According to the latest report by IMARC Group, titled " Pine Chemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global pine chemicals market reached a value of US$ 5.12 Billion in 2021. Pine chemicals are generally derived from pine trees of the Pinaceae family. Originating in the northern hemisphere, they are usually obtained from the distillation of carbonized pine woods, dead pine logs and sulfate pulping. Some of the common uses of pine chemicals include the preparation of food additives, manufacturing of paints, soaps and detergents, and production of vehicle tires. Apart from this, they are also used to manufacture rubber adhesives that aid in enhancing the strength, viscosity and elasticity of numerous products.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pine Chemicals Market Trends:
The global market is primarily driven by significant growth in the mining industry. Coupled with the increasing demand for pine chemicals for extracting minerals from ores, this is providing a boost to the market growth. Along with this, the rising utilization of gum turpentine and rosin in the manufacturing of various consumer electronics is creating a positive outlook for the market. Additionally, the increasing adoption of pine chemicals in the production of pesticides and disinfectants that help in destroying pests, bacteria, algae and mildew is positively influencing the market growth. Furthermore, the widespread utilization of gum rosin with bakelite as an insulation material for soaking electric loops is providing a boost to the market. Other factors, including the increasing product usage in drug manufacturing, continuous product innovations and extensive research and development (R&D) activities conducted by key players for introducing improved product variants, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 6.6 Billion, growing at a CAGR of 4.10% during 2022-2027.
- On the basis of the product type, the market has been segmented into tall oil, rosin, turpentine and others.
- Based on the source, the market has been classified into pine trunks, aged pine stumps and kraft pulp.
- On the basis of the application, the market has been categorized into adhesives and coatings, solvents and disinfectants, printing ink, synthetic rubber, flavors and fragrances and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are Arakawa Chemical Industries Ltd, Arboris LLC, DRT (Firmenich SA), Eastman Chemical Company, Forchem Oyj, Harima Chemicals Group Inc., Ingevity Corporation, Kraton Corporation, OOO Torgoviy Dom Lesokhimik and SunPine AB.
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