According to MarketsandMarkets, the global pine-derived chemicals market is estimated to be valued at USD 5.5 billion in 2022 and is projected to reach USD 6.8 billion by 2027, recording a CAGR of 4.5%, in terms of value. Pine-derived chemicals is a major commercial product of pine trees.
Pine-derived chemicals are used in the manufacturing of paints & coatings, adhesives & sealants, surfactants, and printing inks. Additionally, it finds its application in cosmetics, vitamin intermediates, pine oil disinfectants & insect repellents, fragrances & perfumes, and food & drink flavors.
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The paints & coatings segment is projected to grow at a significant CAGR in the pine-derived chemicals market during the forecast period
By application, the pine-derived chemicals market is segmented into adhesives & sealants, paints & coating, surfactants, printing inks, and other applications. Pine oils are used in paints & coating which improves the adhesion and works as a permanent coating. In a more environmentally conscious world, customers will want to use ‘greener’ paint & coating products that can lower the emission of harmful chemicals into the environment
The krafting process is projected to account for the second-largest share in the pine-derived chemicals market during the forecast period
By process, the pine-derived chemicals market is segmented into kraft process and tapping process. Most of the pine-derived companies in the world use kraft process as the primary technique for extracting pine chemicals. The kraft process is beneficial in reducing environmental damage by reducing the impact of waste material generated from pulping process.
North America is the largest region in the pine-derived chemicals market in the forecast period
North America accounted for the largest region in the global pine-derived chemicals market in the forecast period. For the last few decades, the region has witnessed an increase in implementing new and innovative approaches in kraft process for extraction of pine chemicals. These factors have driven the market for construction, cosmetics, vitamin intermediates, pine oil disinfectants & insect repellents, fragrances & perfumes, and food & drink flavors in the region, which in turn, has contributed to the growth of the pine-derived chemicals market.
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Key Market Players:
Key players in this market include Foreverest Resources Ltd, (China), Harima Chemical Company (Japan), Takasgo International Corporation (Japan), Chemiplas Australia Pvt Ltd (Australia), Mentha and Allied Products Ltd., (India).