The Asia Pacific Pine Derived Chemicals Market was worth USD 2.58 billion in 2022 and is expected to grow at a CAGR of 6.6%, to reach USD 3.61 billion by 2028.
Use of pine chemicals is essential in adhesives and sealants, paints and coatings, printing inks and other chemical additives which in turn are used in various fields such as cleaning products, printing and publishing, construction and in some other industries. These chemicals are derived from carbonization of wood or distillation. Acidification, solvent extraction and fractional distillation are often used for refining and purifying various pine chemicals.
Increasing emphasis on reducing carbon dioxide emissions and to reduce the use of fossil fuels increased the demand for naturally occurring chemicals. Use of pine derived chemicals is environmental friendly as it is derived naturally from pine trees. Hence, the market for pine derived chemicals is expected to grow steadily with increase in awareness among various nations regarding the benefits of using pine derived chemicals. However, as pine trees are not abundantly available in all continents and availability of alternatives are expected to restrain the market growth.
Tall Oil Fatty Acids are the largest market segment due to its applications in paints and coatings industry.
Adhesives and sealants are expected to lead the market in this segment due to the enhanced viscosity, strength and plasticity of adhesives by using gum rosins. Printing inks are expected to grow rapidly due to the increasing adoption of environment friendly inks.
Based on extraction process, the market is categorized into Kraft Process and Tapping. Tapping process leads the market in this segment due to the cost effectiveness and also this process does not damage the wood.
Asia Pacific is expected to be the fastest growing segment due to the ease of operations in this region and also government initiatives. China leads the market due to the strict policies in pollution reduction.
Frequently Asked Questions
The Asia Pacific Pine Derived Chemicals Market is expected to grow with a CAGR of 6.6% between 2023-2028.
The Asia Pacific Pine Derived Chemicals Market size is expected to reach a revised size of US$ 3.61 billion by 2028.
DRT, Arizona Chemical Company, and Georgia-Pacific Chemicals are the three Asia Pacific Pine Derived Chemicals Market key players.
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