Rheology Modifiers Market Expected to Reach $11.3 Billion by 2030

According to a new report published by Allied Market Research titled, “Rheology Modifiers Market by Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global rheology modifiers market size was valued at $7.6 billion in 2020, and is projected to reach $11.3 billion by 2030, growing at a CAGR of 4.0% from 2021 to 2030.

Rheology modifiers are additives that are generally added to formulations to thicken the formulation and increase its viscosity. Therefore, rheology modifiers are sometimes called viscosity modifiers and thickeners. These are also used to control the properties of liquid products. They are typically used in paint and coatings and ink formulations. In addition to providing the required viscosity, these modifiers also help control paint shelf stability, open time/wet edge and sagging and ease of application.

The main factors driving the growth of the global market for rheology modifiers are the increase in use of these modifiers, rise in production of crude oil and shale gas exploration, and ongoing focus on deep and ultra-deep-water drilling. As well as factors such as increase in acceptance of rheology modifiers in the cosmetics and personal care, paint & coatings, and oil & gas industries, and the increase in demand for these modifiers due to their various advantages, such as longer shelf life, better tolerance to electrolytes and less prone to dripping increase their demand in the global market. Nevertheless, rise in shift from print to digital media and possible environmental impact of these modifiers hamper the rheology modifiers market growth.

The rheology modifiers market analysis has been done on the basis of type, application, distribution channel, and region. By type, the market is segmented into organic and inorganic. The organic segment dominated the market in 2020 and is expected to maintain its dominance during the rheology modifiers market forecast period. Organic rheology modifiers come in several sizes and shapes. They are used in a number of industries, from cosmetics to paints and more, to change several properties of a formulation-based product.

By application, household products segment is likely to witness fast growth during the estimated timeframe, while the oil & gas segment is projected to grow at the highest CAGR of 5.0%.

By distribution channel, the indirect segment accounted for the largest share in 2020, while the direct segment is projected to grow at the highest CAGR of 4.5%.

By region, the Asia-Pacific accounted for around 36.9% of the rheology modifiers market share in 2020 and is likely to dominate the market over the estimated time frame. Surge in demand for rheology modifiers by the paint & varnish and cosmetic & personal care industries throughout the region, increase in population, high disposable income of people in consumer goods, rise in industrialization and urbanization, surge in development infrastructure, and increase in economic growth in countries such as India and China are some of the main factors attributed to the healthy growth of the market in the Asia-Pacific region.

The major companies profiled in this report include Akzo Nobel N.V., Arkema, Ashland, BASF SE, Berkshire Hathaway Inc., Byk Additives and Instruments, Clariant, Croda International Plc., Elementis Plc., and The Dow Chemical Company. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.

Key Findings Of The Study:

• By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 4.3%, in terms of revenue, during the forecast period.
• By type, the organic segment accounted for the largest market share in 2020.
• By application, the household products segment garnered the largest market share in 2020.
• By distribution channel, the indirect segment garnered the largest market share in 2020.

Impact Of Covid-19 On The Rheology Modifiers Market

• Coronavirus has eased the development of the rheology modifiers market, as nations had to carry out lockdowns during the first half of 2020. Severe rules were given by governments and neighborhood specialists, and all minor tasks were ended. This antagonistically influenced the rheology modifiers market inferable from the suspension of activities of end users.
• In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the rheology modifiers market, since end-user industries were still not operating at their full capacity.
• The personal care products, inks, and pharmaceutical industry accounts for a major share in terms of consumption of rheology modifiers globally. After the major lockdown across the globe, there is a significant growth in the healthcare industry, which led to increase in demand for rheology modifiers across the globe. However, there is a sluggish effect on the rheology modifiers due to COVID-19.
• Due to the COVID outbreak, online shopping plays a vital role which led to increase in demand for personal care products and inks; however, there is a sluggish impact on rheology modifiers market.