Terpene Resins Market Report 2023 - Global Forecast to 2027: High Growth in Asia-Pacific as Liquid Terpene Resin to be Faster-Growing Segment
DUBLIN, March 1, 2023 /PRNewswire/ -- The "Terpene Resins Market by product type (Solid, Liquid), grade (Industrial, Technical), application (Inks & coatings, adhesives & sealants, chewing gums pulp & paper, plastic & rubber, leather processing), and Region- Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global terpene resins market size is projected to reach USD 1,450 million by 2027 from USD 991 million in 2022, at a CAGR of 7.9%
The market is driven by various factors such as the growing demand for terpene resins from adhesives & sealants applications and the increasing popularity of terpene resins-based coatings. Additionally, the market is expected to be driven by rising industrialization and a growing population in emerging economies in Asia Pacific and Middle East & Africa.
Liquid segment to be the fastest growing segment amongst product types in the terpene resins market
Terpene resins are manufactured and supplied in the above-mentioned forms to meet specific application requirements. Solid terpene resin is mainly used in tires & rubbers as a superior elastomer and in adhesives & sealants as an excellent tackifying material for hot-melt adhesive as well as pressure-sensitive labels for various end-use industries, such as packaging, nonwovens, bookbinding, construction/assembly, tapes and labels, and graphics.
Solid terpene resin has a performance advantage as compared to liquid forms, hence accounting for the largest market share in the terpene resins market as compared to the liquid product type. However, cost-effectiveness with strong cohesive properties, good resistance to aging, heat, radiation, acid, and alkali, no odor or toxicity, good adhesion, high chemical resistance, better moisture resistance, excellent mechanical properties, good fatigue resistance, low shrinkage, strong durability at low & high temperatures, and high electrical resistance of liquid terpene resins is expected to grow at the highest rate, during the forecast period.
Technical segment is projected to grow at the highest rate amongst grades in the overall terpene resins market during the forecast period
Industrial grade is typically made to be strong, durable, and resistant to wear and tear. Whereas, technical grade resin, is a type of resin that is specifically formulated to meet the technical requirements of a particular application or industry.
It may have specific properties, such as high-temperature resistance, UV resistance, or chemical resistance, that make it suitable for use in certain applications. Technical grade resin has more stringent quality control and purity standards than industrial grade resin. Thus, the high adoption of technical grade is thereby boosting its growth in the terpene resins market.
Pulp & paper is projected to grow at the highest growth rate amongst applications in the overall terpene resins market
Pulp & paper is projected to grow at the highest rate in the terpene resins market. Properties, such as excellent resistance to organic solvents, moisture, and UV light, good toughness, improved adhesion, non-toxicity, good exterior durability, and excellent temperature & chemical resistance are the major factors that increase terpene resins used in these applications.
Asia Pacific is estimated to be the fastest-growing region in the terpene resins market during the forecast period
Asia Pacific is projected to be the fastest-growing region for terpene resins between 2022 and 2027. The development is mainly attributed to the booming economies in India, South Korea, and China. Manufacturers have been moving to the region due to the low cost of production and the ability to cater to the local emerging markets better, is driving the terpene resins market in the region.
Competitive landscape
The key players in the terpene resins market include Mangalam Organics Limited (India), Yasuhara Chemical Co. Ltd (Japan), Ingevity (US), Kraton Corporation (US), Baolin Chemical Industry Co. Ltd (China), Lesco Chemical Company (China), Arakawa Chemicals (Japan), Xinyi Sonyuan Chemical Co. Ltd (Japan) among others.
Premium Insights
- High Growth in Asia-Pacific to Drive Terpene Resins Market
- Liquid Terpene Resin to be Faster-Growing Segment of Terpene Resins Market
- Technical Grade to be Faster-Growing Segment of Terpene Resins Market
- Pulp & Paper to be the Fastest-Growing Segment of Terpene Resins Market
- Adhesives & Sealants and China Accounted for Significant Shares (2021)
- India to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Increasing Demand for Terpene Resins from Adhesives & Sealants Applications
- Increasing Demand from Plastic & Rubber Processing Applications
- Rising Popularity of Terpene Resins-Based Coatings
Restraints
- Limited Feedstock Supply and Volatility of Raw Material Prices
- Increasing Market Penetration of Limonene
- Unstable Geopolitical Situations
Opportunities
- High Demand for Bio-Based Resins
Challenges
- High Cost of Raw Materials
- Volatility of the Market
- Environmental Concerns Regarding Manufacturing of Terpene Resins
Value Chain
- Raw Material Suppliers
- Manufacturers
- Distributors
- End Consumers
Case Study: Kraton Corporation
Company Profiles
Key Players
- Mangalam Organics Limited
- Yasuhara Chemical Co. Ltd
- Ingevity
- Kraton Corporation
- Baolin Chemical Industry Co. Ltd
- Lesco Chemical Limited
- Arakawa Chemical Industries, Ltd.
- Xinyi Sonyuan Chemical Co. Ltd
Other Players
- Akrochem Chemical
- Foreverest Resources Ltd.
- Hwalong
- Resin Chemicals Co. Ltd
- Jinan Future Chemical Co. Ltd
- Goldensea Chemicals Co. Ltd
- Henan Tianfu Chemical Co. Ltd
- Boc Sciences
- Megawide Chemicals Co. Ltd
- Drt
- China Mk Group Co. Ltd
- Career Henan Chemical Company
- Puyang Changyu Petroleum Resins Co. Ltd
- Dujodwala Resins and Terpenes Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qjmymq-resins?w=5
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