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Pine Chemicals Market

Pine Chemicals Market: Information by Product Type (Tall Oil, Rosin) Application (Paints and Coatings, Solvents and Disinfectants), and Region — Forecast till 2030

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Market Overview

The global pine chemicals market is expected to grow at a CAGR of 5.51% during the forecast period, i.e., 2022–2030.

Pine Chemicals are obtained from pine trees originated from the northern hemispheres. They have a few modern applications in soaps, cleansers, plasticizers, synthetic compounds, surface coatings, and numerous others. 

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2019-2030
: 5.51 %
Fastest Growing Market
: North America
Largest Market
: Asia Pacific
Market Size
: 1320
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Market Dynamics

Rosins to Accelerate the International Market 

Gum rosin is exceptionally needed in printing, glues, and oils. As countries' governments are shifting towards eco-friendly options, the rosin portion supports the pine compound industry and records half the global pine chemicals market.

Many small-scale businesses that consume rosin are positively affecting the demand in the market. These organizations incorporate the manufacturing of cleansers, ink, tile coating, and furniture, expanding the interest for rosin on the lookout. Among the few nations, Italy and Germany have various oil blending units for sending petroleum products to the treatment facility and different areas.

The need for adhesives in the automobile and electronic sectors has started to decline because of the introduction of high-end technologies in manufacturing units. The growth and development in the packaging and construction sector will accelerate the requirement of pine chemicals in the market.

The need for environment-friendly and non-hazardous paints is one of the most significant driving factors for pine chemicals in the market. The biodiesel production from German organizations arrived at 3.2 million metric tons in 2018. This will help growing investments in the construction sector spike the need for raw materials like pine chemicals.

The Preferred Use of Substitutes to Affect the Market

In the pine synthetic compounds market, substitutes for pine items are an essential restriction. The substitutes are promptly accessible and are practical to the purchasers considering the costs. These eco-friendly products are expensive as compared to the alternatives. The simple accessibility to these products and their feasibility are holding back the pine chemicals option in the market.

Acrylic resin, alkyl succinic acid, vegetable oil (soybean-food grade), among others, are the most prominent alternatives to pine chemicals in the market. They occupy the customers from the different sectors that influence the international market and various businesses, such as printing, painting, cement, oil, gas, and others. American Chemistry Council indicates that pine chemicals manufacturing units transmit fewer ozone-depleting substances, safeguarding nature. Nonetheless, the substitutes are 56% non-environmentally friendly, depleting nonrenewable resources and petroleum derivatives.

Growing Opportunities with the Increasing Use of Organic Materials

The developing interest in sustainable products is a chance for producers to convey items, including sustainable and reusable materials—the businesses center around the products which accelerate the economic growth and the demand and supply chain. Environmental change is one of the business elements that stresses the need for natural materials—the pine chemical market sources natural substances from living trees, dead pine logs, and pulping stumps. Consequently, synthetic pine substances are the main unrefined components that are protected, bio-based, and non-perilous to be obtained and handled.

As per the Adhesives and Sealants Industry, 92% of retail packaging volume is obtained from the food and beverage sector. Around 3.4 trillion units of the food packaging industry add to the business, expanding worry about genuine concerns. Due to environmental concerns, the restriction raised by the world governments will promote sustainable packaging methods. This is growing the global chemicals market considerably. 

Segmental Analysis

The pine chemicals market is sectioned into tall oil, rosin, turpentine, and others based on product type. Tall oil is used for making coatings, sizing for paper, paint, varnish, linoleum, drying oils, emulsions, lubricants, and soaps. It is obtained while manufacturing paper, and it is obtained by synthetically treating the cooking alcohol utilized in pulping wood for paper. The tall oil likewise tracks down use as a part of cement, rubbers, inks, binder in adhesive, emulsifier for asphalt, etc. Consequently, tall oil is relied upon to extend at a CAGR of 5.7% before the finish of the forecast period.

According to the applications, the global pine chemicals market is divided into paints and coatings, solvents and disinfectants, printing ink, synthetic rubber, flavors and fragrances, and others. Paints and coatings are used to paint houses, vehicles, street markings, and underground storage utensils. Rosin is being used as an added substance while making paints and used as varnishes also. It helps in speedy drying and delivers lustrous colors.

Mineral Turpentine and white spirits are likely the most broadly used dissolvable used in the formulation of paints. Turpentine was previously the most utilized paint and varnish thinner used in paints and coating today. The utilization of more affordable oil-based items has replaced the utilization of turpentine in colors. These days turpentine is utilized in specialty applications like spray painting, pottery, ceramic coatings, artists paints, and naval paints.

The paints and coatings application holds 36% in the worldwide pine chemicals market.

Impact of covid-19

During the Coronavirus episode, the world economy was impacted drastically, and each area experienced a colossal misfortune. Agricultural nations noticed a pessimistic GDP rate, which contributed to business layoffs. This compelled many small companies to shut down, leaving daily wage workers unemployed. While the administering bodies proposed, all guidelines and rules were loosened the following year. The enterprises opened, and production cycles, supply, and request began.

After bearing losses, areas like auto, oil and refineries, development, production, and others planned to produce more and generate more revenue. During the lockdown, chemical production was impacted adversely. 

However, the demand for chemicals utilized in the medical care and cleanliness areas was rising. The chemical sector experienced a decline of 37% in production during the first stage of the pandemic. During May 2020, the production increased by 38% in the chemicals and petrochemicals area. The production of pine chemicals went down by 50% in total, including rosin, TOFA, turpentine, TOR.

The general business declined by 25% because of a decrease in the inaccessibility of laborers and machines. Lack of funds closed businesses and manufacturing units, and decreased demand for chemicals drastically affected the international pine chemicals market. 

Market Recovery Timeline from the Impact of COVID-19 and its Challenges

The construction business is the world's most significant and most valued industry. India has a GVA of 1.4 %, making it one of the fastest emerging economies. Hence construction business is ever-expanding in this region. Due to the lockdown, this sector declined by practically 100 % as stay orders were placed in the length. Thus, the other ward fragments, including the concrete business, metal and material industry, cement, and paints and coatings industry, were unfavorably impacted. With the issue of raw material, workers were the most impacted assets in almost all industries because of the layoffs and less availability of jobs.

The chemical industry plays a vital role in the economic growth for recovering from the losses due to the pandemic. The key players of the pine chemical industry are strategizing for market growth over the short-term period. The industry is subjected to more sustainable, environment-friendly, and clean energy products. Crude tall oil is likely to be in high demand as the fuel and energy sector is growing along with the technology, and the need for reduction in carbon emissions has become a necessity. Therefore, market players process CTO and end-use applications, increasing the demand for pine chemicals as derivatives.

The industry assumes a key role in rising from the repercussions of the pandemic. The central participants of the sector are planning to achieve short-term growth. The business is exposed to more suitable and sustainable materials because of environmental concerns. The demand for Crude tall oil will probably escalate with growing developments and the need to decrease carbon emissions. Subsequently, these reasons have led to the expanding interest in pine chemicals and derivatives in the global markets.

Regional Analysis

Significant Growth in Asia-Pacific and North America

Asia-Pacific arose in 2020 as the most extensive local market inside the pine chemicals sector, covering a piece of the pie of over 30%. This was because of the inclusion of persuasive exporters. The advancement of bioprocessing plants is further broadening the scope of local markets. It holds the most substantial portion of the overall industry as far as the income produced by pine chemicals in 2021. It nearly procured 45% of the absolute market followed by North America

North America is expected to be the fastest expanding regional market, with more than 5.6% CAGR. This region has high accessibility to the pine trees, and hence more and more productions units are establishing in this region. This is contributing significantly to the pine chemicals industry in these regions.

Pine Chemicals Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Pine Chemicals Market

Some of the key players in the global Pine Chemicals Market are 

  1. Harima Chemical Group
  2. Ingevity Corporation
  3. Pine Chemical Group OY
  4. Eastman Chemical Company OY
  5. Mentha Allied Products Pvt. Ltd.
  6. among others

Report Scope

Report Metric Details
CAGR 5.51%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

Recent Developments

  • 27th September 2021- Kraton Corporation signed an agreement with DL Holdings Co, Ltd. As per the agreement, Kraton Corporation stockholders will receive USD 46.50 in cash for each share of Kraton common stock they own.
  • On 19th March 2021 - Eastman and GP Cellulose worked with the Longleaf Alliance (LLA) to provide 60,000 longleaf pine seedlings to Torreya State Park in Northwest Florida. This collaboration is intended to protect forest ecosystems, support delicate wildlife communities, and help repair the planet for future generations.
  • 4th December 2020 – Harima Chemicals Groups increased production capacity at its core manufacturing hub, Kakogawa Plant, Japan. The production of nanoparticles dispersions increased by 3-fold, and a trial operation started in December 2020.
  • 23rd March 2020 - Harima Chemicals Group announced its partnership with Takasago International Corporation—a leading manufacturer in the flavors and fragrances industry.
  • 8th March 2018 - Ingevity acquired the Georgia-Pacific pine chemical business for a cash purchase price of USD 310 million. Ingevity has acquired the pine chemicals-related assets at Georgia-Pacific Crossett, Ark plant, saleable inventory.

Pine Chemicals Market Segmentation

By Product Type

  • Tall oil
  • Rosin
  • Turpentine
  • Others

By Application

  • Paints and Coatings
  • Solvents and Disinfectants
  • Printing Ink
  • Synthetic Rubber
  • Flavors and Fragrances

By Regions

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • The Middle East and Africa
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