Newark, Sept. 07, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global pine-derived chemicals market is expected to grow from USD 4.9 billion in 2021 to USD 7.15 billion by 2030, at a CAGR of 4.3% during the forecast period 2022-2030.
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Pine forests have grown commercially and are rising in utilization for wood and non-wood products. The advancement in demand for pine as a basis of pine-derived chemicals fulfills the needs of the food, beverages, pharmaceutical, and chemical industries. Likewise, pine-derived chemicals have been used in biorefineries. Turpentine and Pine oleoresin are the most popular pine-derived chemicals of commercial importance. The latter is derived from pine oil and is majorly used as a paint thinner. Additionally, pine oleoresin has been mostly utilized for analysing its potential in tapping green chemicals and biofuels. Increasing research and interpretation of pine trees' economic and biological factors is a crucial driver for opportunities in the pine-derived chemicals market. The harmful terpenes have come under the scanner. And other current studies have repeated the genotoxicity of turpentine.
Competitive Strategy
To enhance their market position in the global pine-derived chemicals market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In October 2021, Eastman Chemical Company declared a final deal to sell its adhesives resins assets and business to Synthomer plc for a complete cash consideration of USD 1 billion. Pure monomer resins, polyolefin polymers, rosins and dispersions, and additional product lines are incorporated into the sale. Eastman's Additives &
Functional Products section now contains the company.
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Market Growth & Trends
Many products founded on pine tree-derived chemicals connect almost all around the globe, like fragrances, cosmetics, perfumes, food additives, sealants to automobiles, and printing inks to oil wells. Pine-derived chemicals are used to create flavours in food, soaps, household cleaners, soft drinks, food additives, vitamins, and other applications. Additionally, pine chemicals are utilized in the auto sector to make tires. The maximum usage and the need for pine-derived chemicals are rising in the chemical enterprise and are predicted to grow in the future. Similarly, Co2 emissions and greenhouse effects are increasing owing to expanding fossil fuel uses. The increasing demand to deprive carbon emissions shows the usage of more environmentally safe pine-derived chemicals, therefore boosting the development of the pine-derived chemicals market. Pine chemicals are derived from the pine tree. These chemicals are associated with a cluster of naturally emerging renewable materials. Usually, pine-derived chemicals are the outcome of oleoresin distillation or wood carbonization. They are also by-products of the kraft pulping procedure.
Key Findings
• In 2021, the gum rosin segment dominated the market with the largest market share of 17% and market revenue of 0.83 billion.
The type segment is divided into gum turpentine, pitch, tall oil fatty acid, gum rosin, sterols, tall oil rosin, and others. In 2021, the gum rosin segment dominated the market with the largest market share of 17% and market revenue of 0.83 billion. Gum rosin is operated in various forms like printing inks, adhesives, photocopying, laser printing paper, paper sizing, varnishes, soap, soda, soldering fluxes, and sealing wax. Another essential division of the global pine-derived chemicals market is the tall oil rosin (TOR).
• In 2021, the paints & coatings segment dominated the market with the largest market share of 24% and market revenue of 1.17 billion.
The application segment is divided into surfactants, paints & coatings, printing inks, and adhesives & sealants. In 2021, the paints & coatings segment dominated the market with the largest market share of 24% and market revenue of 1.17 billion. The market for pine-derived chemicals in the paints and coatings industry is pushed by transforming lifestyles, the increasing usage of secure and eco-friendly goods, especially in metropolitan regions, and increasing environmental problems.
• In 2021, the living trees segment dominated the market with the largest market share of 26% and market revenue of 1.27 billion.
The source segment is divided into stumps & logs, dead pine, living trees, by-product of sulphate pulping. In 2021, the living trees segment dominated the market with the largest market share of 26% and market revenue of 1.27 billion.
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Regional Segment Analysis of the Pine-Derived Chemicals Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global pine-derived chemicals market, with a market share of around 34.5% and 1.69 billion of the market revenue in 2021. North America handled the global market for pine-derived combinations. With the constant need for pine-derived chemicals due to the appropriate climate and functional advantages of pine-derived chemicals, rising environmental problems, increasing industrialization, the comfort of doing business, and broad application scope, Asia-Pacific is projected to be the fastest-growing region.
Key players operating in the global pine-derived chemicals market are:
• Wuzhou Sunshine Forestry Ltd.
• Kraton Corporation
• Ingevity Corporation
• Harima Chemicals Group
• Guilin Songquan Forest Chemical
• Foreverest Resources Ltd.
• ForchemOyj
• Florachem
• Eastman Chemical Company
• Arakawa Chemical Industries Ltd.
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This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global pine-derived chemicals market based on the below-mentioned segments:
Global Pine-Derived Chemicals Market by Type:
• Gum turpentine
• Pitch
• Tall oil fatty acid
• Gum rosin
• Sterols
• Tall oil rosin
• Others
Global Pine-Derived Chemicals Market by Application:
• Surfactants
• Paints & Coatings
• Printing Inks
• Adhesives & Sealants
Global Pine-Derived Chemicals Market by Source:
• Stumps & Logs
• Dead Pine
• Living Trees
• By-Product Of Sulphate Pulping
About the report:
The global pine-derived chemicals market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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