Pine derived chemicals market has shown a rapid growth in recent years, owing to the rapid increasing applications segments such as printing industry, adhesive and sealants industry painting industry food and beverages, cosmetic and others. Some of the major regions such as North America, Asia Pacific, and Latin America are the main producer of pine derived chemical due to the availability of pine trees. Pine derived chemicals are majorly used in the construction industry, adhesives industry, and healthcare sector among others. Rising application in adhesives, printing inks, soaps and detergents, plasticizers, resins, surface coatings, fragrance chemicals and the others would ensure a steady growth of pine derived chemicals market during the forecast period.
Increasing focus on natural ingredients is a major factor pushing the demand for the market for pine derived chemicals at the global level. Pine derived chemicals are environmental friendly. There is a need to reduce the use of fossil fuels in order to decrease carbon dioxide emission and carbon footprints. Thus, the demand of naturally derived chemicals is expected to witness a steady growth during the forecast period. However, the limited availability of the pine trees across the globe is one of the key factors hindering the growth of the pine derived chemicals market at present.
The influx of new and innovative products coupled with increasing consumer awareness about the natural chemicals derived from pine trees are among the major factors fueling the growth of the market in North America, Asia Pacific and Latin America. Diversification of product portfolio through research and development activities along with company mergers and acquisitions are certain key strategies being adopted by the major companies to strengthen their foothold in the global pine derived chemicals market. North America held the largest market share of global pine derived chemicals market in 2016. Additionally, Asia-Pacific is anticipated to be the fastest growing market during the forecast period. India, Japan and China are the major contributors to the growth of the pine derived chemicals market on account of rapid urbanization and strengthening economic conditions in these countries. These countries are expected to lead the market throughout the forecast period.
The global pine derived chemicals market is segmented by type, by source, by application and by region. On the basis of different type of pine derived chemicals market is segmented into tall oil rosin, tall oil fatty acid, gum turpentine, sterols, pitch, gum rosin and others. In terms of application the market of pine derived chemicals is segmented by printing inks, paints and coating, adhesive and sealant and others.
Based on region, the market of pine derived chemicals is segmented by North America, Europe, Asia Pacific, Middle East and Africa and Latin America. U.S. is the major market for pine derived chemicals in North America. Further, the growth of the pine derived chemicals market in Europe is majorly contributed by Germany, U.K., France and Italy among others. Asia Pacific is led by India, China and Japan among others. Middle East and Africa is led by U.A.E., and South Africa among others, while Latin America is dominated by Brazil and Argentina among others.
The global pine derived chemicals market is marked by some intense competition from the major players operating in the pine derived chemicals industry. Some of the key participants in the global pine derived chemicals industry include Eastman Chemical Company, Harima Chemicals Group Inc., Harima Chemicals Group Inc., Georgia-Pacific Chemicals LLC and Foreverest Resources Ltd among others. Mergers and acquisitions, joint ventures and partnerships and geographical expansions are some of the key strategies adopted by these companies to ensure long term sustenance in the market.