Demand for Environment-friendly Materials Drive Pine-derived Chemicals Market
Pine-derived Chemicals to Reach USD 5.27 Billion by 2021
The report defines and segments the pine-derived chemicals market on the basis of type, application, source, process, and region, with analyses and projections of the market size of each of these segments in terms of value. The growing environmental concerns coupled with industrialization, the demand for environment-friendly and renewable raw materials, along with the reduction of carbon footprint are the factors driving the demand of pine-derived chemicals.
Paints & coatings application of the pine-derived chemicals market to grow at the highest CAGR during the forecast period
The paints & coatings segment has been estimated to lead the market in terms of value mainly due to the large quantity they are used in, growing industrialization, increasing environmental concerns, growing consumer’s awareness, safety attached to it, and producers’ inclination towards cost efficiency and profitability. The other applications segment includes food additives, cosmetics additives, and seed coatings, which is also expected to grow at a high CAGR during the forecast period. The growth is attributed to the growing health awareness among consumers, increasing demand by food manufacturers as pine-derived chemicals improves functionality, along with the advancement in food technology and food processing. Also, focus on increasing agricultural productivity are also responsible for increasing demand of pine-derived chemicals in food additives, cosmetics additives, & seed coatings industry.
Gum rosin: The most widely used type of pine-derived chemicals
The gum rosin segment accounted for the largest share in the pine-derived chemicals market in terms of value and is projected to grow at the highest CAGR from 2016 to 2021. The tall oil fatty acid segment is also projected to grow at a high CAGR. Growing research & development, high functional benefits, and diverse applications in adhesives, paints & coatings, ink, rubber, paper, and gum-based candy, and lower production costs along with possibility of large-scale production are driving the demand for gum rosin.
Asia-Pacific is projected to be the fastest-growing region in the pine-derived chemicals market
The North America region was the largest market for pine-derived chemicals in 2015. The Asia-Pacific region is projected to be the fastest-growing market for pine-derived chemicals during the forecast period. The market here is driven by increasing urbanization, growing disposable income, and advancements in technology. China dominated the Asia-Pacific market for pine-derived chemicals owing to the rapidly growing industrialization and investments in research and development.
This report studies marketing and development strategies, along with the product portfolio of leading companies such as Eastman Chemical Company (U.S.), Renessenz LLC (U.S.), Harima Chemicals Group, Inc. (Japan), Arakawa Chemical Industries, Ltd. (Japan), and MeadWestvaco Corporation (U.S.). Other players include Arizona Chemical Company, LLC (U.S.), DRT (Dérivés Résiniques et Terpéniques) (France), Georgia-Pacific Chemicals LLC. (U.S.), Mentha & Allied Products Pvt. Ltd. (India), and Foreverest Resources Ltd. (China).