The pine-derived chemicals market encompasses a wide range of products derived from pine trees, including resins, essential oils, rosin, turpentine, and tall oil. These chemicals find applications across various industries such as adhesives, paints and coatings, flavors and fragrances, lubricants, and personal care products. The global pine-derived chemicals market size is estimated to reach $6.8 billion by 2027, growing at a 4.5% compound annual growth rate (CAGR). The global market size was valued $5.5 billion in 2022.
Pine-derived chemicals industry growth opportunities
There are huge growth opportunities in the world’s developing countries where the agriculture sector is growing rapidly. The high population growth and growing industrialization result in increased food demand. The FAO projects that the trend will continue to be the same for the next two decades. More than 90% of total industries’ wood products manufactured in developing countries will be utilized domestically. This will boost the global pine-derived chemicals industry growth. There have been quite a few investments by means of mergers, acquisitions, and partnerships by key players in developing regions. These developments in the pine-derived chemicals industry will drive the need for raw materials obtained from pine trees and increase its demand and application into the end-consumer segment. It would also provide employment and generate income opportunities in developing countries.
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How do pine-derived chemicals contribute to lowering the carbon footprint compared to their synthetic counterparts?
Increasing demand for bio-friendly products
The demand for these products is exponentially increasing because consumers are inclined more toward environment-friendly products. These chemicals use natural and renewable products as raw materials to develop basic as well as necessary items and serve as a mechanism to lower the carbon footprint. Crude Tall Oil (CTO) is a very prominent example of pine chemistry which has varied applications. The pine-derived chemicals are obtained from living trees, pine stumps, and logs for which the industry depends on raw materials from the forestry sector. The American Chemistry Council (ACC) presented that the global availability of CTO will increase to 2.26 million tonnes per year by 2030, owing to the growth of pine-derived chemicals over their chemical substitutes.
Asia Pacific’s growth is attributed by many new ventures, acquisitions, and collaborations occur between global players, which are expected to change the dynamics of the Asia Pacific pine-derived chemicals market. Due to low labor costs and the execution of new processing methods, most of the production of pine chemicals, especially gum rosin, is carried out in the Asia Pacific, affecting the overall market conditions. In short, the Asia Pacific region is rapidly emerging in the pine chemicals manufacturing segment, supported by strong forestry management, leading to sustainability.
Prominent firms featured
· Foreverest Resources Ltd (China)
· Harima Chemical Company (Japan)
· Takasgo International Corporation (Japan)
· Chemiplas Australia Pvt Ltd (Australia)
· Mentha and Allied Products Ltd. (India)