Thickeners Market 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) : Global Opp

Thickeners Market 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) : Global Opportunity Analysis and Industry Forecast, 2024-2031

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.

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
Key Market Players
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