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Xanthan Gum Market size
Xanthan Gum Market size surpassed USD 650 million in 2021 and is expected to exhibit a CAGR of over 5.5% between 2022 and 2030. The introduction of government subsidies to boost oil output will accelerate the overall market growth.
Xanthan gum is being widely adopted as an ideal additive in oil and gas drilling and other applications, due to its thickening, pollution resistance, and salt resistance attributes. This oilfield treatment agent also has a significant impact on tertiary oil or fluid recovery. In 2021, over 23.9 million barrels of oil were produced per day in North America, a slight increase from 23.5 million barrels produced per day in 2020. This gradual rise in oil and gas output will augment the need for xanthan gum used in oilfields.
Likewise, xanthan gum is beneficial for use as an additive in drilling fluids, given its resilience to thermal deterioration and good compatibility with salts. Over the years, governments have been introducing huge subsidies for the oil and gas sector, mainly in the form of tax incentives. According to data from the International Monetary Fund, oil, natural gas, and coal received USD 5.9 trillion in subsidies in 2020. Such initiatives will encourage consumers to purchase these fuels and generate lucrative opportunities for the xanthan gum market development.
What is the key driver of the global xanthan gum market expansion?
The market size of xanthan gum was valued at over USD 650 million in 2021 and is expected to exhibit a CAGR of around 5% through 2030, owing to the increasing government subsidies for the oil and gas sector.
What is the value of the Asia Pacific xanthan gum industry?
APAC xanthan gum market will register a revenue of more than USD 470 million by 2030, due to the strong demand for high-quality skin conditioning agents.
Which companies are partaking in the xanthan gum industry share?
Some of the prominent market players include Cargill, Incorporated, DuPont Danisco, Solvay, The Archer-Daniels-Midland Company, CP Kelco, and Hebei Xinhe Biochemical Co. Ltd., among others.
Which application segment will remain lucrative in the xanthan gum industry?
Food and beverages segment is projected to register over 160 kilo tons in volume by 2030, given the rising application scope of xanthan gum as an additive in processed foods such as dairy products.