Selbyville, Delaware , May 21, 2024 (GLOBE NEWSWIRE) -- Pine Derived Chemicals Market will reach USD 8.5 billion by 2032, as per a recent study by Global Market Insights Inc. The report cites that the growing awareness about environmental protection is a major driver behind market growth.
TravelPerk findings suggest that nearly 67% of CxOs are constantly concerned about climate change and environmental issues. As more and more individuals and industries become aware of the environmental impact of their activities, sustainable and environmentally friendly alternatives are being preferred. Chemicals made from pine are a renewable and biodegradable solution that meets environmental protection goals. This growing awareness is prompting consumers and businesses to seek products derived from natural sources, increasing the demand for pine-based chemicals across industries. Additionally, increased environmental awareness encourages innovation and investment in sustainable practices, further driving the market forward.
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Tapping process to gain traction
The tapping segment will capture a modest pine-based chemicals market share by 2032, claims the report. Technological advances and innovations in the tapping process have increased the efficiency and sustainability of chemical pine extraction. Sustainable tapping methods combined with advanced extraction techniques maximize the yield of pine-derived chemicals while minimizing environmental impact. In addition, the development of automated threading systems and control tools streamlines the process and ensures optimal use of resources and product quality.
Turpentine segment to garner noticeable gains
As per the report, the pine derived chemicals market size from the turpentine segment will record a noticeable growth rate over 2023-2032 due to the versatile properties of turpentine. The product is widely used as a solvent in paints, varnishes, adhesives, and pharmaceuticals, so it remains a desirable pine-based chemical. The increasing demand for turpentine is due to its low toxicity, excellent solvent properties, and renewable nature, making it an attractive alternative to synthetic solvents. In addition, R&D efforts to improve the quality and purity of turpentine will accelerate the growth of this market.
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APAC to emerge as a prominent pine-derived chemicals market
Asia-Pacific pine derived chemicals market will grow steadily through 2032, fueled by rapid industrialization, urbanization, and growing awareness of sustainable practices. Countries such as China, India, and Japan are witnessing a rise in demand for pine-based chemicals in several end-use industries, including construction, automotive, and healthcare. Additionally, favorable government initiatives to promote the adoption of bio-based products and investments in R&D in the region are fueling market growth.
Pine Derived Chemicals Market Players
Major companies in the market include Harima Chemicals Group, Inc., Eastman Chemical Company, Ingevity Corporation, DRT (Les Dérivés Résiniques et Terpéniques), Arakawa Chemical Industries, Ltd., Mentha and Allied Products Pvt. Ltd., Arizona Chemical Company, LLC, Georgia-Pacific Chemicals LLC. Key growth strategies for these players often involve product innovation and diversification to meet changing customer demands and expand their market presence.
In addition, companies are investing in R&D to improve extraction processes, improve product quality, and explore new applications for pine-derived chemicals. Strategic partnerships and collaborations with other industry players, research institutes, and government agencies facilitate information, resource optimization, and market expansion.
In May 2022, Ingevity Corporation announced an increase in its industrial specialty products - pine oil fatty acids, distilled pine oil, derivatives, and rosin-based resins.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
