Chicago, Sept. 18, 2023 (GLOBE NEWSWIRE) — 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% during the forecast period, as per the recent study by MarketsandMarkets™. The overall increase in the demand for Terpene resins from various end use industries including inks & coatings, plastic & rubber processing, pulp & paper, leather processing, adhesives & sealants, chewing gum, and others is supporting the growth of Terpene resins globally. The increasing industrialization, rapid urbanization, stringent environmental regulations, and increasing global trade are driving the demand for terpene resins, especially in the developing regions such as Asia Pacific, South America and the Middle East and Africa.
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List of Key Players in Terpene Resins Market:
- 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)
Drivers, Restraints, Opportunities and Challenges in Terpene Resins Market:
- Drivers: Increasing demand for terpene resins from adhesives & sealants
- Restraints: Limited feedstock supply and volatility of raw material prices
- Opportunity: High demand for bio-based resins
- Challenge: High cost of raw materials
Key Findings of the Study:
- Based on product type, solid terpene resins accounts for the largest market share in the overall terpene resins market
- Based on grade, industrial segment to lead the terpene resins market
- Based on application, pulp & paper segment is expected to grow at a faster rate in the terpene resins market
- Based on region, Asia Pacific is expected to grow at a fastest growth rate during the forecast period in the terpene resins market
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Terpene resin is an organic compound obtained from natural sources, such as wood and citrus fruits. Terpene resins are soluble in a wide variety of organic solvents, including hydrocarbon solvents, and offer good color stability. They are used in combination with other materials in the formulation of a broad range of end products. Terpene resins are used as excellent tackifying material that exhibit high heat, moisture, and chemical resistance capabilities and are hence used in various applications, including adhesives, adhesive tapes, rubber goods, and coating compositions. Based on the application area, the terpene resins are usually supplied in either solid or in solution in hydrocarbon solvents as liquid.
Based on the product type, Terpene resins are classified into solid and liquid terpene resins. Owing to the superior properties, such as good adhesion, non-toxicity, 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 resin over solid resin. Thus, the market for liquid resin is expected to grow at the fastest rate during the forecast period.
Based on the grade, terpene resins market is segmented into industrial and technical grade. Industrial grade resin is the major market for terpene resins, which is majorly used in many end-use industries. However, the market for technical grade is expected to grow at the highest rate from 2022 to 2027, as this grade is extremely strong, tough, and dimensionally stable. It has excellent chemical resistance, radiation resistance, long-term thermal stability, and good mechanical properties.
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Based on the application, the terpene resins market has been segmented into inks & coatings, plastic & rubber processing, pulp & paper, leather processing, chewing gum, adhesives & sealants, and others. The adhesives & sealants application contributed the largest market. The increasing use of terpene resins as high-performance and high-quality tackifying material in the adhesives & sealants industry is expected to drive the market demand during the forecast period.
Asia Pacific is the largest and fastest growing market for Terpene resins. This growth 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. The increased number of end-use industries of terpene resin, such as adhesives & sealants, inks & coatings, and pulp & paper in Asia Pacific, are expected to aid the growth of the terpene resins market during the forecast period in the region.
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