Pine-derived chemicals are substances extracted from pine trees, and they have a variety of applications in different industries. Some common pine-derived chemicals include turpentine, rosin, and tall oil. The global pine-derived chemicals market size is estimated to be valued at USD 5.5 billion in 2022. It is projected to reach USD 6.8 billion by 2027, recording a CAGR of 4.5%, in terms of value. The Increasing demand for renewable resources and the application of pine-derived chemicals in the end-user industry to drive the market.
Applications:
Turpentine: Used as a solvent in various industries, including paints, varnishes, and cleaning products.
Rosin: Employed in the production of adhesives, inks, rubber, and certain types of coatings.
Tall Oil: Used in the production of soaps, lubricants, and biodiesel.
Market Drivers:
The exponential rise in demand for these products can be attributed to consumers’ growing inclination towards environmentally friendly products. These substances function as a means of reducing carbon emissions by using natural and renewable resources as raw materials to create necessities and basic goods. The industry gets its raw materials from the forestry sector and uses living trees, pine stumps, and logs to make the chemicals generated from pine. One well-known example of pine chemistry with a wide range of uses is crude tall oil (CTO). According to a presentation by the American Chemistry Council (ACC), the rise in demand for chemicals generated from pine over other chemical alternatives will cause the global availability of CTO to reach 2.26 million tonnes annually by 2030.
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Market Trends:
Bio-based Products: Increasing awareness of environmental issues and a shift towards bio-based products have influenced the market positively.
Research and Development: Ongoing research and development efforts are aimed at discovering new applications for pine-derived chemicals and improving their extraction processes.
Regional Considerations:
Geographical Factors: The market can be influenced by the availability of pine forests in specific regions, impacting the production and supply chain.
North America is the largest region in the pine-derived chemicals market in the forecast period
North America accounted for the largest region in the global pine-derived chemicals market in the forecast period. For the last few decades, the region has witnessed an increase in implementing new and innovative approaches in kraft process for extraction of pine chemicals. These factors have driven the market for construction, cosmetics, vitamin intermediates, pine oil disinfectants & insect repellents, fragrances & perfumes, and food & drink flavors in the region, which in turn, has contributed to the growth of the pine-derived chemicals market.
Prominent firms featured:
Foreverest Resources Ltd, (China), Harima Chemical Company (Japan), Takasgo International Corporation (Japan), Chemiplas Australia Pvt Ltd (Australia), Mentha and Allied Products Ltd., (India).
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Recent Developments
In February 2022, DCL Corporation (Canada), a color pigment and dispersion manufacturing company, announced a partnership with Chemiplas Australia Pty Ltd (Australia), this partnership will enable Chemiplas to become the sole distributor of DCL Corporation for Australia and New Zealand markets.
In 2020, Harima Chemical Company (Japan) entered into a strategic partnership agreement with Takasago International Corporation (Japan), and with this partnership Lawter (US) a subsidiary of Harima will provide turpentine derivatives to Takasago to be used in their aroma, flavors, fragrance, and fine chemical business.
In 2018, DRT (France) announced a new partnership with Mangalam Organics Limited (India), through this partnership DRT will become a worldwide distributor of Managalam’s terpene phenolic resins.
