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The global Pine Derived Chemical market size was USD 5.29 Billion in 2022, and is expected to reach a value of USD 8.7 Billion in 2032

NEW YORK CITY, NEW YORK, UNITED STATES, July 24, 2023/EINPresswire.com/ -- Pine Derived Chemical Market Overview

In 2022, the global market size for Pine Derived Chemicals amounted to USD 5.29 Billion. It is projected to reach USD 8.7 Billion by 2032, exhibiting a revenue CAGR of 5.7% throughout the forecast period. The market's growth is primarily fueled by the rising demand for renewable and sustainable products in industries such as adhesives, paints, and coatings. Additionally, the increasing focus on reducing reliance on fossil fuels further contributes to the market's expansion.
One of the primary driving factors for the market's growth is the growing requirement for chemicals derived from pine, which find significant applications in various industries. Adhesives, in particular, are in high demand across sectors like construction, automotive, and packaging due to their exceptional bonding capabilities and ability to enhance product performance. Pine-derived chemicals serve as a valuable source of resins used in adhesive production, leading to an upsurge in market revenue.

Pine Derived Chemical Market Segments

The global Pine Derived Chemical market showed a significant value of USD 5.29 Billion in 2022. Forecasts suggest an impressive Compound Annual Growth Rate (CAGR) of 5.7% from 2022 to 2032, projecting the market's revenue to reach USD 8.7 Billion by 2032. The data, based on a comprehensive analysis from historical information of 2020-2021 to a forecast period of 2022-2032, indicates a promising trajectory for the industry.
The estimation for the market size was anchored on data from 2022, providing a solid foundation for gauging the market's performance in subsequent years. The rising demand for renewable and sustainable goods across various industries, such as adhesives, paints, and coatings, is expected to be a driving force behind the market's revenue growth. Additionally, the growing emphasis on reducing dependence on fossil fuels adds further impetus to the expansion of the Pine Derived Chemical market.
Among the various applications of pine-derived chemicals, adhesives play a significant role, especially in industries like construction, automotive, and packaging. The exceptional bonding capabilities and ability to enhance product performance make adhesives highly sought after. Pine-derived chemicals serve as a crucial source of resins used in adhesive manufacturing, contributing to the increased revenue of the market.

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Pine Derived Chemical Market: Strategic Developments

• On 28 January 2022, Kraton Corporation announced a partnership with Michigan State University to develop a new generation of biobased chemicals using pine resin. The partnership aims to create sustainable solutions for the industry and reduce the carbon footprint of chemicals used in various applications.
• On 15 September 2021, Sasol Limited announced the acquisition of a pine chemicals plant in South Africa from International Flavors & Fragrances Inc. The acquisition aims to strengthen Sasol's position in the pine chemicals market and expand its product portfolio.
• In 2021, DRT announced the expansion of its capacity for rosin esters production by opening a new facility in the United States. The expansion aimed to meet the growing demand for rosin esters used in various applications such as adhesives, inks, and coatings.

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Pine Derived Chemical Market: Competitive landscape

The global pine derived chemical market features a competitive landscape with several major companies leading the way. Among the key players mentioned in the market report are Kraton Corporation, a prominent provider of specialty chemicals and polymers. Solazyme, Inc., known for its expertise in renewable oils and bioproducts, is also a significant participant in the market.
WestRock Company, a major player in the packaging industry, is actively involved in the production of pine derived chemicals. Renewable Energy Group, Inc., a leading provider of biofuels and renewable chemicals, is making notable contributions to the market's growth.
Derives Résiniques et Terpéniques (DRT), a French-based company specializing in rosin and turpentine derivatives, is another prominent name in the global market. American Elements, known for its advanced materials and chemicals, has a strong presence in the industry.
Sasol Limited, a global integrated energy and chemical company, plays a significant role in the pine derived chemical market. Colgate-Palmolive Company, a well-known consumer goods company, is also actively involved in the market's developments.
Arizona Chemical Company, LLC, a leading bio-refiner of pine chemicals, is making valuable contributions to the industry's growth. Arakawa Chemical Industries, Ltd., a Japanese-based company, is known for its wide range of chemical products, including those derived from pine.

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