the largest hub of the geriatric population, is estimated to account for a significant share in the rheology modifiers industry. Moreover, the growth of the pharmaceutical and personal care industries in US will also drive the regional revenue.
Increasing usage of paints and coatings, primarily across the automotive and residential sectors will stimulate Rheology modifiers market. The product is extensively used to maintain the flow capability of fluids. It is also used to improvise on the characteristics such as leveling, anti-sagging, and emulsion stability, when mixed with paints. Consumers are now prone to a changing lifestyle, subject to the increased disposable incomes and subsequently rising spending capability of the individuals.
This is expected to positively favor rheology modifiers industry size, as this product plays a crucial role in the manufacture of personal care products such as skin creams, conditioners, body lotions, and shampoos. As per the report by Global Market Insights, Inc., “Worldwide rheology modifiers market having had a revenue of USD 4.94 billion in 2015 and will collect notable revenue with an annual growth rate of 3.7% over 2016-2024.”
The industry is highly fragmented with key market participants comprising Ashland, Arkema Group, BASF SE, DOW Chemical Company, and Lubrizol Corporation
Glimpse of Table of Content (ToC)
Chapter 4 Rheology Modifiers Market Product Insights
4.1 Rheology modifiers market share by product, 2015 & 2024
4.2.1 Global market estimates and forecast, 2013 - 2024
4.2.2 Global Rheology modifiers market estimates and forecast, by region, 2013 - 2024
4.3.1 Global market estimates and forecast, 2013 - 2024
4.3.2 Global Rheology modifiers market estimates and forecast, by region, 2013 – 2024
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