June 18, 2024
Pine Resin Market

Pine Resin Market Is Growing Driven By Rising Demand From Adhesives Industry

Pine resin, also known as rosin, is a bio-based solid substance obtained from pines and some other plants and trees. It is composed of resin acids and small amount of terpenes. It acts as a tacky substance and possesses strong adhesion properties. Pine resin finds wide applications as additive in many adhesives, printing inks, rubber and other applications. It improves flexibility, adhesion and water resistance of adhesives. Growing demand from construction and packaging industries is majorly driving the demand for adhesives incorporating pine resin as a key ingredient.

The Global Pine Resin Market is estimated to be valued at US$ 6.97 Mn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Pine Resin market are The Cooper Companies Inc.,Euclid Systems Corporation,Menicon Co., Ltd.,GP Specialists, Inc.,TruForm Optics, Inc.,Art Optical Contact Lens, Inc.,MiracLens L.L.C.,Contex, Inc. Demand for pine resin is increasing from adhesives manufacturers globally owing to its cost effectiveness and performance benefits. It is increasingly being used as tackifying resin and flexibilizer in hot melt, solvent based and water based adhesives.

The global adhesives market has been witnessing strong growth on back of burgeoning construction and packaging industries. Rising income levels and urbanization in developing regions is propelling the growth of construction industry. This is positively impacting the demand for pine resin from adhesives producers.

Key manufacturers are focusing on global expansion by building production facilities in different geographic regions. They are also enhancing their product portfolio through new product launches catering to diversified end use industries. This is helping them consolidate their position and leverage growth opportunities in international markets.

Market key trends
Resistance to hydrolysis and poor UV stability of pine resin limits its applications. Ongoing research& development activities are focused on modifying the resin through chemical treatment to enhance its resistance to degradation. Novel bio-based derivatives of pine resin with tailored properties suitable for diversified applications are gaining traction. This emerging trend is expected to drive the pine resin market over the forecast period.

Porter’s Analysis
Threat of new entrants: Low capital requirements favor entry by new players into the pine resin market. However, established brands and supplier relationships diminish new entrants’ bargaining power.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. Their buying power increases during an economic downturn when resin manufacturers have excess production capacity.

Bargaining power of suppliers: Resin producers have considerable bargaining power since pine resin is a key raw material and only a few companies supply commercial quantities. Supplier concentration enables price setting.

Threat of new substitutes: New resin substitutes pose a medium threat as materials like petroleum-based adhesives and natural gum alternatives can replace pine resin in some applications.

Competitive rivalry: The Pine Resin Market Growth exhibits high competition due to many regional and global players. Companies compete based on product quality, reliability of supply, and pricing.

Geographical Regions
The pine resin market in Asia Pacific accounts for over 40% of global volume sales, driven by demand from China, India, and other Southeast Asian countries. These regions are major consumers as well as producers of pine resin.

North America’s pine resin market is growing at the fastest rate of over 8% annually between 2024-2030. Increased usage in paints, adhesives, road construction, and other industrial applications sustains the high growth momentum in countries like the US and Canada.

Geographical Regions
The Asia Pacific region holds the largest share of the global pine resin market in terms of value, accounting for more than 35% of the total market. This is attributed to high consumption as well as production of pine resin across China, India, and Southeast Asian countries.

The North American pine resin market is expected to witness the highest CAGR of over 7.5% during the forecast period from 2024 to 2030. Increasing applications in paints, adhesives, road construction and other industrial sectors are fueling the rapid growth of the pine resin market in the region, especially in the U.S. and Canada.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it