Rheology Modifiers Market Overview to 2023
Rheology Modifiers are agents used for the production of inks, paints, and others. They are extensively used in end-use industries to improve the physical features, impart thermal stability, and high quality to the final product. Moreover, they also provide reliability and versatility to the product. The Global Rheology Modifiers Market is driven by the scope of its application in various sectors such as paints & coatings, cosmetics & personal care, adhesives & sealants, and others. Moreover, the paints & coatings segment is set to grow at a higher CAGR owing to the boundless use of adhesives in the sector.
The market by application is segregated into paints & coatings, cosmetics & personal care, adhesives & sealants, home care institutional & industrial products (hi&i) products construction, inks, pharmaceuticals, oil & gas, and others. The paints & coatings segment holds a major portion of the market owing to the boundless use of product due to advantages offered such as high standard performance, thermal stability, and others. Moreover, the increasing demand for rheology modifiers in cosmetics & personal care, adhesives & sealants, pharmaceuticals, oil & gas, and other sectors are projected to drive the market during the forecast period.
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Key Players
Some of the prominent players operating in the global rheology modifiers market are BASF SE (Germany), Arkema S.A.(France), Clariant (Switzerland), The Dow Chemical Company (U.S.), Elementis plc (U.K.), Akzo Nobel N.V. (the Netherlands), The Lubrizol Corporation (U.S.), Croda International Plc (U.K.), Ashland ( U.S), and Air Products and Chemicals, Inc ( U.S.) among others. The Global Rheology Modifiers Market is segregated into the type and application. The market by type is classified into organic and inorganic segments. The market by application is bifurcated into paints & coatings, cosmetics & personal care, adhesives & sealants, home care, institutional & industrial products (hi&i) products, construction, inks, pharmaceuticals, and oil & gas.
Market Scenario
The organic segment is the most widely used type in the market due to its growing consumption in heavy end-use industries such as paints & coatings, cosmetics & personal care, and other sectors. Moreover, it is estimated that this segment is set to dominate the market due to sag resistance, and high quality offered by the product. The paints & coatings sector is the leading application segment in the market and is anticipated to observe a higher CAGR due to extensive use of the product to impart high-temperature resistance, glossy finish, efficiency, and other features to the product.
Regional Analysis
Geographically, Rheology Modifiers Market is segmented across five regions in the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the majority of the market share due to advantages offered by the product such as flexibility, unique elongation and growing consumption of rheology modifiers in major industries. North America is set to expand at a significant rate owing to growing demand for the product in cosmetics & personal care, adhesives & sealants, and other sectors. In this region, the growing infrastructure development and an increase in the production capacity are driving the market. Due to these factors, the demand for the product is growing in the region. The rise in construction, oil & gas, pharmaceutical, and other sectors has driven the market in the European region. Due to boundless use of the product in major industries, Latin American region is estimated to witness a remarkable growth in the market. The rising demand for rheology modifiers in paints & coatings, oil & gas, and construction sectors is projected to drive the market in the Middle East & African region during the forecast period.
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Regional Analysis
The rheology modifiers market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market due to the growing demand for the product in paints & coatings, cosmetics & personal care, and others. The paints & coatings segment holds the major portion and is anticipated to continue its dominance in the market due to increasing consumption of the product in various applications such as architectural paints, water-borne industrial coatings, and others. Therefore, countries such as China, Japan, South Korea, and India are the major players in this market.
The North American region is growing significantly due to the growing demand for the product in cosmetics & personal care, adhesives & sealants, and other industries. It is predicted that the advanced lifestyle and growing investments in end-use industries are likely to drive the market during the forecast period. The growing production of adhesives & sealants in end-use industries has propelled the growth in countries such as the U.S, Canada, and Mexico to achieve a stunning growth in the market because they provide unique flexibility, extended life, and high standard of performance to the product.
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The Middle East & Africa region is estimated to witness a significant growth in the market due to the growing adoption of the product in end-use industries. Moreover, Latin America is anticipated to witness a higher growth in the market due to increasing demand for rheology modifiers in construction, inks, pharmaceuticals, oil & gas, and others.
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