Brooklyn, NY - According to the latest report by IMARC Group, titled â€œGuar Gum Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024â€, the global guar gum powder market reached a volume of 825,891 Tons in 2018. Guar gum powder is produced from the ground endosperm of the guar plant. It is generally cultivated in India and Pakistan where it has been traditionally used to thicken curries. Nowadays, it is widely used as a natural emulsifier, stabilizer, bonding agent, hydrocolloid, gelling agent, flocculant and fracturing agent. Owing to these properties, it finds applications in a diverse range of industries including food, textile, pharmaceutical, healthcare, explosives, cosmetic, paper, mining and oil drilling.
Currently, the demand for guar gum powder is increasing owing to its vast applications in the food industry for preparing confectionary products, baked items, beverages and frozen food products. Growing awareness, inflating disposable incomes and the emerging trend of consuming organic foods among consumers are further augmenting the demand for guar gum powder. Apart from this, the powder is also used in the pharmaceutical industry as a disintegrating agent and binder in tablets and capsules. It is also employed in the production of cosmetics and personal care products such as soaps, creams, lotions, shaving gels, liquid soaps, shampoos and conditioners. In addition to this, advancements in shale gas production technology have helped in increasing the output of several oil rigs in the United States. Since guar gum powder is used as a thickening agent in the fracturing process, its demand is expected to rise in the country. Looking forward, the global market volume is projected to reach 970,984 Tons by 2024, expanding at a CAGR of 1.8% during the forecast period (2019-2024).
Based on grades, the market has been divided into food, industrial and pharmaceutical grades of guar gum powder. Currently, the industrial grade powder dominates the market, holding the largest share.
On the basis of functions, the market has been segmented into thickening, gelling, binding, friction reducing and other functions. Amongst these, the powder is majorly used for thickening purposes.
The market has also been classified on the basis of end use industries which include oil drilling, food, paper and textile, pharmaceutical, cosmetic, and others. Presently, the oil drilling sector exhibits a clear dominance in the market.
Region-wise, the market has been classified into the United States, Germany, India and Others. Amongst these, the United States is the leading market, accounting for the majority of the total market share.
The report includes a detailed analysis of the competitive landscape of the market including profiles of the major players operating in the industry.
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