Thickeners Market size to increase by USD 2.51 bn between 2023 to 2028, Market Segmentation by Type and Geography, Technavio

NEW YORK, March 25, 2024 /PRNewswire/ -- The global thickeners market size is estimated to grow by USD 2.51 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 5.46% during the forecast period. The thickeners market in the paint and coating industry is driven by the demand for advanced formulations. Thickeners, such as associative thickeners, cellulose derivatives, and polyurethane thickeners, enhance coating performance by improving viscosity, stability, and application properties. These high-performance thickeners are essential for meeting evolving customer requirements and stringent performance standards in the food and beverage industry, particularly in processed foods, where they contribute to desired mouth feel as food additives.

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The Type segment emerges as the fastest-growing segment in the thickeners market

The Thickeners Market is experiencing significant growth due to the increasing demand in the building and construction industry. Urbanization in emerging economies, such as India and China, is driving this trend, as infrastructure development for residential, commercial, and industrial projects escalates. The rising urban population in these countries, with India's urban population projected to double by 2040 and China's urban population expected to increase by over 300-350 million between 2015 and 2040, is fueling the need for construction materials, including thickeners. Thickeners play a crucial role in improving the viscosity, workability, and application properties of various construction materials, such as paints, coatings, adhesives, sealants, and mortars. Consequently, the Thickeners Market is poised for continued expansion in the coming years.

The APAC region's expanding population and urbanization fuel the demand for textiles, paints, and coatings, all of which rely on thickeners. Rising disposable incomes in countries like India and Australia boost consumer spending in automobile, building, and construction industries, major thickeners end-users. Consumers' preference for convenience and superior quality products further increases thickeners' demand. Rapid industrialization in China and India, particularly in sectors like paints and coatings, textiles, and adhesives, underscores thickeners' significance in enhancing product performance and functionality, leading to market growth.

Commenting on the market trends, a Senior Analyst of Technavio, stated," The thinners market is poised for growth due to increased crude oil production in regions like the US, Canada, and the Middle East. Thickeners, key components of drilling fluids, ensure efficient drilling and wellbore stability. With rising oil prices and heightened energy demands, investments in oil and gas E&P sector are surging. Parallely, the food industry's reliance on processed foods and additives for desired mouth feel also drives thickeners demand."

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Analyst Review

The Thickeners Market encompasses a wide range of ingredients used in the Food & Beverage Industry for various applications, including Dressings, Beverages, Dairy & Frozen Desserts, and Processed Foods. Key raw materials in this market include Fluid, Gelatin, Eggs, Starches (such as Cornstarch, Rice Flour, and Arrowroot), Flour, and Vegetable Gums (like Agar-agar). These thickeners play a crucial role in enhancing the Mouth feel and Absorption of Nutrients in food products. The Extraction and Processing of these raw materials are essential to ensure optimal performance as Food Additives. The Thickeners Market continues to grow due to increasing consumer demand for convenient and ready-to-eat food options.

Market Overview

The Thickeners Market represents a significant segment of the global specialty chemicals industry. These essential additives play a crucial role in various industries, including paint and coatings, food and beverage, pharmaceuticals, and personal care. Thickeners, such as starches, cellulose derivatives, and gums, enhance the texture, viscosity, and stability of products. Conventional thickeners like cornstarch and modified ones like carboxymethyl cellulose are widely used. Bakery applications require specific thickeners like pectins and gums. The production of textured food products relies on the use of thickeners. Extracts like xanthan gum and locust bean gum are popular choices. Producers focus on developing innovative thickeners to cater to evolving market demands. The future of the thickeners market looks promising, driven by increasing consumer awareness and demand for natural and organic products.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio