Global Terpene Resins Market Size By Application, By Product Type, By Grade, By Geographic Scope And Forecast

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

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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

So, when we look at Product Type, the terpene resin market basically splits into twoSolid and Liquid. The Solid stuff? That's the big winner right now, holding the largest chunk of the market. Think about it – solid terpene resins are just easier to deal with, store, and mix in some cases. That's why you see them popping up in things like chewing gum, coatings, inks, and even adhesives. Plus, they bring some nice benefits, like better stickiness, improved adhesion, and they play well with other polymers. Now, the Liquid terpene resins come in handy when you need something in liquid form. You'll find them in certain coating recipes, or used in more specialized ways to carry aromas and flavors. The big advantage here is that they dissolve easier and mix right into liquid-based stuff without a fuss.

Terpene Resins Market, By Grade

  • Technical
  • Industrial

So, when we're talking about terpene resins, it really boils down to Grade. You've got two main campsTechnical and Industrial. Turns out, the Technical side is the big cheese, grabbing the largest piece of the market pie. That's because technical grade stuff is for when you really need things to be precise and top-notch. Think super strict rules and quality checks. You'll find these resins shining in areas like adhesives, coatings, inks, and even adding a little something special to flavors and aromas. Now, on the other hand, the industrial-grade resins are more like the chill cousins. They're fine when you don't need super-high purity or super-specific performance. Maybe for less picky jobs, or when keeping costs down is the name of the game.

Terpene Resins Market, By Geography

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

Okay, so when we look at different regions, the Global Terpene Resins Market breaks down into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Right now, North America's got the biggest slice of the pie. They’ve got strong industries like adhesives, coatings, and packaging, which gives them a real leg up in the Terpene Resins Market. Plus, everyone there is pushing for more sustainable and eco-friendly products, which helps a lot. Now, Europe's no slouch either; industries like automotive, construction, and packaging there use a ton of terpene resins. And with their tough rules about the environment and product safety, there's a big push 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 ATTRIBUTESDETAILS
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

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