Pine-Derived Chemicals Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Pine-Derived Chemicals Industry Hit Worst due to Russia-Ukraine War Impact?
The pine-derived chemicals market size will gain traction from surging demand for environmentally friendly chemicals. An escalating rise in CO2 emissions has further expedited the demand across adhesives and sealants and paints & coatings applications. Fortune Business Insights™ has delved into these insights in an upcoming research report, titled, “Pine-Derived Chemicals Market, 2022-2029.”
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Pine-Derived Chemicals Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Pine-Derived Chemicals Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Gum Rosin Segment to Observe Considerable Growth with Growing Commercialization
In terms of type, the market is segmented into gum rosin, tall oil rosin, tall oil fatty acid, gum turpentine, pitch, sterols and others. Based on process, the industry is segregated into tapping and Kraft. With respect to application, the market is segmented into surfactants, adhesives & sealants, printing inks, paints and coatings and others. On the basis of geography, the market covers Europe, North America, Asia Pacific, the Middle East & Africa and Latin America.
The gum rosin segment will grow at a robust CAGR during the assessment period owing to increasing commercialization and expanding applications in paints & coatings and adhesives.
The research report includes industry dynamics, such as opportunities, drivers, restraints and trends. The primary resources, including interviews, have validated assumptions and findings. Primary interviews have helped offer insights into business scenarios. The report has been prepared through secondary research, including press releases, annual reports, white papers and journals. Moreover, qualitative and quantitative analyses have been used to analyze the technology landscape and market revenues.
Drivers and Restraints-
Buoyant Demand from Paints and Coatings to Provide Promising Growth Potentials
A notable shift to organized players propelled by consumer awareness has fueled the paints and coatings industry, auguring well for pine-derived chemicals market growth. The development of rural markets and the trend for safe painting solutions will encourage leading companies to ramp up their efforts globally. The cost-effective attribute, along with the usage of environmentally friendly products, is expected to drive the product demand. Moreover, industry players expect steady growth during the forecast period, largely due to the dominance of tapping as an economic and time-saving process. Amidst rising fuel consumption, the global push towards eco-friendly solutions will bode well for the industry outlook. However, rigorous government regulations and price fluctuation are well poised to challenge leading players gearing to expand their portfolios.
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Flourishing Adhesives & Sealants Sector in the U.S. to Propel North America Market
Stakeholders anticipate North America to account for the lion’s share of the global market during the forecast period. The growth outlook is attributed to the penetration of the adhesives and sealants sector across the U.S. and Canada. Prominently, gum rosin has gained popularity as floor tiling adhesives, pressure-sensitive adhesives and rubber adhesives. It is worth noting that the ingredient is sought-after to bolster viscosity, elasticity and strength of adhesives.
Asia Pacific pine-derived chemicals market share will observe an upward growth trajectory against the backdrop of the rising prominence of printing inks. Ink makers have exhibited a profound inclination for tall oil rosin for package printing purposes. With surging demand for good gloss and quick-drying properties, the ingredient will continue to gain ground across China, Japan, Australia and India. Given the usage of eco-friendly products and changing lifestyles, Asia Pacific will emerge as a happy hunting ground for pine-derived chemical manufacturers and suppliers.
Industry Players Focus on Product Portfolio Expansion to Bolster Penetration
Stakeholders are likely to assess competitive developments, including product rollouts, mergers & acquisitions, technological advancements and geographical expansion. Major players are slated to invest in R&D activities to boost penetration across untapped areas. One of the industry developments is highlighted below:
- September 2021: DL Chemical Co. Ltd. announced the acquisition of Kraton Corp., producer of bio-based products and specialty polymers derived from pine wood pulping co-products, for USD 2.5 billion in cash under a definitive merger agreement.
Some of the Leading Companies Profiled in the Market:
- Eastman Chemical Company (U.S.)
- Ingevity Corporation (U.S.)
- Harima Chemicals Group, Inc. (Japan)
- Arizona Chemical Company, LLC (U.S.)
- Georgia-Pacific Chemicals LLC. (U.S.)
- Foreverest Resources Ltd. (China)
- Mentha & Allied Products Pvt. Ltd. (India)
- Arakawa (Japan)
- Renessenz LLC (U.S.)
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