The adhesives and paints and coatings industries have experienced significant expansion in recent years. The production of these products uses rosin resins more frequently, which has increased demand for the product worldwide. Over the next ten years, the global market for rosin resins is expected to have robust expansion as a result of the combination of rising demand in these sectors and production process innovations. According to PMR analysis, the market for rosin resins is expected to grow at a CAGR of 5% from 2020 to 2030.
Key Takeaways from Rosin Resins Market Study
- The global adhesives and sealants market is witnessing vigorous growth from the past few years, driven by disposables and PSA. This growth is estimated to persist over the coming years. Demand for rosin resins squarely grows with the growth of the adhesives and sealants industry.
- The paper industry has shown significant growth across the world, resulting in increased demand for rosin resins.
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- With increasing awareness toward personal grooming, cosmetics & personal care products are being widely used, subsequently expected to propel the demand for rosin resins over the forecast period.
- The application of rosin resins is substantially increasing in printing inks, owing to improved solubility, color stability, and less UV absorption, which is expected to positively influence the growth of the rosin resins market.
- Modified rosin resins have improved oxidative stability and color stability, and hence, have wide ranging applications in various end-use sectors.
- Although the extraction of wood rosin requires longer time, it is gaining traction in the market. As a result, the wood resin segment is anticipated to progress at a prominent CAGR over the forecast period.
- China is one of the countries with the fastest growth of pine chemicals, worldwide, with production and demand continuously increasing. Rosin resin manufacturers in China possess very high export potential, and are actively focused for expanding their overseas markets.
- Due to COVID-19-related restrictions across the world, demand for rosin resins from end-use industries has plummeted. As the pandemic comes under control and restrictions are eased, the market will gradually get back to normal.
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Market Landscape Continues to Remain Moderately Fragmented
The global rosin resins market is moderately fragmented at regional and domestic levels. Tier-1 players account for more than one-fourth of the total market share. Some of the leading players included in the report are Eastman Chemical Company, Arakawa Chemical Industries Ltd., Lawter Inc., and Forestar Chemical Co., Ltd., among others. Key market participants are focused on capturing lucrative growth opportunities through collaborations with end-use customers and are continuing to meet targets through sustained operational excellence.
Rosin Resins Market: Conclusion
The global rosin resins market is occupied by a number of manufacturers. Manufacturers are increasing production in their existing production units. Moreover, they are strengthening their global supply systems to meet robust demand. Over the coming years, demand for rosin resins is expected to ascend for their use in adhesives, road marking paints, and other applications. East Asia holds a major portion of the global rosin resins market share. Also, increasing imports from developed countries from North America and Europe are further anticipated to catalyze the growth of the rosin resins market.
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