PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092214
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092214
The global Pine-Derived Chemicals market is estimated to be worth $5,300.8 million in 2021. Pine-Derived Chemicals market is expected to expand at an 4.7% CAGR during the forecast period.
A set of sustainable, naturally occurring molecules generated from the pine tree is known as pine-derived chemicals (genus Pinus). Pine trees are native to the northern hemisphere, although they may now be found all over the world. The United States, as well as Canada, Scandinavia, South America, and Asia, have significant pine resources. Pine forests have become more commercially important, with more wood and non-wood items being produced. Pine is becoming more popular as a producer of pine-derived chemicals to meet the needs of the chemical, food and beverage, and pharmaceutical industries. Pine-derived compounds have been used in biorefineries, which is noteworthy.
Pine oleoresin and turpentine are two of the most widely used pine-derived compounds in the marketplace. The latter, which is made from pine oil, is commonly used as a paint thinner. Pine oleoresin, on the other hand, has been extensively studied for its potential in the production of green chemicals and biofuels.
Chemicals made from pine trees are an important commercial product of pine trees. Because people are more interested in environmentally friendly products, demand for these items is skyrocketing. These chemicals use natural renewable resources as raw materials to create both basic and necessary commodities, hence reducing carbon emissions. The market has seen some revenue growth as the market for pine oil disinfectants has increased. A significant trend strengthening the potential of the pine-derived chemicals market is the increased demand for them in perfumes and flavouring compounds. They're also utilised in food as additives. As a result, an increase in demand for pine-derived chemicals in food flavouring is a significant trend driving the pine-derived chemicals market forward.
The increase in commercial use of turpentine compounds is a key trend that is boosting the market's prospects. Oleoresin by-products have gained popularity in recent years. Food additives containing oleoresin are extensively utilised.
The widespread usage of pine-derived chemicals in medicinal and pharmaceutical applications is a key driver for the pine-derived chemicals market's large commercial application sectors. They are employed in the delivery of drugs. The market for pine-derived compounds is expected to rise due to the growing popularity of synthetic pine oil.
Pine-Derived Chemicals Market is segmented type source, process and application. Based on application, the sulphate segment is the largest segment of the global pine-derived chemicals market. Pinewood pulp, which is made entirely of cellulose fibre, is made using sulphate processing. The complete procedure is known as the kraft process, and it is a common method for extracting pine compounds. CTO and CST are the two main by-products of this process, both of which have a wide range of applications in the end-user industry.
In terms of application category, the adhesives & coating products are anticipated to capture a significant share of 24% of the worldwide pine-derived chemicals market. Adhesives and sealants are multipurpose goods made from pine trees. The automobile and construction industries are the two major businesses that rely heavily on adhesives and sealants.
The global Pine-Derived Chemicals market is highly competitive with a presence of few international players. Some of the major players in the market are Eastman Chemical Company, Mentha & Allied Products, Mahendra Rosin & Turpentine, Harima Chemicals Group, among others. Industry players are relying on product approvals, product launches, mergers and acquisitions to gain a significant share of the global Pine-Derived Chemicals market. For instance, in February 2022, DCL Corporation partnered with Chemiplas Australia Pty Ltd to enable Chemiplas to become the leading distributor of DCL Corporation for the Australia and New Zealand region.
The scope of this report covers the market by its major segments, which include as follows: