Global Terpene Resins Market Size By Application, By Product Type, By Grade, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Terpene Resins Market Size By Application, By Product Type, By Grade, By Geographic Scope And Forecast
Terpene Resins Market Size And Forecast
Terpene Resins Market size was valued at USD 1.06 Billion in 2024 and is projected to reach USD 1.96 Billion by 2031, growing at a CAGR of 7.91% during the forecasted period 2024 to 2031.
Global Terpene Resins Market Drivers
The market drivers for the Terpene Resins Market can be influenced by various factors. These may include
Growing Need in the Sealants and Adhesives Sector One important market driver is the growing usage of terpene resins in sealants and adhesives because of their superior adhesion and tack qualities. The need for these resins is fueled by their exceptional performance in a variety of applications, such as construction, woodworking, and packaging.
The Packaging Industry’s Growth The packaging market is growing quickly, with flexible packaging in particular. The demand for terpene resins is growing because they are crucial to the formulation of hot-melt adhesives used in packaging.
Growing Utilisation in the Tyre and Rubber Sector The rubber and tyre industries make substantial use of terpene resins as tackifiers. The need for terpene resins is being driven by the expanding automobile industry and rising tyre production.
Growing Adoption of Environmentally Friendly Products Eco-friendly and sustainable products are in greater demand from both manufacturers and consumers. Terpene resins are becoming more and more popular because they follow this trend and are made from natural sources like pine trees.
The Fragrance and Flavour Industry’s Growth Terpene resins are widely used in the fragrance and flavour industries due to their pleasant smell and fixative qualities. The desire for food flavouring, cosmetics, and perfumes among consumers is fueling the growth of this industry, which in turn is driving the Terpene Resins Market.
Technological Developments in Resin Production The quality and functionality of terpene resins have been enhanced by technological developments in their manufacture. Improved production techniques produce high-quality, reasonably priced resins, which increase their market penetration.
Expanding Use of Paints and Coatings Because of their superior film-forming abilities and chemical resistance, terpene resins are utilised in the paint and coatings sector. Terpene resin demand is driven by the expansion of the building and automobile industries, which are big users of paints and coatings.
Regulatory Assistance and Compensation Terpene resin uptake is being aided by supportive government policies and incentives that support the use of natural and sustainable raw materials in industrial applications.
The Personal Care Industry’s Growth Terpene resins are used in skincare and haircare products by the personal care industry. Terpene resin demand is being driven by consumers’ growing interest in natural and organic personal care products.
Growth in Developing Markets Rapid industrialization and urbanisation are occurring in emerging economies, which is driving up demand for goods containing terpene resins. The market for terpene resins is expected to increase significantly as a result of this expansion into new economies.
Global Terpene Resins Market Restraints
Several factors can act as restraints or challenges for the Terpene Resins Market. These may include
Exorbitant Production Costs Terpene resin extraction and purification are difficult and costly procedures, which raises the total cost of production. As a result, terpene resins are not as competitive as synthetic substitutes.
Availability of Raw resources Natural resources such as citrus fruits and pine trees are the main sources of terpene resins. Production and cost may be impacted by these raw materials’ limited availability and supply swings.
Environmental Regulations Strict laws governing the extraction of natural resources and the release of volatile organic compounds (VOCs) during manufacturing may limit the expansion of the market.
Competition from Synthetic Resins In many situations, synthetic resins may be preferred over terpene resins due to their reduced cost and similar qualities.
Restricted Awareness and Adoption Potential end users may not be aware of the uses and advantages of terpene resins, which could impede market expansion.
Global Terpene Resins Market Segmentation Analysis
The Global Terpene Resins Market is Segmented on the basis of Application, Product Type, Grade, and Geography.
Terpene Resins Market, By Application
Inks & Coatings
Adhesives & Sealants
Chewing gums
Pulp & Paper
Plastic & rubber
Leather processing
Others
Based on Application, Inks & Coatings, Adhesives & Sealants, Chewing gums, Pulp & Paper, Plastic & rubber, Leather Processing, and Others. The Adhesives and Sealants held the largest share of the market. Terpene resins improve the cohesion, tackiness, and adherence of adhesives and sealants, making them appropriate for a variety of uses. They are employed in many different sectors, including those of building, transportation, packing, woodworking, and electronics.
Terpene resins are used in adhesives for flooring, tiles, and panel bonding in the construction sector. They are used in adhesives for structural bonding and interior trim assembly in the automotive industry. Terpene resins are also used in rubber-based adhesives, hot melt adhesives, and pressure-sensitive adhesives. The strong demand for these products across numerous industries is responsible for the adhesives and sealants segment’s supremacy.
Terpene Resins Market, By Product Type
Solid
Liquid
Based on Product Type, the market is segmented into Solid and Liquid. The Solid segment held the largest share of the market. In situations where a solid form is easier to handle, store, and formulate solid terpene resins are frequently chosen. They are frequently utilized in sectors like chewing gum, coatings, inks, and adhesives. The benefits of solid terpene resins include enhanced tackiness, adhesion, and compatibility with other polymers. On the other hand, liquid terpene resins are used in situations where a liquid form is more advantageous, including some coating formulations and specialized uses as transporters for aroma and flavor. Better solubility and simplicity of inclusion into liquid-based systems can be achieved using liquid terpene resins.
Terpene Resins Market, By Grade
Technical
Industrial
Based on Grade, the market is segmented into Technical and Industrial. The Technical segment held the largest share of the market. Technical grade terpene resins are frequently utilized in applications that demand precise characteristics and high-quality performance. These terpene resins are produced following stricter industry standards and go through more rigorous quality control procedures. In fields including adhesives, coatings, inks, and flavor and aroma, they are frequently used. On the other hand, industrial-grade terpene resins are typically used in situations where lesser purity or particular performance criteria are acceptable. They could be employed in less demanding applications or in businesses where cost is the main concern.
Terpene Resins Market, By Geography
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Based on regional analysis, the Global Terpene Resins Market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Geographically North American region has a larger market share in the regional market. Due to its well-established sectors, such as adhesives, coatings, and packaging, North America has a substantial position in the Terpene Resins Market. The market for terpene resins is also fueled by the region’s emphasis on sustainability and environmentally friendly goods. Automotive, construction, and packaging are just a few of the sectors that heavily rely on terpene resins and have a significant European presence. The region’s strict environmental protection and product safety standards help to drive demand for bio-based and sustainable resins.
Key Players
The major players in the Terpene Resins Market are
Ingevity
Eastman Chemical Company
Lawter Inc
Pinova Holdings, Inc.
Yasuhara Chemical Co.
DRT
Arakawa Europe GmbH
Guangdong KOMO Co.Ltd.
Privi Organics India Limited
Mentha & Allied Products Pvt. Ltd.
Report Scope
REPORT ATTRIBUTES
DETAILS
Study Period
2021-2031
Base Year
2024
Forecast Period
2024-2031
Historical Period
2021-2023
Unit
Value (USD Billion)
KEY COMPANIES PROFILED
Ingevity, Eastman Chemical Company, Lawter Inc, Pinova Holdings, Inc., Yasuhara Chemical Co., Ltd., DRT, Arakawa Europe GmbH, Guangdong KOMO Co., Ltd., Privi Organics India Limited, Mentha & Allied Products Pvt. Ltd.
SEGMENTS COVERED
By Application, By Product Type, By Grade, and By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
Research Methodology of Market Research
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
Customization of the Report
• In case of any please connect with our sales team, who will ensure that your requirements are met.
Table of Content
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
List Tables Figures
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
For a single, multi and corporate client license, the report will be available in PDF format.
Sample report would be given you in excel format. For more questions please contact:
