Pine Chemicals to Witness Steady Demand Growth, as Various Industrial Applications Gain Traction, Finds Fact.MR
Published : 10 Feb 2020 Industry: Chemical & Materials
The global pine chemicals market is projected to grow at a CAGR of over 5% and is estimated to be pegged at US$ 19 Bn by the end of the forecast period (2019-2029). Pine chemicals is being utilized in several industrial sectors, such as perfumes and cosmetics, food additives, automobiles, oil wells and printing inks. The pine chemical market has continuously adapted itself, and is now at the forefront of renewable and bio-based industries. This is helping the value-pool growth prospects of the pine chemicals market Moreover, burgeoning environmental problems owing to pollution from petroleum derived products and natural gas is leading to a significant escalation in demand for pine chemicals.
Key Takeaways of Pine Chemicals Market Study
- In 2018, more than 40% of the total pine chemicals market accounted for rosin products
- Rosin's special versatility makes it a favored source for adhesive resins, inks, gum, and drink stabilizers
- North America accounted for the highest market share within the global pine chemicals market due to the high production and consumption rates in U.S.
- The complex and changing regulations, including the U.S. FDA Ingredient Status and Chemical Control Act is kindling market demand for pine chemicals for use in food and packaging adhesives
- APAC is projected to grow at a CAGR of over 4% during the forecast period due to an amplifying preference for natural and bio-based products in the region
- China is presently the largest producer of pine chemicals in the world, accounting for more than half of the total world output
- The convenience of less exclusive petroleum-based products and reducing paper mill production are some of the restrictive factors that could hamper the global pine chemicals market during the forecast period.
“The global pine chemicals market is witnessing maximum traction with increasing number of downstream application, irrespective of high costs associated in the production process” says the Fact.MR analyst
Competitors Leveraging Biotechnology and Forest Management to Increase Output
The global pine chemicals market is consolidated in nature. Presently, the major producers of pine chemicals are Arakawa Chemical (USA) Inc., Arboris, LLC, ArrMaz Custom Chemicals, Inc., DRT, Eastman Chemical Company and others. The obstacles to market entry are extremely high with pine chemical producers patenting their inventions and processes. Emerging competitors are focusing on obtaining sustainable raw materials and relying on technological innovations by using biotechnology to produce hybrid trees and implement forest management techniques to improve the overall output of pine chemicals.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for pine chemicals, with historical data on demand (2014-2018) and expected projections for the period 2019-2029. The report discloses compelling insights into the demand for pine chemicals on product type (tall oil, rosin, turpentine), source (pine trunks, aged pine stumps, kraft pulp), application (coating and adhesives, solvent and disinfectants, printing ink, synthetic rubber, flavors & fragrances), across several major regions.
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs across the value chain. With an exhaustive database of over 1,000 reports and 1 million plus data points, the team has analyzed a number of chemicals and materials lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations. For more chemicals domain expertise, visit here.