According to a market report, published by Sheer Analytics and Insights, the total Pine-Derived Chemicals Market was valued at $5.12 billion in 2021 and it is expected to reach $8.4 billion at a CAGR of 4.50% through the forecast period. Pine-derived chemicals are obtained from living pine trees, pine stumps, and logs. Several industries in forestry sectors are hugely dependent on raw materials derived from pine. Crude Tall Oil uses pine chemicals for its oil and chemical products. Government organizations such as Food and Drug Associations, The American Chemistry Council, Pine Chemicals Association, and the Environment Protection Agency are responsible for registering the pine chemicals products and regulating their usage, residue levels, safety, and security granted in food and other applications. Therefore, these kinds of regulations act affecting the pine-derived chemicals which already exist in the global market. Hence, new pine chemicals products are getting delayed to enter the market. However, growth opportunities are increasing in developing countries. The growing population and food industries are growing in demand and that would generally boost the pine-derived chemicals market across the globe. Moreover, in developing countries, several key players are investing in producing pine-derived chemicals using mergers, acquisitions, and partnerships which will help the market to grow.
Few developing countries are facing some challenges in recent times. In such countries, due to emerging economies, labor costs are decreasing; therefore some labors are working for themselves in forests. Moreover, these laborers are taking low wages due to a lack of bargaining ability, and even they are working in difficult forests places without modern safety equipment. Hence, some farmers are desperately going to cities to find other jobs with high wages. Therefore, these are naturally increasing the cost of pine chemicals production which might affect the growth of the pine-derived chemicals market. Based on type, Tall Oil Fatty Acid derived from pine is expected to hold the second-largest market share during the forecast period due to the increasing demand in manufacturing industries of mining, paints, soaps, coating, and metalworking fluid among others. As Tall Oil Fatty Acid is generally obtained from a natural source and is not chemically modified, therefore, this factor is going to drive the market growth over the upcoming years.
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Based on type, the gum rosin chemical segment is expected to be the largest segment in the global pine-derived chemicals market. Gum rosin is used in manufacturing industries of coating, printing inks, rubber, soaps, and food industries. It is considered as oldest rosin to consume across the globe. Based on the source, the living pine tree segment is anticipated to hold the largest market share in upcoming years. Through a method named tapping, pine chemicals are derived from living trees to obtain pine gums. This method is widely practiced in regions such as North America, Europe, Russia, and some parts of Asia-Pacific. Among these regions, Asia-Pacific is also expected to have profitable growth which is attributed to several new business ventures, acquisitions, and partnerships between other global key players. Therefore, it would change the dynamics of pine derived chemicals market across the Asia-Pacific region.
Key players dominating the global pine derived chemicals market include Eastman Chemical Company (U.S), Ingevity Corporation (U.S), Kraton Corporation (U.S), Harima Chemicals Group (Japan), Arakawa Chemical Industries Limited (Japan), Mentha and Allied Production Private Limited (India), George-Pacific Chemicals (U.S), Florachem Corporation (U.S) and others.
The Pine-Derived Chemicals Market Has Been Segmented Into:
The Pine-Derived Chemicals Market – By Type:
The Pine-Derived Chemicals Market – By Source:
The Pine-Derived Chemicals Market – By Procedure :
The Pine-Derived Chemicals Market – By Applications:
The Pine-Derived Chemicals Market – By Regions:
North America
Europe
Asia-Pacific
LAMEA
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