The term ‘terpenes’ originates from turpentine, which is produced from the resin of pine trees and contains resin acid and hydrocarbons. Terpene is a class of hydrocarbons produced by plants and animals. It is also a natural compound built up from isoprene subunits. Isoprene is a hydrocarbon consisting of five carbon atoms attached to eight hydrogen atoms. Based on isoprene unit, terpene can be classified into various types such as hemiterpenes, monoterpenes, diterpenes, tetraterpenes, and others.
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Terpene often gives a strong odor and has high resistance capabilities. Thus, it is widely used in various applications. For instance, it plays an important role as an essential oil, and fragrance and flavoring agent in industrial uses. Increase in demand for terpene in end-use industries such as cosmetics, food & beverages, paints & coatings, rubber, and pharmaceuticals is driving the market. However, fluctuation in supply of terpene and high cost related to the extraction process are hampering market growth.
Based on resin type, the terpene market can be bifurcated into liquid terpene resin and solid terpene resin. The liquid terpene resin segment is expected to dominate the terpene market owing to its effective properties vis-à-vis solid terpene resin. Liquid terpene resin offers the following properties: good aging resistance, strong cohesive force, radiation proof, acid and heat resistance, and alkali resistance. It is also nontoxic and offers excellent dielectric properties. Thus, demand for liquid terpene resin is high in pressure sensitive tapes, paints and printing inks, chewing gums, and rubber adhesives applications.
In terms of end-use industry, the terpene market can be divided into food & beverages, cosmetics, pharmaceutical, and rubber. Terpene deliver a wide array of medical benefits including antimicrobial, antiseptic, and even anti-carcinogen effects. Thus, the pharmaceutical segment is expanding at a rapid pace. Rise in usage of flavors in dietary supplements, and pharmaceutical and nutraceutical applications is also projected to augment market growth. The food & beverages segment accounts for key share of the global terpene market, as terpene is used as aromatic and flavoring agents in food and beverage applications. Additionally, the rubber segment also constitutes significant share of the global terpene market.
In terms of region, the terpene market can be segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Rise in demand for aromatic chemicals in economies such as China, Japan, and India is significantly boosting the terpene market in Asia Pacific. Latin America and Middle East & Africa also hold significant market share. This can be ascribed to the increase in demand for terpene in key industries such as rubber, and food & beverages in these regions. Rise in demand for new exotic flavors and changing consumer preferences are projected to augment the demand for terpene in the near future. Presence of prominent companies catering to end-use applications of terpene is further driving the terpene market in North America and Europe.
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The terpene market is highly competitive owing to the presence of major local players. Competition is also influenced by shift in demand and changes in availability of various supply factors and costs. Global players are adopting research and development strategies and engaging in technological advancements in order to produce unique products. Prominent companies operating in the terpene market include Yasuhara Chemical Co. Ltd., P.T. Naval Overseas, Himachal Terpene Products Pvt. Ltd., Interstate Commodities Corp., Foreverest Resources Ltd., BASF SE, Baolin Chemical Industry, Neostar United Industrial Co., Ltd., and Skyrun Industrial Co., Ltd.