Pine Chemicals Market size is forecast to reach $5.91 billion by 2025, after growing at a CAGR of 4.20% during 2020-2025. Pine chemicals are safe and also environmentally friendly. Their usage leads to lower emissions of carbon dioxide than those generated from conventional sources. The recent history has contributed to growing emissions and environmental issues due to the widespread use of raw oil and natural gas products. Consequently, fossil fuel consumption is desperately required to reduce carbon footprint and emissions of carbon dioxide. Therefore, the market for such environmentally friendly chemicals from pines is expected to rise steadily over the forecast period.
Key Takeaways
- The demand for pine chemical products will also increase over the forecast period due to the rise in the flavors and fragrances industry.
- Emerging pine chemicals technologies are expected to act as a potential market growth opportunity.
- Additional factors are expected to drive sales growth of the target market over the predictive period, such as growing construction activities, growing disposable incomes, increasing application of inks, adhesives, soap, detergents, etc.. in the various sectors.
- Additionally, technical advancements, production increase and rising urbanization are expected to fuel pine chemicals demand.
Product Type - Segment Analysis
Rosins segment has been the primary market for Pine chemicals for many years. Rosin is a key CTO-processing ingredient and is often extracted from pine trees or pine stumps. It is a popular source of tint and adhesive resins, gums, drink stabilization and many other applications due to the specific versatility of the rosin. The largest product category is gum rosin, which has more than 60% of the market share of rosins. Gum rosins is commonly used as a frothing concrete agent and tilting adhesive, as well as heat melting adhesive, adhesive prone to pressure and rubber adhesives. Rosin is used mainly to improve adhesive strength, elasticity and viscosity. Rosin gum originates from a number of pine plants from other countries such as China, Brazil, Indonesia, Mexico and Vietnam. Furthermore, China is Rosin's world's largest market. China has a long tradition in the cable industry of using gum rosin as an isolating medium. Moreover, printing ink normally contains approximately 7% of rosin in China. The rosins drug segment is expected to impact the global fine chemicals market in the coming years by helping to increase demand from the adhesive and ink industry and new applications, such as wound treatment products. Thus, during the forecast era, rosin products would dominate the pine chemicals market.
End-Use Industry - Segment Analysis
Paints & Coatings segment has been the primary market for Pine chemicals for many years at a CAGR of 3.9%. The paints & coatings category dominated the pine chemicals industry because it is inexpensive and safe to use. The changing lifestyles, increased consumption of healthy and environmentally friendly goods, especially in urban environments and growing environmental concerns are driving the pine chemicals market in the paints and coating sector.
Geography - Segment Analysis
Europe dominated the Pine chemicals market share with more than 52.3%, followed by North America and APAC. The adhesive, sealant and tape industry produces annual sales of over EUR 3.7 billion, as indicated by the German Adhesives Association. In the region, demand for adhesive in the electronics and car industries is increasing. The decrease in production is primarily due to these industries. In Germany, however, total adhesive production continues to increase, backed by growth in other industries, including packaging and construction. In 2018 biodiesel production reached 3.2 billion metric tons, with a further increase to 2019, says the German Organization of the Biodiesel Producers. Furthermore, with approximately 600 design and architectural paints manufacturers in the region, the market for Italian paints is highly fragmented. Investment in the building industry is projected to increase according to ANCE, the Italian construction organization. Numerous lubricant blending units are also present in the region. Moreover, Eni is Italy's largest refining and petroleum product distributor. For other sectors, the company supplies lubricants. In addition, these factors are expected to raise consumer demand.
Drivers – Pine chemicals market
- Increasing demand for Food Adhesives
The US TSCA is setting the standard for pine chemicals on the market by adding food and adhesive packaging to the complicated and evolving laws, including FDA's Ingredient Status and Chemical Control Act. Apart from its "matured" demand for baking goods, the market for emulsifiers, colourants and sweeteners is increasingly growing in the country, the U.S. market oversees demand for candy, gums, and other manufactured items. There is a growing need for natural food additives in the US market for synthetic food additives. This trend is highly likely, during the forecast era, to fuel consumer demand studied.
Challenges – Pine chemicals market
- Limited Availability
The source of these pine products is not widely found worldwide but is concentrated in regions in North America, Latin America, and some countries in Europe and Asia. The restricted supply is therefore expected to pose a challenge in the forecast period for the growth of the global chemical pine industry.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Pine chemicals market. In 2018, the market of Pine chemicals has been consolidated by the top five players accounting for xx% of the share. Major players in the Pine chemicals market are Eastman Chemical Company, Renessenz LLC, Harima Chemicals Group, Inc., Arakawa Chemical Industries, Ltd., and Ingevity Corporation, Arizona Chemical Company, LLC, DRT (Dérivés Résiniques et Terpéniques), Georgia-Pacific Chemicals LLC., Mentha & Allied Products Pvt. Ltd., and Foreverest Resources Ltd., among others.
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