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The thickeners market size is projected to increase by USD 2.51 billion, at a CAGR of 5.46% between 2023 and 2028
Moreover, the market in APAC is thriving due to the region's large and growing population, rapid urbanization, and rising disposable incomes. Demand for textiles, paints, and coatings, major end-users of thickeners, is increasing as consumers prioritize convenience and quality. Additionally, rapid industrial development in countries like China and India further boosts market growth. Recently, Nouryon introduced Bermocoll FLOW cellulose ether, a natural rheology modifier for paints, enhancing performance and reducing carbon footprint. Akzo Nobel NV contributes to this market with offerings like Polibrid 705E thickener for water-based paints and coatings.
The market shows an accelerated CAGR during the forecast period.
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Growing demand for high-performance additives is notably driving the market growth. In the food and beverage industry, particularly in products such as fluids, gelatin, eggs, starches, flour, rice flour, cornstarch, arrowroot, vegetable gums, agar-agar, and thickeners, is also driving market growth. As consumer health consciousness continues to rise, there is a heightened emphasis on absorption of nutrients, compatibility with other ingredients, and extraction and processing methods adhering to stringent regulations by organizations like the Food and Drugs Organization (FDA) and the European Food Safety Authority (EFSA). Additionally, fluctuations in prices of food thickeners and evolving food habits & lifestyles are influencing product formulations and innovations.
Further, manufacturers are focusing on enhancing mouthfeel and shelf life of processed foods, incorporating raw materials and food additives that cater to changing consumer preferences. Starch remains a leading type segment, driving advancements in thickening agents across various food applications. Moreover, in industrial coatings, thickeners can enhance the overall film-forming properties, resulting in coatings that withstand harsh environments and offer better protection. Thus, such factors are expected to increase the demand, which is expected to propel the growth of the market during the forecast period.
The growing use of nanoparticles in thickeners is an emerging trend shaping market growth. Thickeners are substances that are added to various materials to improve their flow properties, stability, and overall performance. Nanoparticles can be incorporated into rheology modifiers to create a network structure that breaks down under shear stress, allowing for easier flow. This is particularly useful in areas such as paints, inks, and coatings, where it is important to have materials that can be easily applied and spread but also maintain their desired viscosity upon application. Another benefit of using nanoparticles in rheology modifiers is their ability to enhance the stability of the modified material. Nanoparticles can form strong bonds with the surrounding matrix, resulting in improved dispersion and reduced settling of particles. Furthermore, nanoparticles can also improve the mechanical properties of materials when used as rheology modifiers.
For instance, the incorporation of nanoparticles into polymer composites can enhance their strength, stiffness, and toughness. This can have a wide range of applications, such as in the automotive and aerospace industries, where strong and lightweight materials are in high demand. One example of the growing use of nanoparticles as thickeners is in the field of oil and gas exploration. High-viscosity fluids are often used to enhance oil recovery from reservoirs, but they can be challenging to inject due to their high viscosity. Nanoparticles can be added to these fluids to create a stable yet easily injectable formulation that improves the efficiency of the recovery process. Thus, the abovementioned factor is expected to increase the demand, which is expected to fuel the growth of the market during the forecast period.
Complexities in the manufacturing of natural thickeners are a significant challenge hindering market growth. Organic thickeners often rely on natural sources such as plants, seeds, or algae, which can introduce complexities in the sourcing process. The extraction and processing of organic materials into usable thickeners can be intricate and resource-intensive. Specialized manufacturing techniques may be required to maintain the desired properties and purity of the organic compounds, adding complexity to the production process. Additionally, ensuring compliance with organic certification standards and regulatory requirements further complicates manufacturing operations.
Furthermore, the scalability of organic thickener production may be limited compared to synthetic alternatives. Scaling up production to meet increasing market demand while maintaining quality standards and sustainability practices can be challenging for manufacturers of organic thickeners. Overall, the complexities involved in manufacturing, including sourcing, processing, quality control, and scalability, may hinder the growth of the market during the forecast period.
One key factor driving the demand for thickeners in the building and construction industry is urbanization. Rapid urbanization in emerging economies such as India and China leads to increased infrastructure development, including residential, commercial, and industrial projects, thereby boosting the demand for construction materials and thickeners. Additionally, technological advancements in construction materials require specialized thickeners to meet performance and durability requirements. It plays a crucial role in enhancing the properties of construction materials, such as improving adhesion, water resistance, and durability, thereby supporting the growth of this segment. Thus, increasing urbanization, infrastructure development projects, growing demand for sustainable construction materials, technological advancements in construction materials, and government initiatives to boost construction activities, particularly in emerging economies, are expected to boost the demand and, in turn, drive the growth of the market through building and construction segment during the forecast period.
The market share growth by the organic segment will be significant during the forecast period. Organic thickeners are derived from natural products such as cellulosic, polyacrylates, and polyurethanes. These materials can be modified and processed to achieve specific rheological properties that suit various applications. Organic thickeners offer numerous advantages, including sustainable sourcing, biodegradability, and reduced environmental impact compared to their synthetic counterparts.
The organic segment was the largest and was valued at USD 4.11 billion in 2018.
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Further, the growing awareness and preference for sustainable and eco-friendly products have driven the demand for organic thickeners. Manufacturers are investing in R&D to develop innovative organic thickeners that provide improved performance and meet evolving market demands. The implementation of stringent environmental regulations and consumer demand for greener alternatives are propelling the demand for organic thickeners globally, which is expected to propel the growth of the organic segment in the market during the forecast period.
APAC is estimated to contribute 48% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The APAC region has a large and growing population, along with rapid urbanization. This demographic trend drives the demand for textiles, paints, and coatings, all of which utilize thickeners. Rising disposable incomes in many APAC countries, such as India and Australia, led to higher consumer spending on automobile, building, and construction industries, which are major end-users of thickeners. As consumers seek more convenience and better-quality products, the demand for thickeners is likely to increase. Additionally, APAC countries such as China and India are experiencing rapid industrial development, particularly in sectors such as paints and coatings, textiles, and adhesives. Thickeners play a crucial role in these industries, enhancing product performance and functionality, which drives regional market growth.
Additionally, major vendors in the regional market are expanding their operations to increase their footprint in the region. For instance, in January 2023, BASF SE announced the expansion of its polymer dispersions business in Merak, Indonesia. Similarly, in March 2023, the company announced another expansion of the production plant of polymer dispersions in China. The new line is scheduled to start operations in H1 2024. Thus, such expansions are expected to augment the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including
Akzo Nobel NV, Altana AG, Andritz AG, Archer Daniels Midland Co., Arkema Group, Ashland Inc., Axalta Coating Systems Ltd., BASF SE, Berkshire Hathaway Inc., Clariant International Ltd., Dow Chemical Co., DuPont de Nemours Inc., Eastman Chemical Co., Henkel AG and Co. KGaA, J M Huber Corp., Nouryon Chemicals Holding BV, PPG Industries Inc., RAG Stiftung, Standard Industries Inc., and Sumitomo Chemical Co. Ltd.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market encompasses various substances used to enhance the viscosity and texture of food and beverage products. Ingredients like gelatin, starches (including rice flour, cornstarch, and arrowroot), vegetable gums, agar-agar, and lignin are commonly employed for this purpose. With a rising demand for convenience foods and healthy eating options, the food and beverage industry relies heavily on thickeners to improve the texture, flavor, and organoleptic properties of products like bakery items, ready-to-eat snacks, sauces, dressings, and dairy products. Hydrocolloids such as xanthan gum, konjac gum, and locust bean gum are widely used for their ability to suspend other ingredients and create desirable mouthfeel.
However, with increased health consciousness among consumers and fluctuations in thickeners' prices, manufacturers strive to innovate and optimize formulations to meet evolving preferences while ensuring the compatibility and stability of ingredients. Starch, as a leading type segment, continues to dominate the market due to its versatility and wide-ranging applications across various food and beverage categories. Further, the market encompasses a diverse range of substances used in the food and beverage industry to enhance texture and viscosity. Ingredients like eggs, pectin, proteins, and hydrocolloids such as sodium alginate and potassium alginate are commonly employed for this purpose.
Moreover, these thickeners find applications in various products, including bakery items, confectionery, dairy, frozen desserts, and processed foods. With a focus on nutritional foods and protein-rich products, manufacturers leverage thickeners to improve mouthfeel, suspension of other ingredients, and shelf life. Regulatory bodies like the FDA and EFSA ensure the safety and compliance of thickeners, addressing concerns related to the absorption of nutrients and compatibility with other ingredients. As disposable incomes rise and consumer preferences evolve, the demand for functional food additives like thickeners continues to grow, influencing food habits and lifestyle choices in the food and beverage industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.46% |
Market Growth 2024-2028 |
USD 2.51 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.34 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Altana AG, Andritz AG, Archer Daniels Midland Co., Arkema Group, Ashland Inc., Axalta Coating Systems Ltd., BASF SE, Berkshire Hathaway Inc., Clariant International Ltd., Dow Chemical Co., DuPont de Nemours Inc., Eastman Chemical Co., Henkel AG and Co. KGaA, J M Huber Corp., Nouryon Chemicals Holding BV, PPG Industries Inc., RAG Stiftung, Standard Industries Inc., and Sumitomo Chemical Co. Ltd. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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