Market Leaders : Harima Chemicals Group and George-Pacific Chemicals are focusing on Research and Development, Technology Launches, Building New Partnerships ans well as Expanding Their business to consolidate their position in Pine-Derived Chemicals Market
The pine-derived chemicals market size 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% during the forecast period in terms of value. The demand for pine-derived chemicals is increasing moderately due to increasing demand from various end-use industries such as adhesives & sealants, paints & coatings among others.
Key players in this market include Eastman Chemical Company (US), Harima Chemicals Group (Japan), Ingevity Corporation (US), Kraton Corporation (US), Mentha and Allied Products Pvt Ltd. (India), Mahendra Rosin and Turpentine Pvt Ltd. (India), Arakawa Chemical Industries, Ltd. (Japan), George-Pacific Chemicals (US), Forchem Oyj (Finland), and Florachem Corporation (US).
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The key players are fixated upon improving their market shares, while their newer start-ups are being established rapidly in the market. The pine-derived chemicals market can be classified as a competitive market as it has the presence of a large number of organized players, accounting for a major part of the market share, present at the global level, as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies, particularly in the Asian markets.
Eastman Chemical Company (US) caters to a large number of end-use industries such as transportation, building and construction, consumables, industrial and chemical processing, food, feed, agriculture, health, and wellness. The company’s business is divided into four segments: Additives & Functional Products, Advanced Materials, Chemical Intermediates, and Fiber. The company operates with 50 manufacturing and sales offices in different regions globally. The company offers tall oil fatty acid derivatives under the cosmetics and personal care, synthetic rubber and surfactant and coatings application segments.
Harima Chemicals Group (Japan) is primarily engaged in manufacturing products developed using pine chemical resources such as rosin, fatty acids, turpentine, and other materials, which are all obtained from pine trees. The company operates through four business segments:: resin chemicals, paper manufacturing chemicals, electronic materials, and lawter. The company offers resins for various industries such as printing ink, paints, and adhesives; emulsifiers for synthetic rubber; chemicals for paper production; and solder for electronic appliances. The company has a strong international network comprising over 19 manufacturing plants based in 12 countries.
Related Reports:
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
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