Pine-Derived Chemicals Market worth $6.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 12, 2022 /PRNewswire/ -- According to a research report "Pine-Derived Chemicals Market by Type (TOFA, TOR, Gum Turpentine, Gum Rosin, Pitch, and Sterols), Application (Paints & Coatings, Adhesives & Sealants, Surfactants, and Printing Inks), Source, Process and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Pine-Derived Chemicals Market size is estimated to be valued at USD 5.5 billion in 2022. It is projected to reach USD 6.8 billion by 2027, recording a CAGR of 4.5%, in terms of value. The Increasing demand for renewable resources and the application of pine-derived chemicals in the end-user industry to drive the market.
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The gum rosin segment accounts for the largest market share in the pine-derived chemicals market
Based on type, the gum rosin segment is the largest segment in the overall pine-derived chemicals market. Gum rosin is the oldest and extensively consumed rosin and it finds its application in paints, coating, printing inks, rubber, soaps, electronics, and food industries. The high demand for gum rosin comes from the oil paint industry, where the carboxylation reaction of resin acid is used for producing resin used in paints, coating, and inks.
The living trees segment is projected to account for the second-largest market share in the pine-derived market during the forecast period
Based on source, the living trees segment is projected to account for the second-largest market share in the pine-derived chemicals market. Pine chemicals are extracted from living trees to obtain oleoresin or pine gum through a process known as tapping. Turpentine, a volatile component of these oleoresins is separated through a distillation process. This is largely practiced in areas of North America, Northern Europe, Russia, and across Asia.
Browse in-depth TOC on "Pine-Derived Chemicals Market"
284 – Tables
45 – Figures
267 – Pages
The paints & coatings segment is projected to grow at a significant CAGR in the pine-derived chemicals market during the forecast period
By application, the pine-derived chemicals market is segmented into adhesives & sealants, paints & coating, surfactants, printing inks, and other applications. Pine oils are used in paints & coating which improves the adhesion and works as a permanent coating. In a more environmentally conscious world, customers will want to use 'greener' paint & coating products that can lower the emission of harmful chemicals into the environment
The krafting process is projected to account for the second-largest share in the pine-derived chemicals market during the forecast period
By process, the pine-derived chemicals market is segmented into kraft process and tapping process. Most of the pine-derived companies in the world use the kraft process as the primary technique for extracting pine chemicals. The kraft process is beneficial in reducing environmental damage by reducing the impact of waste material generated from the pulping process.
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North America is the largest region in the pine-derived chemicals market in the forecast period
North America accounted for the largest region in the global pine-derived chemicals market in the forecast period. For the last few decades, the region has witnessed an increase in implementing new and innovative approaches in kraft process for extraction of pine chemicals. These factors have driven the market for construction, cosmetics, vitamin intermediates, pine oil disinfectants & insect repellents, fragrances & perfumes, and food & drink flavors in the region, which in turn, has contributed to the growth of the pine-derived chemicals market.
Key Players:
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Kraton Corporation (US), Eastman Chemical Company (US), Georgia Pacific Chemicals LLC (US), among others.
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