The global thickeners market was valued at $3.8 billion in 2023, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 5.4% from 2024 to 2031.
Thickeners are substances added to liquids to increase their viscosity, thereby improving texture, stability, and overall quality. They are commonly used in various industries such as food, cosmetics, pharmaceuticals, and manufacturing. Thickeners function by absorbing water or forming a gel-like structure, which thickens the liquid. Their properties include versatility in application, ability to enhance mouthfeel and consistency, and stability under different processing conditions. Thickeners may be natural, such as starches and gums, or synthetic, such as cellulose derivatives.
The expansion in the paints and coatings industry is significantly driving the demand for thickeners. As the construction and automotive sectors grow, the need for paints and coatings with enhanced properties such as improved viscosity and application performance increases. Thickeners play a crucial role in achieving these properties by stabilizing the formulation, preventing sagging, and ensuring a smooth finish. The construction boom in emerging economies, coupled with the rising demand for high-performance automotive coatings, underpins this trend. Moreover, expansion, product launches, and partnerships are key drivers of growth in the thickeners industry. Companies expanding production capacities, introducing innovative products, and forming strategic alliances can capture new markets, enhance competitiveness, and fuel the overall market expansion.
However, rise in costs associated with fluctuating raw material prices squeeze profit margins for thickeners producers, potentially limiting their ability to invest in innovation or expand operations. This may hinder the development of new thickener formulations or the exploration of alternative sourcing strategies. Consequently, businesses face challenges in meeting customer demands, as price fluctuations could lead to higher product prices or supply shortages. On the contrary, rise of natural and sustainable thickeners presents a lucrative opportunity for the growth of the thickeners market. As consumers increasingly prioritize environmentally friendly and health-conscious products, there has been a significant shift towards natural alternatives in various industries. Natural thickeners derived from plant-based sources such as tapioca starch, agar-agar, and pectin are gaining popularity due to their renewable and eco-friendly nature. For instance, in December 2021, Cargill declared that it would expand its offering of nature-derived solutions for clients by acquiring Croda's bio-based industrial division.
Segmentation Overview
The thickeners market is segmented into type, application, and region. Depending on type, the market is classified into inorganic thickener, cellulose ether, polysaccharides, polypeptides, synthetic polymer, natural polymer, and others. By application, it is divided into paints and coatings, textile, paper and pulp, detergent, food and beverages, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By type, the polysaccharides segment held the highest share in the market in 2023.
Depending on the application, the food and beverages segment accounted for the largest market share in 2023.
Region wise, Asia-Pacific dominated the thickeners market in 2023.
Competitive Scenario
The major players operating in the Thickeners market include BASF SE, Ashland Inc., CP Kelco U.S., Inc., DuPont, Dow Inc., Akzo Nobel N.V, The Lubrizol Corporation, Henkel Corporation, PPG Industries, Inc., and Elementis plc. Other players in the thickeners market include Fufeng, MEIHUA HOLDINGS GROUP CO., LTD., ALTANA, and DSM. These players have adopted several strategies, including mergers & acquisitions, partnerships, collaborations, and product innovation & diversification, to maintain their foothold in the market.
Thickeners are substances added to liquids to increase their viscosity, thereby improving texture, stability, and overall quality. They are commonly used in various industries such as food, cosmetics, pharmaceuticals, and manufacturing. Thickeners function by absorbing water or forming a gel-like structure, which thickens the liquid. Their properties include versatility in application, ability to enhance mouthfeel and consistency, and stability under different processing conditions. Thickeners may be natural, such as starches and gums, or synthetic, such as cellulose derivatives.
The expansion in the paints and coatings industry is significantly driving the demand for thickeners. As the construction and automotive sectors grow, the need for paints and coatings with enhanced properties such as improved viscosity and application performance increases. Thickeners play a crucial role in achieving these properties by stabilizing the formulation, preventing sagging, and ensuring a smooth finish. The construction boom in emerging economies, coupled with the rising demand for high-performance automotive coatings, underpins this trend. Moreover, expansion, product launches, and partnerships are key drivers of growth in the thickeners industry. Companies expanding production capacities, introducing innovative products, and forming strategic alliances can capture new markets, enhance competitiveness, and fuel the overall market expansion.
However, rise in costs associated with fluctuating raw material prices squeeze profit margins for thickeners producers, potentially limiting their ability to invest in innovation or expand operations. This may hinder the development of new thickener formulations or the exploration of alternative sourcing strategies. Consequently, businesses face challenges in meeting customer demands, as price fluctuations could lead to higher product prices or supply shortages. On the contrary, rise of natural and sustainable thickeners presents a lucrative opportunity for the growth of the thickeners market. As consumers increasingly prioritize environmentally friendly and health-conscious products, there has been a significant shift towards natural alternatives in various industries. Natural thickeners derived from plant-based sources such as tapioca starch, agar-agar, and pectin are gaining popularity due to their renewable and eco-friendly nature. For instance, in December 2021, Cargill declared that it would expand its offering of nature-derived solutions for clients by acquiring Croda's bio-based industrial division.
Segmentation Overview
The thickeners market is segmented into type, application, and region. Depending on type, the market is classified into inorganic thickener, cellulose ether, polysaccharides, polypeptides, synthetic polymer, natural polymer, and others. By application, it is divided into paints and coatings, textile, paper and pulp, detergent, food and beverages, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By type, the polysaccharides segment held the highest share in the market in 2023.
Depending on the application, the food and beverages segment accounted for the largest market share in 2023.
Region wise, Asia-Pacific dominated the thickeners market in 2023.
Competitive Scenario
The major players operating in the Thickeners market include BASF SE, Ashland Inc., CP Kelco U.S., Inc., DuPont, Dow Inc., Akzo Nobel N.V, The Lubrizol Corporation, Henkel Corporation, PPG Industries, Inc., and Elementis plc. Other players in the thickeners market include Fufeng, MEIHUA HOLDINGS GROUP CO., LTD., ALTANA, and DSM. These players have adopted several strategies, including mergers & acquisitions, partnerships, collaborations, and product innovation & diversification, to maintain their foothold in the market.
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Key Market Segments
By Type
- Inorganic Thickener
- Cellulose Ether
- Polysaccharides
- Polypeptides
- Synthetic Polymer
- Natural Polymer
- Others
By Application
- Paints and Coatings
- Textile
- Paper and Pulp
- Detergent
- Food and Beverages
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- BASF SE
- CP Kelco U.S., Inc.
- DuPont
- The Lubrizol Corporation
- Henkel Corporation
- PPG Industries, Inc.
- Dow Inc.
- Elementis plc
- Akzo Nobel N.V
- Ashland Inc
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: THICKENERS MARKET, BY TYPE
CHAPTER 5: THICKENERS MARKET, BY APPLICATION
CHAPTER 6: THICKENERS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Thickeners Market include:- BASF SE
- CP Kelco U.S., Inc.
- DuPont
- The Lubrizol Corporation
- Henkel Corporation
- PPG Industries, Inc.
- Dow Inc.
- Elementis plc
- Akzo Nobel N.V
- Ashland Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | July 2024 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value ( USD | $ 3.8 billion |
| Forecasted Market Value ( USD | $ 5.7 billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
