The pine chemical industry is projected to grow at a healthy CAGR of 5% between 2019 and 2027. High demand for applications such as coatings, disinfectants and adhesives is a major driver of sales. Fact.MR reveals in a new study that increasing demand from the flavoring and fragrance industry continues to support the growth of the pine chemicals market.
The Fact.MR report concluded, “Fine chemicals are gaining significant traction despite their high production costs, with a growing number of downstream applications.”
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Fine Chemicals Market – Key Takeaways
- Rosin products will account for more than 40% of the global pine chemical market due to their high versatility.
- China will remain the major producer of pine chemicals throughout the forecast period.
- The coatings and adhesives segment will account for more than 30% during the forecast period.
- North America will remain the major regional market for pine chemicals, while APAC will see significant growth.
Fine Chemicals Market – Key Drivers
- Changes in regulations such as US FDA Ingredient Status and Chemical Control Act mainly contribute to demand growth.
- Demand for green products and expansion of application are important drivers for the pine chemicals market.
- Initiatives to minimize fossil fuel use support the demand for pine chemical products.
- Increasing activities related to raw material imports and exports will provide a prominent impetus to the pine chemicals market.
The global pine chemicals market has naturally consolidated with key competitors such as Arakawa Chemical (USA) Inc., Arboris, LLC, ArrMaz Custom Chemicals, Inc., DRT and Eastman Chemical Company acquiring a majority stake.
Recycled feedstock and recycled by-products from other sectors are used by suppliers as reserve raw materials, significantly reducing production costs while maintaining sustainability.
Developing an effective pine chemical rectification process is a key strategy for emerging competitors. Additionally, establishing strong partnerships with several FMCG companies to ensure capital flow has been a major factor in the growth of the pine chemical industry.
The global pine chemicals market is segmented on the basis of product type, source, application, and region.
· By product type:
- tall oil
· By source:
- pine trunk
- old pine stump
- kraft pulp
- coatings and adhesives
- Solvents and Disinfectants
- printing ink
- artificial rubber
- flavors and fragrances
· By region:
- North America
- Latin America
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