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Global Rheology Modifiers Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Rheology Modifiers Global Market Report 2024
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According to The Business Research Company's, The rheology modifiers market size has grown strongly in recent years. It will grow from $8.21 billion in 2023 to $8.65 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to material innovation, industrial revolution, food and beverage sector, pharmaceutical applications.
The rheology modifiers market size is expected to see steady growth in the next few years. It will grow to $10.42 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to sustainable formulations, nano-based modifiers, demand in emerging markets, digitalization in materials science, biomedical applications. Major trends in the forecast period include customization and tailoring, bio-based modifier development, rheology in personal care, packaging innovations, rheology in electronics.
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Market Drivers and Trends:
The rise of the construction sector is expected to propel the growth of the rheology modifiers market going forward. The demand for decorative paints and coatings increases with the growth of construction projects, including residential, commercial, and institutional buildings. Rheology modifiers are additives used in paints and coatings to control their viscosity, flow behavior, and overall rheological properties. Paints and coatings are extensively used in the construction industry. Decorative paints and coatings are used to add aesthetic value to buildings. For instance, in 2021, according to U.S. Census Bureau, the federal government's largest statistical agency, an estimated 1,595,100 housing units were started in 2021, or a 15.6% increase from the 2020 figure of 1,379,600. Therefore, the rise of the construction sector is driving the growth of the rheology modifiers market.
Product innovations are a key trend gaining popularity in the rheology modifiers market. Companies operating in the rheology modifiers market are innovating new products to sustain their position in the market. For instance, in April 2021, Clariant AG, a Switzerland-based chemicals company, launched Plantasens Biogum Tara, a natural rheology modifier. With the increasing focus on sustainability, there has been a rise in the development of eco-friendly and bio-based rheology modifiers. Plantasens Biogum Tara is an innovative and sustainable natural rheology modifier designed to enhance the texture and consistency of natural skincare formulations. It addresses the limitations of traditional options and offers exceptional performance.
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Major Key Players of the Market:
Cargill Incorporated, Archer-Daniels-Midland Company, BASF SE, The Dow Chemical Company, Shin-Etsu Chemical Co. Ltd., Evonik Industries AG, Solvay SA, Air Products And Chemicals Inc., Arkema SA, Eastman Chemical Company, Kerry Group plc., Wacker Chemie AG, Huntsman Corporation, Lubrizol Corporation, Clariant International Ltd., Tate And Lyle Plc., Daicel Corporation, Akzo Nobel N.V., Croda International Plc., Stepan Company, Ashland Global Holdings Inc., Innospec Inc., BYK Additives And Instruments (BYK-Chemie GmbH), Omnova Solutions, Elementis Plc., Momentive Performance Solutions, Colorcon Inc., Michelman Inc., RheoSense Inc.
Rheology Modifiers Market 2024 Key Insights:
• The rheology modifiers market size is expected to see steady growth in the next few years. It will grow to $10.42 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Construction Sector Growth Boosts Rheology Modifiers Market
• Innovative Rheology Modifiers Redefine Market Dynamics
• Asia-Pacific was the largest region in the rheology modifiers market in 2023 and is expected to be the fastest-growing region in the forecast period
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