San Francisco, California, April 15, 2015 (GLOBE NEWSWIRE) -- Global xanthan gum market is expected to reach USD 987.7 million by 2020, according to a new study by Grand View Research, Inc. Growth of oil & gas industry is expected to be one of the primary factors driving xanthan gum demand over the forecast period. Increasing use of xanthan gum as an emulsion across a wide array of applications including salad dressings, toppings, relishes, sauces, non-fat milk, dairy products, baked and frozen foods coupled with growth of food & beverage industry is anticipated to augment market growth.
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Oil & gas and food & beverages together accounted for over 80% of xanthan gum market in terms of volume as well as revenue in 2013. Food & beverages is anticipated to be the fastest growing application of xanthan gum over the forecast period closely followed by oil & gas. Growing population, changing lifestyle of consumers and rising number of restaurants and cafes especially in India and China coupled with increasing use of xanthan gum as a low price alternative to guar gum in a wide range of food applications is expected to result in high demand for xanthan gum. Increasing demand for petroleum and petrochemicals is expected to result in increasing use of xanthan gum over the forecast period as it is an important component employed in drilling fluids.
Further key findings from the study suggest:
- Asia Pacific was the largest market accounting for over 40% of global xanthan gum volume share in 2013. Food & beverage growth in China, India, Malaysia and Singapore is expected to drive xanthan gum market over the forecast period. In addition, growing oil & gas production in China on account of their rising demand in automobile and chemical industries is expected to have a positive impact on xanthan gum market over the next six years.
- Xanthan gum market demand in pharmaceutical applications accounted for less than 5% in 2013. Xanthan gum is primarily used to retard drug release in tablets and is compatible with numerous stabilizers and thickeners. Growth in the pharmaceutical industry is likely to propel xanthan gum demand over the next six years.
- Recovery of pharmaceutical industry in the U.S. is expected to drive xanthan gum market growth over the forecast period. Positive industry outlook of pharmaceutical sector in China and India on account of favorable FDI policies and supporting regulatory policies to boost domestic production output is expected to have a positive impact on xanthan gum market.
- U.S. Department of Commerce announced antidumping duties on imports of xanthan gum from China. This move is anticipated to restrict the supply of xanthan gum manufactured in China. Companies operating in China, including Fufeng and Deosen, are likely to be negatively impacted by the implementation of antidumping duties in the U.S. Antidumping duties are anticipated to be in the range of 15% to 154%.
- Key market participants include Fufeng Group, Deosen Biochemical Ltd, CP Kelco, ADM, Jungbunzlauer, DuPont Danisco, Meihua Group and Pfizer Inc. Xanthan gum production is confined to the U.S., Austria, France and China. Raw material availability in China and Austria is anticipated to force market players to maintain their manufacturing units in vicinity.
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For the purpose of this study, Grand View Research has segmented the global xanthan gum market on the basis of application and region:
Global Xanthan Gum Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- Oil & gas
- Food & beverages
Global Xanthan Gum Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
- Saudi Arabia
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research