Pine derived Chemicals Market to Perceive Substantial Growth During 2026
The
global pine-derived chemicals market was valued at US$ 5,170.1 Mn in
2017 and is anticipated to expand at a CAGR of 4.3% from 2018 to
2026, according to a new research report titled ‘Pine-derived
Chemicals Market: Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast, 2018–2026,’ published by Transparency
Market Research (TMR) Increase in the demand for pine-derived
chemicals in the construction sector is anticipated to augment the
global pine-derived chemicals market during the forecast period.
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Report Overview @
Increase
in Demand for Eco-friendly Chemistry
Pine
chemicals is a family of renewable, naturally occurring materials
derived from the pine tree (genus Pinus). These chemicals are derived
through the distillation of oleoresin or carbonization of wood. A
majority of distilled products are made from gum, stumps, logs, and
sulfate pulp byproducts. During the papermaking process, chemicals
from pine trees are recovered as co-products of the pulping process
in the form of crude tall oil (CTO) and crude sulfate turpentine
(CST). Oleoresin can also be recovered from pine trees. It is
separated into gum rosin (GR) and gum turpentine (GT).
Awareness
Regarding Protection of Renewable Resources
The
pine-derived chemicals market supports use of renewable energy. It
also supports policies regarding biomass or renewable resources.
Efforts are being taken to incentivize the use of renewable energy
sources, which may include burning biomass to produce energy. The
forestry sector can be an important source of biomass. The state and
federal policies regarding biomass or renewable resources, such as
burning of the biomass rather than using it in the manufacture of
pine-derived chemicals, are adversely affecting the pine chemistry
industry. Due to burning of biomass, pine-derived chemical resources
are likely to waste as renewable resources and this could affect the
biorefining manufacturing infrastructure in the U.S. in the next few
years. Government incentives that encourage the burning of biomass
for bioenergy deplete the supply of these valuable materials and
prevent players operating in the pine-derived chemicals market from
utilizing eco-friendly co-products derived from papermaking.
Government-incentivized
Burning of Renewable Materials
Policies
are being proposed in the U.S. that papermaking co-products used as
renewable biomass should be burned. This could lead to tax credits
that provide an incentive to burn these co-products for energy,
instead of allowing the existing pine-derived chemicals market to
upgrade these products and use the renewable resources. Government
incentives potentially threaten the viability of the pine-derived
chemicals market, as they could tip the balance in the favor of
bio-based energy. Thus, it is required to maintain a balance between
economic competition and government incentives.
Gum
Rosin Segment to Dominate Global Pine-derived Chemicals Market
Based
on type, the global pine-derived chemicals market has been segmented
into tall oil fatty acids, tall oil rosin, gum turpentine, gum rosin,
pitch, sterols, and others. The gum rosin segment held a leading
share of the global market, in terms of both value and volume, in
2017. The segment is estimated to expand at a considerable pace
during the forecast period. Gum rosin is used in printing inks,
photocopying and laser printing paper, varnishes, adhesives, soap,
soda, soldering fluxes, and sealing wax as well as in paper sizing.
Tall oil rosin (TOR) is another significant segment of the market. It
is estimated to expand at a rapid pace during the forecast period.
TORs are unmodified in order to provide a cost-effective and flexible
starting point for several end-use applications and customer-specific
processes. Tall oil fatty acids is another significant segment of the
pine-derived chemicals market. They are used in the manufacture of
dimer acids, alkyd resins, oilfield chemicals, metalworking fluids,
liquid cleaners, textile chemicals, fuel additives, construction
chemicals, metallic stabilizers, and fatty derivatives. Gum
turpentine and gum rosin segments are projected to expand at a
significant growth rate during the forecast period. The sterols
segment held a relatively minor share of the global pine-derived
chemicals market in 2017.
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Paints
& Coatings Segment to Lead in Terms of Demand
In
terms of application, the global pine-derived chemicals market has
been divided into paints & coatings, adhesives & sealants,
surfactants, and printing inks. The paints & coatings segment
accounted for a dominant share of the global pine-derived chemicals
market, in terms of both revenue and volume, in 2017. Paints and
coatings make other products more durable, more attractive, safer,
and more saleable. The adhesives & sealants segment constituted a
significant share of the global market in 2017. The segment is
estimated to expand rapidly during the forecast period. Adhesives and
sealants function along with other components of the assembly to
provide a durable product. The others segment held a significant
share of the global pine-derived chemicals market in 2017. It is
anticipated to expand at a considerable pace during the forecast
period. Rubber is composed of different ingredients including the
base monomer, vulcanization agents, modifiers, fillers, and
plasticizers. Printing inks and surfactants segments constituted
relatively low shares of the market. These are expected to expand at
a sluggish pace during the forecast period.
Asia
Pacific Dominates Global Pine-derived Chemicals Market
Based
on region, the global pine-derived chemicals market has been
classified into North America, Europe, Asia Pacific, Middle East &
Africa, and Latin America. In terms of value and volume, Asia Pacific
was the leading region of the global market in 2017. The region is
estimated to continue its dominance during the forecast period. The
market in the region is anticipated to expand at a rapid pace during
the forecast period, due to increase in urbanization, growth in the
disposable income of consumers, and advancements in technology in
Asia Pacific. In terms of consumption, Europe and North America
follow Asia Pacific. The market in Europe and North America is
expected to expand at a significant pace from 2018 to 2026, owing to
easy availability of pine trees in these regions. In terms of demand,
Latin America and Middle East & Africa constituted relatively low
shares of the global market in 2017. However, the market in Latin
America is estimated to expand at a substantial pace during the
forecast period, owing to wide availability of pine trees in the
region.
High
Degree of Competition among Market Players
The
global pine-derived chemicals market is dominated by large-sized
players. Presence of several large-sized players makes the market
highly competitive. Key players operating in the market are Eastman
Chemical Company, Harima Chemicals Group, Inc., Arakawa Chemical
Industries, Ltd., Kraton Corporation, and Forchem Oyj.
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