WASHINGTON, April 26, 2023 (GLOBE NEWSWIRE) -- The Global Terpene Resins Market is valued at USD 1.1 Billion in 2022 and is projected to reach a value of USD 1.84 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.7% over the forecast period 2023-2030.
Market Overview
The rising demand for tapes & sealants, inks & coatings, plastic & rubber processing, paper and pulp manufacture, and leather processing technology worldwide is responsible for expanding the worldwide Terpene Resins market. The global Terpene Resins market is expanding due to rising consumer demand for compact and fuel-efficient cars.
We forecast that the liquid in Terpene Resins market sales will account for more than 65% of total sales by 2030. A method to obtain superior and pure Terpene Resin is called liquid type. It is utilized in various products, including concrete structures, wood finishing resins, flavourings, and chemicals. Manufacturers of Terpene Resins frequently employ the liquid-type process because it has advantages compared to other approaches, including constant stream, less by-product creation and disposal issues, and cheap overheads.
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Market Dynamics
Growing Demand for Paint & Coating in Various End-Use Industries is Flourishing the Market Growth
Resin-based paints and coatings are frequently used in various industries, including housing, automobile OEMs, automotive refinishing, marine painting, industrial coating, wood coating, coil coating, transportation coating, fibre optics coating, and more. Any object's inner and external surfaces are coated with paint or coating to prevent high or low temperatures, Ultraviolet rays, cracks, stains, chemicals, and blisters. Terpene-based paints and varnishes have low volatile organic compound (VOC) concentration, great anti-corrosion resilience, and excellent adhesion.
Increased Demand for the Automotive Sector Drives the Market Growth
Since more polymers are being used in car components, they reason that it is widely used in the automotive sector. Also, increased manufacturing of both medium and large vehicles due to high Demand from the logistics and transportation sector of e-commerce. In addition, growing demand for electric and autonomous vehicles also stimulates the production of more small cars, which in turn fuels the expansion of the Terpene Resins market.
Top Players in the Global Terpene Resins Market
- Eastman Chemical Company (U.S.)
- Kratom Corporation (U.S.)
- Mangalam Organics Ltd. (Mumbai, India)
- Yasuhara Chemical Co. Ltd (Japan)
- Ingevity (U.S.)
- Bolin Chemical Industry Co. Ltd (China)
- Lesko Chemical Company (China)
- Arakawa Chemicals (Japan)
- Xinyi Son yuan Chemical Co. Ltd. (Japan)
- BOC Sciences (U.S.)
- Skyrun Industrial (China)
- Grenhall Industries Inc. (Canada)
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Top Trends in the Global Terpene Resins Market
- One trend that Vantage Market Research (VMR) expects to see in the Terpene Resins industry is the growing demand for liquid form. Monoclonal antibodies, or solid type, are another name for them. A protein B cells make the immune cells recognize and fight off foreign invaders. Manufacturing smart boards require several stages to produce a pure protein with the maximum yield, including separation, extraction, focusing, filtering, and reconcentration.
- Another trend that VMR predicts will continue in the Terpene Resins industry is its increasing trend in paper & pulp application. Terpene Resins are increasingly used in these applications due to good toughness, improved adhesion, non-toxicity, good exterior durability, and excellent temperature & chemical resistance. These properties also include high durability to chemical reagents, evaporation, and UV light.
Top Report Findings
- Based on the Form, most of the Terpene Resins market's revenue is controlled by the liquid category because of their inexpensiveness, strongest intermolecular assets, good impedance to the aging process, heat, cosmic rays, acid, and alkali, lack of door or toxicity, mechanical properties, high chemical resistance, better moisture resistance, outstanding mechanical qualities, good fatigue resistance, low shrinkage, strong survivability at low & hot temperatures, and high electrical resistance.
- Based on Grade, the technical category controls most of the Terpene Resins market's revenue. A type of resin known as technical grade resin is created specially to meet the technical specifications of a particular function or industry. It might have qualities that make it acceptable applications, such as high-temperature, UV, or chemical resistance.
- Based on Application, most of the Terpene Resins market's revenue is controlled by the adhesive & sealants category. The major function of the sealant is to ensure that no external objects enter the space between the two surfaces once the adhesives have firmly anchored them. In producing goods like photography, PCBs, couplings, and many more, adhesives are frequently used. Hot melt glue has better rework ability and reliability features and is the most often used adhesive. The two sealants that are most frequently used are silicone and urethane.
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Recent Developments in the Global Terpene Resins Market
- March 2022: Yasuhara announced they signed an agreement with Leaf Resources to purchase Terpene Resins for the next five years. The agreement is expected to strengthen Yasuhara’s Terpene Resins business.
- April 2022: Ingevity announced they were developing a new biobased oilfield product called EnvaWet UHS 3100 and EnvaDry P-FL derived from pine-based tree oil. These products will provide unique performance and sustainability advantages.
Adhesives and Sealants Category of the Application Segment of the Global Terpene Resins Market Forecast to Generate a Considerable Revenue in the Projected Timelines
For better understanding, based on the Application, the Terpene Resins market is divided into Inks & coatings, Adhesives & Sealants, Chewing gums, Plastic & rubber, Leather processing and Other Applications.
The Adhesives & Sealants category was the largest market by Application, and it is anticipated that it will continue to hold the top spot during the projected period. Adhesives and sealants are utilized in various industries, including canning, wood, footwear manufacturing, construction and roofing, electrical & electronics, vehicles, and many more. They are made of similar chemicals and technology. The market for adhesives and sealants has grown significantly due to the rising popularity of ultralight, low-emission automobiles. Increased adhesive sales have also increased as lightweight passenger cars with higher fuel economy, and reduced emissions have become more popular.
On the other hand, the Paper & Pulp category is anticipated to grow significantly. Due to their outstanding and distinctive qualities, such as better adhesion, excellent heat stability, good chemical resistance, and low toxicity, Terpene Resins are highly sought after in the pulp and paper industry. There is a growing demand for Terpene Resins throughout the projection period due to their qualities, making them appropriate for resins and binders in producing paper products, including secondary packaging and newspaper.
Asia Pacific Region of the Global Terpene Resins Market Anticipated to Generate a Major Portion of the Global Revenue
The Asia Pacific region is anticipated to do so in the coming years. The strong economies of South Korea, China, and India are mostly to blame for the development. The Terpene Resins market in the region is being driven by firms that have relocated there because of the region's low cost of production and ability to serve the growing local markets better.
The North American region is expected to see the fastest growth in the Terpene Resins market. This can be attributed to a rise in terpene demand in these regions' major businesses, like wood, food, and drink. Growing demand for a novel, exotic flavours and changing customer preferences are anticipated to increase terpene consumption in the coming years. The Terpene Market in North America is being driven further by the presence of renowned businesses that serve terpene end-use applications.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Terpene Resins Market Forecast Report (2023-2030).
Global Terpene Resins Market Segmentation
By Product Type
- Solid
- Liquid
By Grade
- Technical
- Industrial
By Application
- Inks & coatings
- Adhesives & sealants
- Chewing gums
- Plastic & rubber
- Leather processing
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 1.1 Billion |
| Revenue Forecast by 2030 | USD 1.84 Billion |
| CAGR | 7.7% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Eastman Chemical Company, Kratom Corporation, Mangalam Organics Ltd., Yasuhara Chemical Co. Ltd, Ingevity, Bolin Chemical Industry Co. Ltd, Lesko Chemical Company, Arakawa Chemicals, Xinyi Son yuan Chemical Co. Ltd., BOC Sciences, Skyrun Industrial, Grenhall Industries Inc. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/terpene-resins-market-2093/request-sample |
Key Questions Answered in the Terpene Resins Market Report are:
- What are the current market trends and drivers in the terpene resins market?
- What is the market size of the terpene resins market, and what is its expected growth rate over the forecast period?
- Who are the major players in the terpene resins market, and what is their market share?
- What are the different types of terpene resins available in the market, and what are their respective applications?
- What are the major regions contributing to the growth of the terpene resins market, and what are the factors driving their growth?
- What are the challenges and opportunities in the terpene resins market, and how can they be addressed?
- What are the recent developments and innovations in the terpene resins market, and how do they impact the market growth?
- What are the regulatory frameworks and standards governing the terpene resins market, and how do they affect the market growth?
- What is the competitive landscape of the terpene resins market, and what are the strategies adopted by the key players to gain a competitive edge?
- What are the future prospects and trends of the terpene resins market, and how can the stakeholders capitalize on them?
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