Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "Pine-Derived Chemical Market - which is forecasted from 2022 to 2027”.
The growing demand for bio-based renewable alternatives for chemicals, as well as stricter government restrictions worldwide, is responsible for stimulating the global expansion of the Pine-Derived Chemical Market.
As per the report, the Pine-Derived Chemical Market is expected to grow at a CAGR of 4.67% to reach US$13.703 billion by 2027, from US$9.956 billion in 2020.
The Pine-Derived Chemical market is driven by the increasing demand for environment-friendly renewal resources. Also, the increasing agricultural advancements in developing countries are expected to drive up the pine-derived chemical market. The increasing market for paint, coatings, and adhesives is also expected to increase the market demand.
The increasing strictness in government safety, usage, and residue regulation is expected to pose a challenge for the market. Moreover, the increasing labor prices in developing countries might also drive up the industry prices, leading to a decrease in the market demand.
Based on Type, the Pine-Derived Chemical market is categorized into Tall Oil Fatty Acid, Tall Oil Rosin, Sterols, Pitch, Gum Turpentine, Gum Rosin, and Others. The gum rosin segment covers the largest share of the overall market. The oil paint industry is the largest consumer of the gum rosin segment, which uses it to produce paints, inks, and coatings. Gum rosin is also used to produce rubber, soaps, electronics, etc.
Based on the Source, the Pine-Derived Chemical market is divided into Living Trees, Dead Pine Stumps & Logs, and By-products of Sulphate Pulping. From these segments, the by-products of sulphate pulping hold a major share in the market. It is used to extract pine wood pulp and cellulose fiber, which is used in the end-use industry.
Based on Process the Pine-Derived Chemical market is segmented into Tapping and Kraft. The tapping segment covers a large part of the market. Pine oleoresin and gum are obtained from living pine trees by the tapping method. The tapping process is used to produce adhesives, paints, and coatings, and with its increasing relevance in the market, the tapping segment is expected to further drive the market.
Based on Application the Pine-Derived Chemical market is segmented into Paints & Coatings, Adhesives & Sealants, Printing Inks, Surfactants, and Others. The paint and coatings segment holds a major share in the overall market, followed by the adhesives and sealant segment. The increasing demand for environment-friendly paint and coating applications has resulted in an increase in market demand.
Based on Geography North America, South America, Europe, the Middle East, Africa, and the Asia Pacific are the regions that make up the Pine-Derived Chemical market. North America holds the largest share in the pine-derived chemical market, mostly due to the increasing adhesive and sealant market in the area. The APAC region is also expected to see significant growth due to the increasing demand for sterols and gum resins. Developing countries have also seen growth prospects due to the increasing agricultural developments in the area.
As part of the report, the major players operating in the Automotive Testing and Certification market that have been covered are Eastman Chemical Company, Harima Chemicals Group, Inc., Arakawa Chemical Industries Ltd, Ingevity Corporation, DRT (Dérivés Résiniques ET Terpéniques), etc.
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This analytic report segments the Pine-Derived Chemical market on the following basis