Guar Gum Market Size

Guar Gum Market size was over USD 1.24 billion in 2023 and is projected to reach USD 3.02 billion by 2036, witnessing around 7.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of guar gum is assessed at USD 1.31 billion.

The growth of the market can be attributed primarily to the growing demand for guar gum from the oil & gas industry as its derivatives are extensively used across a wide array of applications, especially in green corrosion inhibitors, drilling fluid formulations, dispersants, and others.

Industrial grade guar gum is used as a thickening agent in the hydraulic fracturing for oil recovery and oil stimulation. Guar gum renders the hydraulic fracturing water viscous and thus make it capable of carrying and suspending proppant deep into the fractures created via the water pressure. In addition, the high viscosity of this biopolymer molecule also greatly reduces the friction and thereby augment water pressure. Moreover, the development of hydrophobically modified guar gum derivative (HMGG) for fracturing fluid formulations is also expected to result in the increased application of guar gum in oil and gas industry over the forthcoming years. The guar gum market is further projected to grow on account of the growing production of crude oil worldwide and therefore the need for guar gum in the oil & gas industry. According to the statistics by the United States Energy Information Administration (EIA), the annual production of crude oil and liquid fuel around the world reached 100.660 Million barrels per day in the year 2019 and is further projected to reach 101.822 Million barrels per day by the end of 2022.  

Further, growing adoption of guar gum in the pharmaceutical industry as a natural polymer, along with the rising popularity of convenience food products, such as soups, bread, and others, where guar gum is used a natural hydrocolloid, are some of the additional factors anticipated to drive the guar gum market growth.