(EMAILWIRE.COM, December 06, 2023 ) The report “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″, size is projected to reach USD 1,450 million by 2027 from USD 991 million in 2022, at a CAGR of 7.9% during the forecast period.
Increasing adoption of terpene resins by various applications due to its excellent properties, such as good adhesion, non-toxicity, high chemical resistance, better moisture resistance, superior mechanical properties, good fatigue resistance, low shrinkage, and strong durability is driving the market for terpene resins. Increasing demand for terpene resins from adhesives & sealants and plastic & rubber applications also supports the growth of the terpene resins market. Further, high demand for bio-based resins is expected to provide the growth opportunities to the Terpene resins manufacturers, especially in Asia Pacific and the Middle East & Africa regions.
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Browse in-depth TOC on “Terpene Resins Market
125 – Market Data Tables
39 – Figures
168 – Pages
Based on product type, solid terpene resins accounts for the largest market share in the overall terpene resins market
Solid type covers the largest market of terpene resins. Solid terpene resin is easier to handle, store, and transport than liquid terpene resins. It also finds wide variety of applications in tires & rubbers as a superior elastomer, 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 in packaging, nonwovens, bookbinding, construction/assembly, tapes and labels, and graphics.
Based on grade, industrial segment to lead the terpene resins market
Industrial grade terpene resins are used as adhesives in various industries, such as paper and packaging, wood products, and construction. Terpene resins are made from renewable resources, such as pine and other tree species, making them a more sustainable alternative to petroleum-based resins. They are also non-toxic and have a low odor, making them suitable for use in food and medical applications as well. Wide application range of industrial grade terpene resins lead its market share in the terpene resins market.
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Based on application, pulp & paper segment is expected to grow at a faster rate in the terpene resins market
Based on application, pulp & paper segment is expected to grow at the highest rate during the forecast period in the Terpene resins market. Terpene resins are in high demand in the pulp & paper industry due to its superior and unique properties such as good adhesion, excellent heat resistance, good chemical resistance, and low toxicity. There properties make terpene resins suitable for use as adhesives and binders in the production of paper products, including packaging materials and paperboards, thereby creating higher demand during the forecast period.
Based on region, Asia Pacific is expected to grow at a fastest growth rate during the forecast period in the terpene resins market
Asia Pacific is expected to grow at the fastest rate in the terpene resins market during the forecast period. Presence of various manufacturing industries in the countries such as China and Japan, increasing demand for paper & packaging products, growing consumer good industry, and favorable government policies and regulations, are some of the factors expected to drive the market demand in the region.
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Terpene Resins Market Key Players
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).
Ingevity is a global company engaged in the manufacturing of chemicals, carbon materials, and providing enhanced technologies to its customers. The company operates in two reportable business segments, namely, Performance Materials, and Performance Chemicals. It produces terpene resin under the performance chemicals segment. The company mainly provides its products for demanding applications, such as adhesives, lubricants, publication inks, coatings, elastomers, and bioplastics. Ingevity has a global presence with operations in more than 25 countries. The company has a total of nine manufacturing sites, seven technical centers, and nine administrative offices worldwide. It has an employee strength of nearly 1,850.
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