Ocean View, DE -- (SBWIRE) -- 07/02/2020 -- Rheology modifiers market demand will be largely propelled by growing consumer inclination towards high-quality cosmetic and personal care products. Driven by a significant rise in per capita income levels, consumers are now increasingly spending on hair and skin care products such as shampoos, conditioners, body lotions, and face creams. These trends can be also linked with increasing focus on personal health and beauty aspects.

Paints & coatings application segment was valued at US$1.5 billion in 2015 and is projected to grow steadily over the next few years. Rapid expansion of construction and automotive sectors is fueling the demand for different paints and coatings.

Viscosity modifiers such as hectorite, fumed silica, and polyether polyol associative thickeners are largely used in adhesives and sealants to improve solvent-borne, water-borne, UV-cured and high solid systems. The adhesives & sealants industry is slated to surpass more than US$70 billion by 2024, which will augment rheology modifiers market share during the forecast timeframe.

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Top Key players
1. Air Products and Chemicals
2. Akzo Nobel N.V.
3. Arkema S.A.
4. Ashland Inc.
5. BASF SE
6. Cargill Inc.
7. Clariant
8. Croda International plc
9. Diransa San Luis S.A.
10. The Dow Chemical Company
11. DuPont
12. Eastman Chemical Company

Growth Drivers are
- Growing paint & coatings industry
- Increasing personal care product demand
- Rising adhesives & sealants demand
- Growing demand for pharmaceuticals
- Robust growth in construction

Global rheology modifiers market size will hit more than US$6.83 billion by 2024. Rheology modifiers, also widely known as viscosity modifiers or thickeners, can be broadly categorized into organic and inorganic. Organic rheology modifiers product segment is projected to witness a healthy CAGR of 3.5% through 2024. Organic viscosity modifiers are prominently used in construction, pharmaceutical, and paints & coatings applications to maintain the required consistency of products.

From a regional point of view, Asia Pacific region, led by China, Japan, and India accounted for more than 35% volume share of global rheology modifiers industry in 2015. This can be majorly attributed to rapid industrialization in these countries over the past decade. Additionally, a booming construction sector driven by ongoing urbanization will complement the regional outlook.

Further elaborating on the geographical landscape, U.S. rheology modifiers market size was estimated to be worth more than US$830 million in 2015. Major factors driving the regional demand include an aging population and a substantial upsurge in the demand for cosmetic and personal care products such as anti-aging creams.

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Crude oil is an essential raw material which is used to manufacture the raw materials required to synthesize viscosity modifiers. Fluctuating crude oil prices is one of the most prominent factors influencing the cost of commodity chemicals and raw materials used in product manufacturing. Unstable crude oil prices is one of the major growth hampering factors for rheology modifiers market.

Key players are Elementis plc, The Euclid Chemical Company, Evonik Industries AG, FCC Inc., Global Drilling Fluids and Chemicals Limited, Hangzhou Jingyi Chemical Co. Ltd., The Lubrizol Corporation, Mallard Creek Polymers, Inc., MüNZING Group, PPG Industries, Inc., San Nopco Limited, SNF Holding Company, Air Products and Chemicals, Inc., Akzo Nobel N.V., Altana AG, Arkema S.A., Ashland Inc., BASF SE, Cargill Inc., Clariant, Croda International plc, Diransa San Luis S.A., The Dow Chemical Company, DuPont, Eastman Chemical Company,