04.15.22
According to MarketsandMarkets’ research report, "Pine-Derived Chemicals Market by Type (TOFA, TOR, Gum Turpentine, Gum Rosin, Pitch, and Sterols), Application (Paints & Coatings, Adhesives & Sealants, Surfactants, and Printing Inks), Source, Process and Region - Global Forecast to 2027," the global pine-derived chemicals market size is estimated to be valued at $5.5 billion in 2022.
It is projected to reach $6.8 billion by 2027, recording a CAGR of 4.5%, in terms of value. The Increasing demand for renewable resources and the application of pine-derived chemicals in the end-user industry to drive the market.
Based on type, the gum rosin segment is the largest segment in the overall pine-derived chemicals market. Gum rosin finds its application in paints, coating, printing inks, rubber, soaps, electronics, and food industries. The high demand for gum rosin comes from the oil paint industry, where the carboxylation reaction of resin acid is used for producing resin used in paints, coating, and inks.
Based on source, the living trees segment is projected to account for the second-largest market share in the pine-derived chemicals market. Pine chemicals are extracted from living trees to obtain oleoresin or pine gum through a process known as tapping.
It is projected to reach $6.8 billion by 2027, recording a CAGR of 4.5%, in terms of value. The Increasing demand for renewable resources and the application of pine-derived chemicals in the end-user industry to drive the market.
Based on type, the gum rosin segment is the largest segment in the overall pine-derived chemicals market. Gum rosin finds its application in paints, coating, printing inks, rubber, soaps, electronics, and food industries. The high demand for gum rosin comes from the oil paint industry, where the carboxylation reaction of resin acid is used for producing resin used in paints, coating, and inks.
Based on source, the living trees segment is projected to account for the second-largest market share in the pine-derived chemicals market. Pine chemicals are extracted from living trees to obtain oleoresin or pine gum through a process known as tapping.