The global coronavirus outbreak has created a number of challenges, facing players in terms of sourcing raw materials for production of pine-derived chemicals. A heavy crackdown on transport traffic and international trade disruptions are restraining the pine-derived chemicals market amid COVID019 pandemic. The market has been projected to surpass a US$ 7.7 Bn value pool in the forecast period between 2020 and 2030 by a new FMI report. The demand for pine-derived chemicals is sliding owing to the current pandemic, which has resulted in producers seeking alternative sourcing partners to keep operations running.
Among products available in the market, the demand for tall oil rosin (TOR) is considerably high. It is also projected to expand at a rapid pace over the forecast tenure. TORs are unmodified to provide a financially competent and adaptable starting stage for a few end-use applications and specific customer procedures.
Rosin acid present in tall oil is used in the polymerization and compounding of rubber, for imparting water resistance to paper, as well as in adhesives and in inks. It is the key ingredient of rosin, which musicians use to strengthen the grip of bows used for string instruments. Due to diverse applications of the tall oil rosin segment, its demand is driving the market.
Pine-derived chemicals find usage in various industries such as printing inks, adhesives and sealants, rubber, paint and coatings and others. The rising application across these industries will pave the way for the growth of the market
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PINE-DERIVED CHEMICALS MARKET – KEY RESEARCH FINDINGS
- The global pine-derived chemicals market will expand at a CAGR of 4.3% over 2020-2030.
- The surfactant group holds a large share of the global demand for pine-derived chemicals.
- Printing inks remain the preferred application; rubber to gain traction.
- Key manufacturers are likely to invest in pine-derived chemicals to discover novel application areas
- North America is the leading region in the global pine-derived chemicals market.
“The COVID-19 crisis might not affect the pine industry in the short term. However, prolonged trade restrictions can adversely impact market players. On the other hand, continued population growth coupled with improvements in lifestyle standards has led to increased spending on foods, creating opportunities to mitigate losses,” says the FMI analyst.
Key Takeaways of Pine-derived Chemicals Market Study
- Tall oil fatty acids derived from pine will continue to be a major investment pocket owing to applications in rubber, paper, and adhesives industries.
- With ascending demand from paint & coatings industry, pine gum turpentine is essential roles in product formulations.
- Pine derived chemicals are being used extensively in the production of printing inks, which are characterized by water-resistant features.
- North America holds the majority market share of the global pine-derived chemicals market, owing to wide spread pine cultivation operations. However, the wide spectrum of applications and industrialization trends, are boosting growth in the Asia Pacific.
Pine-derived Chemicals Market – Key Growth Factors
- Extensive application of pine-derived chemicals for production of food and beverage flavors, paints, inks, and adhesives are one of the primary factors sustaining market growth.
- Innovative applications of pine-derived chemicals in the automotive tire industry generates lucrative growth opportunities.
- Eco-friendly nature of pine-derived chemicals, drives adoption as substitutes to inorganic counterparts, in multiple formulations.
- Incorporation of tapping processes in pine-derived chemical production operations will support the market growth during the forecast period.
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Pine-derived Chemicals Market – Key Restraints
- Strict government regulations in addition to pricing competition are restricting market growth.
- Limited stocks of pine trees impact scope of profits, and negatively affects pricing trends.
Impact of COVID-19 on Pine-derived Chemicals Market
The COVID-19 crisis is likely to have a disruptive impact on the global pine-derived chemicals market. The workforce associated to numerous end use sectors such as food and beverage and drug production are at risk of getting infected by the virus. These factors have resulted in a shortage of adequately skilled labor, disrupting the supply chains.
In addition, restrictions on travel and transport also negatively impact the workforce and raw material supplies. This has resulted in producers seeking alternatives, in local sourcing collaborations to keep operations running. The demand is likely to recover, post the end of the pandemic.
Competitive Landscape of Pine-derived Chemicals Market
Some of the major companies profiled in this FMI report include, but are not limited to Forchem Oyj, Eastman Chemical Co., Kraton Corporation, Harima Chemicals Group, and Arakawa Chemical Industries Ltd. Players in the pine-derived chemical market are primarily pushing for strategic mergers and acquisitions to bolster production capabilities and market presence.
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PINE-DERIVED CHEMICALS MARKET TAXONOMY
The global Pine- Derived Chemicals Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers
- Living trees
- Dead pine stumps & logs
- By-Products of sulphate
- Adhesives & sealants
- Paints & Coatings
- Printing inks
- Tall oil fatty acid
- Tall oil rosin
- Gum turpentine
- Gum rosin
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