Pine-Derived Chemicals Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[242+ Pages Report]  According to the report published by Facts & Factors, The global pine-derived chemicals market size was worth USD 5,293.10 million in 2021 and is estimated to grow to USD 6,775.11 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.20% over the forecast period. The report analyzes the pine-derived chemicals market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the pine-derived chemicals market.

Market Overview

Compounds derived from natural renewable resources such as pine and pine trees are known as pine-derived chemicals. These compounds are collected from various parts of pine, including pine, tree trunks, and even after the distillation process of these sources. Many chemicals are by-products of manufacturing chewing gum and other products. Pine oleoresin and turpentine are two popular pine-derived chemicals of commercial importance. The latter is derived from pine oil and is commonly used as a paint thinner. Conversely, pine oleoresins have been extensively exploited to explore their potential in developing environmentally friendly chemicals and biofuels. There is a growing demand for pine as a source of pine-derived chemicals to meet the needs of the chemical, food & beverage, and pharmaceutical industries. In particular, pine-derived chemicals are used in biorefineries. Growing awareness of renewable and bio-based products has increased the demand for pine-derived chemicals.

COVID-19 Impact:

Many countries around the world have announced lockdowns to curb the spread of the coronavirus. Several companies operating in the global pine-derived chemicals market have experienced significant disruption to their normal activities, including production and distribution, due to the COVID-19 pandemic. However, the unprecedented situation after the expected third wave makes the future bleak.

Key Insights

• As per the analysis shared by our research analyst, the global pine-derived chemicals market value is expected to grow at a CAGR of 4.20% over the forecast period.
• In terms of revenue, the global pine-derived chemicals market size was valued at around USD 5,293.10 million in 2021 and is projected to reach USD 6775.11 million, by 2028.
• Increasing demand for renewable resources and applying pine-derived chemicals in end-use industries are the major factors driving the market growth.
• By source, the living trees category dominated the market in 2021.
• By type, the gum rosin category dominated the market in 2021.
• North America dominated the global pine-derived chemicals market in 2021.

Growth Drivers

• Increasing application of pine-based chemicals from various industries to drive the market growth

A wide variety of products based on pine-derived chemicals touch nearly every aspect of our lives, from perfumes, fragrances, and cosmetics to food additives, automotive adhesives, printing inks, and oil wells. Increase chemicals derived from pine are used to produce flavors such as soft drinks & foods, soaps, household cleaners, vitamins, and food additives. In addition, pine-derived chemicals are used in the automotive industry to make tires.

Restraints

The limited availability of pine trees worldwide limits the availability of raw materials. The growth of the global pine-derived chemicals market will be hindered by this in the coming years. Increased availability of cheaper alternatives may impact sales. Pine trees only grow in certain areas, limiting availability and increasing costs. Stringent government regulations & laws and price competition among various industry lobbies may hinder the potential growth of pine-derived chemicals. Strict rules and regulations leading to fierce competition for pricing these products challenge the market's growth.

Segmentation Analysis

The global pine-derived chemicals market has been segmented into the source, type, application, and process.

Based on the source, the market is classified into living trees, dead pine stumps & logs, and by-product of sulfate pulping. In 2021, the living trees category dominated the global market. Through tapping, pine chemicals are extracted from living trees to produce oleoresins or pine gum. The volatile component of these oleoresins, turpentine, is separated by a distillation process. It is widely practiced across North America, Northern Europe, Russia, and Asia.

By type, the market is classified into tall oil fatty acid, tall oil rosin, gum turpentine, gum rosin, sterols, pitch, and other types (crude sulfate turpentine and its derivatives). In 2021, the gum rosin category dominated the global pine-derived chemicals market because gum rosin is the oldest and most commonly consumed rosin, with applications in paints, coatings, inks, rubber, soaps, electronics, and food industries. A great demand for gum rosin comes from the oil paint industry, which uses resin acid carboxylation reactions to produce resins in paints, coatings, and inks.

Based on the application, the market is classified into adhesives & sealants, paints & coatings, surfactants, printing inks, and other applications (food additives, cosmetics, and seed coatings). In 2021, the paints & coatings category dominated the global market. Pine oil is used in paints and coatings to improve adhesion and act as a permanent coating. It provides environmentally friendly paints and coatings products to use.

Based on process, the market is classified into kraft and tapping processes. In 2021, the kraft category dominated the global market because most companies worldwide produce pine wood using the kraft process as their primary technique for extracting pine chemicals that help reduce environmental damage.

Recent Developments

• October 2021: Kraton Corporation (NYSE: KRA) (“Kraton”), a leading global sustainable manufacturer of specialty polymers and high-value bio-based products derived from pine pulp by-products, has entered into a definitive merger agreement (“Merger Agreement”), DL Chemical Co., Ltd. (“DL Chemical”) is a subsidiary of DL Holdings Co., Ltd. (former Obayashi Industry Co., Ltd.)

Report Scope

Regional Landscape

• North America dominated the pine-derived chemicals market in 2021

The global pine-derived chemicals market was ruled by North America in 2021 and is projected to maintain its dominance during the forecast period as well. Increasing implementation of new and innovative approaches in the crafting process of pine chemical extraction factors are driving the market for building materials, cosmetics, vitamin intermediates, pine oil sanitizers, insect repellents, fragrances & perfumes, and food & beverage flavorings in the region, which the source of chemicals derived from pine trees, which contributes to the growth of the market. Increasing demand for products from adhesives and sealants applications is likely to drive market growth. Additionally, increasing adoption of sterols and rosins in printing inks will boost market growth.

Competitive Landscape

• Eastman Chemical Company 
• Harima Chemicals Group 
• Ingevity Corporation 
• Kraton Corporation 
• Mentha & Allied Products Pvt Ltd 
• Mahendra Rosin & Turpentine Pvt Ltd 
• Arakawa Chemical Industries Ltd 
• George-Pacific Chemicals 
• Forchem OYJ 
• Florachem Corporation 
• Dart (Dérivés Résiniques Et Terpéniques 
• Foreverest Resources Ltd 
• Wuzhou Sunshine Forestry & Chemicals Co. Ltd 
• Guilin Songquan Forest Chemical Co. Ltd 
• Midhills Rosin & Terpenes 
• Resinas Alfonso Criado Martín 
• Florpinus Chemical Industries 
• Pinechemical Group Oy 
• Punjab Rosin & Chemical Works 
• Keichem.

Global pine-derived chemicals Market is segmented as follows:

By Source

• Living trees
• Dead pine stumps & logs
• By-product of sulfate pulping

By Type

• Tall oil fatty acid
• Tall oil rosin
• Gum turpentine
• Gum rosin
• Sterols
• Pitch
• Other types (crude sulfate turpentine and its derivatives)

By Application

• Adhesives & sealants
• Paints & coatings
• Surfactants
• Printing inks
• Other applications (food additives, cosmetics, and seed coatings)

By Process

• Kraft process
• Tapping process

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America