Global Pine-Derived Chemicals Market Poised for Steady Growth
The Global Pine-Derived Chemicals Market is experiencing consistent expansion, driven by increasing demand across various industries such as adhesives, paints and coatings, and fragrances. Valued at approximately USD 5.8 billion in 2022, the market is projected to reach nearly USD 8.5 billion by 2031, exhibiting a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period.
Competitive Landscape
The pine-derived chemicals industry comprises several key players striving to meet the evolving demands of consumers. Notable companies include Ingevity Corporation, Harima Chemicals Group, Inc., Kraton Corporation, Eastman Chemical Company, and DRT (Dérivés Résiniques et Terpéniques). These companies are investing in research and development, expanding their product portfolios, and enhancing distribution networks to maintain a competitive edge.
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Regional Demand Highlights
The Asia Pacific region holds a dominant position in the pine-derived chemicals market, accounting for a significant share of global revenue. This dominance is attributed to rapid industrialization, urbanization, and increasing applications in adhesives, paints, and coatings within the region.
Segmentation Analysis
by Product
TOFA
TOR
Gum Turpentine
Gum Rosin
Pitch
Sterols
Others
The market for chemicals produced from pine is led by the gum rosin category. The tall oil segment is anticipated to increase at a high compound annual growth rate. Lower synthesis costs, the potential for large-scale manufacturing, expanding R&D activities, significant functional benefits, and numerous applications in gum-based candies, adhesives, paints & coatings, ink, rubber, paper, and gum.
by Application
Paints & Coatings
Adhesives & Sealants
Surfactants
Printing Inks
Because of its widespread use, growing industrialization, developing environmental concerns, growing consumer awareness, the safety associated with it, and producers’ preference for cost effectiveness and profitability, paints and coatings are the market leader. Seed coatings, food additives, and cosmetics additives are also anticipated to rise at a moderate CAGR.
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Key Market Participants:
1. Eastman Chemical Company
2. Renessenz
3. Harima Chemicals Group
4. Arakawa Chemical Industries
5. Ingevity Corporation
6. Arizona Chemical Company
7. DRT (Dérivés Résiniques et Terpéniques)
8. Georgia-Pacific Chemicals
9.Mentha & Allied Products
10. Preverest Resources Ltd.
11. Arboris LLC
12. ArrMaz
13. International Flavors & Fragrances Inc
14. Kraton Chemical LLC
15. Mercer International Inc.
16. Pine Chemical Group
17. Plasmine Technology Inc
18. Resinall Corp
19. Respol (Forchem Oyj)
20. Sunpine AB
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