NEW YORK, Dec. 15, 2015 /PRNewswire/ -- The pine-derived chemicals market has grown exponentially in the last few years and this trend is projected to continue. The market was valued at $4.8 billion in 2014 and is projected to grow at a CAGR of 4.7% from 2015 to 2020. IT is primarily driven by factors such as the need to use renewable resources in the manufacturing processes and reducing carbon footprint. Pine-derived chemicals market, global trends to 2020
The pine-derived chemicals market is led by North America, followed by the Asia-Pacific region. The U.S. pine-derived chemicals market not only dominates North America but also the global market. The Asia-Pacific region is projected to be the fastest-growing market globally for the period under consideration. The market is projected to grow significantly at a CAGR of 5.7% from 2015 to 2020. Japan and China are projected to be the major and the fastest-growing pine chemicals markets in the Asia-Pacific region for the next five years, due to increasing demand for bio-based products in the market.
In this report, the pine-derived chemicals market has been broadly segmented on the basis of source, type, application, and region. Expansions and mergers were the most preferred growth strategy in the pine-derived chemicals market. The key players in the market include Eastman Chemicals (U.S.), Archer Daniels Midland Company (U.S.), Ashland Inc. (U.S.), Harima Chemicals Group (Japan), and Arakawa Chemical Industries, Ltd. (Japan). Other players such as Derives Resiniques ET Terpeniqes (DRT) (France), Arizona Chemical LLC (U.S.), Georgia-Pacific Chemicals LLC (U.S.), and Foreverest Resources Ltd. (China) also have a strong presence in the market.
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