IndustryARC, in its latest report, predicts that Guar Complex Market size is estimated to reach $1,450 million by 2027. Furthermore, it is poised to grow at a CAGR of 5.1% over the forecast period of 2022-2027. Rising Health Consciousness among Consumers Gives Rise to the Demand for Guar Products, which Readily Aided the Market Growth. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways:
1. Geographically, Asia Pacific held a dominant market share in 2021. The consumption pattern of guar seeds soars due to the petroleum industry’s rising demand. In the petroleum industry, guar seeds are used as components in several formulations for corrosion inhibition, fracturing fluids, enhanced oil recovery, and viscosity improvers. In 2020, the consumption of petroleum in India grew by 4.5%, according to the ministry of commerce & industry, which surges guar seeds’ growth. Furthermore, advances in drilling technology have altered consumer preference from synthetic to eco-friendly and natural alternatives, resulting in increased demand for guar gum. According to the Ministry of Commerce & Industry, India accounts for 90% of the world’s guar production.
2. Rising health consciousness among consumers gives rise to the demand for guar products, and the increasing use of guar in cattle food are some of the factors driving the Guar Complex Market. However, the high cost of guar seeds is one of the factors impeding market growth.
3. A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Guar Complex Market Report.
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Segmental Analysis:
1. Lubricants segment held the largest share in the engineered fluids market in 2021. The rising usage of lubricants, the market for the engineered fluids will further rise over the forecast period.
2. Asia-Pacific region dominated the engineered fluids market with a share of 42% in the year 2021. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for engineered fluids in developing countries such as China, Japan, India, and South Korea.
3. According to the International Energy Association (IEA), in China, in 2021, annual global energy investment is increased to US$ 1.9 trillion, recovering nearly 10 percent from 2020. Thus, the rising growth in the end use industry, will drive the engineered fluids market growth in the forecast period.
4. Oil and Gas industry held the largest share in the engineered fluids market in 2021 and is expected to grow at a CAGR of 5.9% during 2022-2027. The rising investments and production of oil and gas will raise the demand for engineered fluids, which will drive the engineered fluids market growth.
5. According to the Indian Brand Equity Foundation (IBEF), in November 2021, Oil and Natural Gas Corp. Ltd (ONGC) invested US$ 800 million in the petrochemicals arm—ONGC Petro Additions Ltd. (OPaL), in order to meet its equity requirements. Thus, the increasing investments and production of oil and gas will require more engineered fluids and transportation, which will drive the demand for engineered fluids during the forecast period.
Competitive Landscape:
The top 5 players in the Guar Complex industry are –
1. Supreme Gums Pvt. Ltd.
2. Lucid Colloids Ltd.
3. Saboo Group
4. Lamberti S.P.A.
5. Amba Gums and Feeds Products.
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