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Pine Chemicals Market - Growth, Trends, and Forecast (2019 - 2024)

Pine Chemicals Market - Growth, Trends, and Forecast (2019 - 2024)

  • July 2019
  • 149 pages
  • ID: 5797256
  • Format: PDF
  • Mordor Intelligence LLP

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Market Overview
The market for pine chemicals is expected to grow at a CAGR of over 4% during the forecast priod of 2019-2024. One of the major factors driving the market studied is the rising demand of pine chemicals in mining and floatation chemicals and lubricants. However, increase in the availability of cheaper substitutes is likely to restrain the market.

- Increase in demand from flavors and fragrances industry is also likely to boost the demand for pine chemicals during the forecast period.
- Emerging applications of pine chemicals is likely to act as an opportunity for the market growth in future.
- North America dominated the global market in 2018 owing to the presence of high number of pine trees in the region.

Key Market Trends
Rosin Products to Dominate the Market

- In 2018, rosin products accounted for more than 40% of the total pine chemicals market.
- Rosin is one of the primary products from processing CTO and is also recovered from tapping pine trees or extracting pine stumps.
- The unique functionality of rosin makes it a preferred source for ink and adhesive resins, chewing gum, drink stabilizers, and many other applications.
- Gum rosin is the major product type with more than 70% of the rosins market share. With the help of growing demand from adhesives and printing inks industries and emerging applications, like wound care products, rosin products segment is projected to have a deeper impact on the global pine chemicals market in the coming years.
- Hence, rosin products are likely to dominate the pine chemicals market during the forecast period.

North America to Dominate the Market

- In 2018, North America dominated accounted for the highest market share owing to the high production and consumption in United States.
- The pine chemical industry is one of the oldest segments of the US chemical industry. It is a stable industry with a long history of contributing to goods used, across the country.
- There is a shift in the focus of the United States paints and coatings manufacturers toward protective paints produced from alkyd resins, as alkyd polymers made from renewable raw materials, like pine chemicals, are available in water or water reducible formulas. This trend is likely to fuel the market demand for pine chemicals in the country.
- The complex and changing regulations including the US FDA Ingredient Status and chemical control law, the US TSCA are igniting the market demand of pine chemicals through the applications of food and packaging adhesives.
- The United States market is overseeing the demand for candies, gums, and other confectionary products, apart from its ‘matured’ demand for baked foods, which is further increasing the market for emulsifiers, colorants, and sweeteners, in the country.
- The US market is developed for synthetic food additives and is currently seeing a rapid demand for natural food additives. This factor has a high potential to propel the demand for the market studied, during the forecast period.
- Hence, owing to the high demand from several end-user industries, North America is likely to dominate the market during the forecast period.

Competitive Landscape
The market for pine chemicals is fragmented as the market share is divided among large number of companies. Some of the major players of thge market include Kraton Corporation, Ingevity, Harima Chemicals Group Inc., Pine Chemical Group among others.

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