Pine Derived Chemicals Market Size to Worth USD 9.06 Bn by 2033

June 28, 2024 Prathamesh

The global pine derived chemicals market size is expected to increase USD 9.06 billion by 2033 from USD 5.82 billion in 2023 with a CAGR of 4.52% between 2024 and 2033.

Key Points

Asia Pacific held the largest revenue share of 46% in 2023.
North America is expected to host the fastest-growing market during the forecast period.
By product, the turpentine segment led the market with the biggest revenue share of 20% in 2023.
By product, the tally oil fatty acid segment is expected to expand rapidly in the market in the upcoming years.
By process, the kraft segment held a significant revenue share of 62% in 2023.
By process, the tapping segment is expected to grow at the fastest rate in the market during the forecast period.
By end use, in 2023, the paints & coatings segment held the largest share of the market.
By end use, the pharmaceuticals segment is expected to grow rapidly in the market in the upcoming years.

The Pine Derived Chemicals Market encompasses a range of products derived from pine trees, including turpentine, rosin, tall oil, and terpenes. These chemicals find diverse applications across industries such as adhesives, paints and coatings, flavors and fragrances, and personal care products. The market is driven by the increasing demand for sustainable and bio-based raw materials in various industrial sectors.

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List of Contents

Growth Factors:

The market growth is primarily driven by the rising preference for eco-friendly and renewable products, coupled with advancements in extraction technologies that enhance the yield and quality of pine-derived chemicals. Additionally, the expanding applications in pharmaceuticals and food additives sectors contribute to market expansion.

Region Insights:

Major regions contributing to the Pine Derived Chemicals Market include North America, Europe, Asia Pacific, and Latin America. North America and Europe lead in terms of production and consumption due to established forestry industries and stringent environmental regulations favoring bio-based products. Asia Pacific is emerging as a key market with increasing industrialization and growing awareness towards sustainable practices.

Pine Derived Chemicals Market Scope

Report Coverage	Details
Market Size by 2033	USD 9.06 Billion
Market Size in 2023	USD 5.82 Billion
Market Size in 2024	USD 6.08 Billion
Market Growth Rate from 2024 to 2033	CAGR of 4.52%
Largest Market	Asia Pacific
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	Product, Process, End-use, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Pine Derived Chemicals Market Dynamics

Drivers: Key drivers include the growing demand for sustainable chemicals in industries such as adhesives, printing inks, and coatings. Moreover, the shift towards natural ingredients in personal care and pharmaceutical products further boosts market growth. Technological advancements in extraction processes also drive efficiency and profitability in the market.

Opportunities: Opportunities lie in expanding applications of pine-derived chemicals in novel sectors such as renewable energy, where biofuels derived from tall oil show promise. Additionally, innovations in product formulations and strategic partnerships across regions offer avenues for market players to capitalize on emerging trends and expand their market presence.

Challenges: Challenges include variability in raw material supply due to seasonal and environmental factors affecting pine forests. Market players also face regulatory challenges related to environmental sustainability and product safety standards, necessitating compliance and investment in sustainable practices and certifications.

Pine Derived Chemicals Market Companies

Kraton Corporation
Ingevity Corporation
Harima Chemicals Group, Inc.
Pine Chemical Group
DRT

Recent Development

In March 2024, Sylvasolvtm, a new line of biobased hydrocarbon oils, was introduced by Kraton Corporation, a sustainable producer of specialty polymers and high-value biobased products made from pine wood pulping co-products. The oils are intended to provide advantages in terms of performance and environmental sustainability to various industries, including lubricants, adhesives, and agrochemicals.

Segment Covered in the Report

By Product