According to the new market research report "Pine-Derived Chemicals Market by Type (TOFA, TOR, Gum Turpentine, Gum Rosin, Pitch, Sterols, Others), by Application (Paints & Coatings, Adhesives & Sealants, Surfactants, Printing Inks), by Source, by Processes and Region - Global Forecast to 2021", published by MarketsandMarkets™, the The market for pine-derived chemicals is projected to reach USD 5.27 Billion by 2021, at a CAGR of 4.5%
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The key factors that are driving the growth of this market include increasing environmental concerns, growing industrialization, and focus on use of renewable resources & resource optimization, which has led to a large-scale adoption of pine-derived chemicals for various applications. Also, with rapid increase in pollution and exploitation of fossil fuels, the pressure on the ecosystem has compelled the need to find alternatives to replace fossil fuels with renewable raw materials.
Paints & coatings application of the pine-derived chemicals market to grow at the highest CAGR during the forecast period
The paints & coatings segment has been estimated to lead the market in terms of value mainly due to the large quantity they are used in, growing industrialization, increasing environmental concerns, growing consumer’s awareness, safety attached to it, and producers’ inclination towards cost efficiency and profitability. The other applications segment includes food additives, cosmetics additives, and seed coatings, which is also expected to grow at a high CAGR during the forecast period. The growth is attributed to the growing health awareness among consumers; increasing demand by food manufacturers as pine-derived chemicals improves functionality, along with the advancement in food technology and food processing. Also, focus on increasing agricultural productivity is also responsible for increasing demand of pine-derived chemicals in food additives, cosmetics additives, & seed coatings industry.
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Gum rosin: The most widely used type of pine-derived chemicals
The gum rosin segment accounted for the largest share in the pine-derived chemicals market in terms of value and is projected to grow at the highest CAGR from 2016 to 2021. The tall oil fatty acid segment is also projected to grow at a high CAGR. Growing research & development, high functional benefits, and diverse applications in adhesives, paints & coatings, ink, rubber, paper, and gum-based candy, and lower production costs along with possibility of large-scale production are driving the demand for gum rosin.
Asia-Pacific is projected to be the fastest-growing region in the pine-derived chemicals market
The North America region was the largest market for pine-derived chemicals in 2015. The Asia-Pacific region is projected to be the fastest-growing market for pine-derived chemicals during the forecast period. The market here is driven by increasing urbanization, growing disposable income, and advancements in technology. China dominated the Asia-Pacific market for pine-derived chemicals owing to the rapidly growing industrialization and investments in research and development.
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Eastman Chemical Company (U.S.), Renessenz LLC (U.S.), Harima Chemicals Group, Inc. (Japan), Arakawa Chemical Industries, Ltd. (Japan), and Ingevity Corporation (U.S.). Other players include Arizona Chemical Company, LLC (U.S.), DRT (Dérivés Résiniques et Terpéniques) (France), Georgia-Pacific Chemicals LLC. (U.S.), Mentha & Allied Products Pvt. Ltd. (India), and Foreverest Resources Ltd. (China) are among a few major players in the industrial valve market.
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Pine-Derived Chemicals Market worth 5.27 Billion USD by 2021
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