Pine-derived chemicals can be defined as a wide range of chemicals that are extracted from the wood, bark, or needles of pine trees. Some of the well-known uses of these chemicals include adhesives, coatings, paint, solvents, disinfectants, fragrances, flavours, and pharmaceuticals. Some of the pine-derived chemicals include tall oil rosin (TOR), gum rosin, tall oil fatty acid (TOFA), gum turpentine, pitch, and many others. Pine-derived chemicals are known to provide various benefits, which include improving product performance, reducing greenhouse gas emissions, and increasing the reuse of materials.
Introduction:
The global pine-derived chemicals market is expected to witness significant growth during the forecasted period of 2024-2029, due to several factors such as the rising production of pine, which is influenced by the paints & coatings, and the adhesives & sealants markets’ expansion.
Market Drivers:
- Rising production of pine: the increasing growth in the production of pine will help propel the pine-derived chemicals market growth, coupled with the increase in applications such as paint, coating, adhesives, sealants, printing ink, and many others. As per the Southern Integrated Pest Management Center, 1.2 billion seedlings are grown annually in the southern part of the United States. Among the large production of pine, the average production per nursery accounts for an estimated 30 million annually, with the production ranging from 5 million to 120 million seedlings depending on the size of the nursery. Due to the increase in the production of pine, the increase in the usage of pine-derived chemicals will be expected to witness an increase, further boosting the market growth during the forecasted period.
- Growing applications in paints & coatings: Pine-derived chemicals are known for being a component in several paints and coating applications in the industry, due to their renewability and sustainability when compared to petroleum-based chemicals in the market. The global pine-derived chemicals market growth will, therefore, increase alongside the paints and coatings industry expansion worldwide. For instance, as per the Home Improvement Research Institute, the interior and exterior paint market was projected to reach $13.7 billion in the paints & preservatives category of the professional market, which includes industrial uses, in 2023, contributing to an expected growth of 4.1%. The interior and exterior paint market was further expected to increase to reach an estimated $15.2 billion in the paints & preservatives category of the professional market by 2026. This increase in growth will be expected to contribute to the global pine-derived chemicals market growth during the forecasted period.
- Growing application in adhesives & sealants: The use of pine-derived chemicals in the production of adhesives and sealants is expected to increase due to the increase in utilization in the construction and automotive industries. Therefore, the increase in the adhesives and sealants market will be expected to drive the global pine-derived market growth during the forecasted period. For instance, as per the Association of the European Adhesive & Sealant Industry (FEICA), the European adhesive & sealant industry was valued at an estimated €19.9 billion in 2022, which accounts for an estimated volume of 4.8 million tonnes. Furthermore, adhesives accounted for 83.5% share in volume and 74.7% share of the value as a contribution in 2022. It has also been stated that the market is expected to reach an estimated demand of 5.3 million tonnes in volume, with an estimated value reaching €21.4 billion by 2028. This increase in growth of the adhesives & sealants market will help drive the pine-derived chemicals market growth during the forecasted period.
Key Players:
- KRATON CORPORATION: A global company known for the development, manufacturing, and selling of speciality polymers and biobased chemicals in the global market. They are also known for producing styrene block copolymers (SBCs), high-value performance products, and specialty polymers.
- Arakawa Chemical Industries, Ltd: A Japanese company known for the manufacturing and marketing of intermediate materials, which include paper, printing ink, adhesive tapes, and many others.
Regional Analysis:
The Asia Pacific region is expected to witness significant growth in the global pine-derived chemicals market during the forecasted period. The factors that contribute to the market growth are the increasing paints and coating industry expansion in the region. India and China are expected to contribute to the majority of the growth in the region, due to the large construction and housing industry. Pine-derived chemicals are well known for their usage in paints and coating products in the market. These chemicals are known for offering a renewable and sustainable alternative to petroleum-based chemicals, which makes them popular for applications such as paints, coating, adhesives, sealants, and many others.
For instance, the IBEF has released a report on the paints and coatings industry, which is a report based on the leading paint manufacturer in India called Akzo Nobel India. It states that the Indian paints and coatings industry is expected to reach an estimated US$12.22 billion during the period 2024-2029, accounting for an estimated Rs 1 lakh crores in Indian currency. The raw materials account for 55-60% of all input costs, further contributing to the growth of pine-derived chemicals in the market. The company has also stated that the valuation of the company in the industry accounted for an estimated US$7.57 billion (Rs. 62,000 crore) in 2023. The relevance of top players in the market, coupled with the paintings and coatings market growth during the forecast period, will drive the pine-derived chemicals market growth.
Segmentation:
- By Type:
- Tall Oil Rosin (TOR)
- Gum Rosin
- Tall Oil Fatty Acid (TOFA)
- Gum Turpentine
- Pitch
- Others
- By Source:
- Living Trees
- Dead Pine Stumps and Logs
- By-products of Sulfate Pulping
- By Application:
- Paints & Coatings
- Adhesives & Sealants
- Printing Inks
- Food Additives
- Others
- By Geography:
- North America
- United States
- Canada
- Mexico
- South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others