The robust growth in emerging markets and increasing application in various industries such as oil & gas, food, and pharmaceutical has presented a remarkable opportunity for the guar gum market. The growing demand for guar gum in the oil & gas industry and the increasing demand for natural food additives are driving the guar gum market.
The guar gum market is characterized by the presence of a large number of global and regional players. Key players are continuously adopting development strategies, such as expansions, new product launches, and agreements to strengthen their position. The key market players expand their business by venturing into new regions to increase their market share. For example, Lucid Colloids Ltd. (India) opened a new subsidiary, Lucid Colloids Europe Limited in London, U.K. for marketing, sales, and distribution of guar gum in the U.K. and Europe.
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Major Players in the Market includes:
- Penford Corporation (U.S.)
- TIC Gums, Inc. (U.S.)
- Lucid Group (India)
- Vikas WSP Limited (India)
- Ashland Inc. (U.S.)
Key players have been undertaking active R&D activities to introduce new products & technologies into the market. Ashland Inc. (U.S.) is one of the active players in the market that introduced a new guar gum product for the personal care segment. Market players are also focusing on launching new guar gum products with better properties to meet the growing requirement of different industries, such as oil & gas, food, and pharmaceutical. The rising demand for guar gum and the high-growth potential of emerging markets have encouraged companies to adopt this strategy.
Apart from various product launches and expansions, companies are also involved in acquisitions and agreements. Increasing industrial application of guar gum and continuous development in emerging markets such as Brazil, Russia, India, and China have made way for new entrants to find new opportunities in this market.
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