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The global terpene resins market size is projected to reach USD 1,450 million by 2027 from USD 991 million in 2022, at a CAGR of 7.9%
during the forecast period. The market is driven by various factors such as growing demand for terpene resins from adhesives & sealants application and increasing popularity of terpene resins-based coatings.
New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Terpene Resins Market by product type, grade, application And Region- Global Forecast to 2027" - https://www.reportlinker.com/p06422853/?utm_source=GNW
Additionally, the market is expected to be driven by rising industrialization and growing population in emerging economies in Asia Pacific and Middle East & Africa.
Liquid segment to be the fastest growing segment amongst product type in the terpene resins market
terpene resins market is segment as solid, and liquid based on the product type. Terpene resins are manufactured and supplied in the above-mentioned forms to meet specific application requirements. Solid terpene resin is mainly used in tires & rubbers as a superior elastomer and adhesives & sealants as an excellent tackifying material for hot-melt adhesive as well as pressure-sensitive labels for various end-use industries, such as packaging, nonwovens, bookbinding, construction/assembly, tapes and labels, and graphics. Solid terpene resin has a performance advantage as compared to liquid forms, hence account for the largest market share in the terpene resins market as compared to the liquid product type. However, cost-effectiveness with strong cohesive properties, good resistance to aging, heat, radiation, acid, and alkali, has no odor or toxicity, good adhesion, high chemical resistance, better moisture resistance, excellent mechanical properties, good fatigue resistance, low shrinkage, strong durability at low & high temperatures, and high electrical resistance of liquid terpene resins is expected to grow at the highest rate, during the forecast period.
Technical segment is projected to grow at the highest rate amongst grades in the overall terpene resins market during the forecast period.
Terpene resins market is segmented into technical and industrial based on grades.Industrial grade is typically made to be strong, durable, and resistant to wear and tear.
Whereas, technical grade resin, is a type of resin that is specifically formulated to meet the technical requirements of a particular application or industry.It may have specific properties, such as high-temperature resistance, UV resistance, or chemical resistance, that make it suitable for use in certain applications.
Technical grade resin has more stringent quality control and purity standards than industrial grade resin. Thus, high adoption of technical grade is thereby boosting its growth in the terpene resins market.
Pulp & paper is projected to grow at a highest growth rate amongst applications in the overall terpene resins market
Based on application, the terpene resins market is segmented into inks & coatings, plastic & rubber processing, pulp & paper, leather processing, adhesives & sealants, chewing gum, and others.Pulp & paper is projected to grow at the highest rate in the terpene resins market.
Properties, such as excellent resistance to organic solvents, moisture and UV light, good toughness, improved adhesion, non-toxicity, good exterior durability, and excellent temperature & chemical resistance are the major factors that increase terpene resins used in these applications.
Asia Pacific estimated to be the fastest growing region in the terpene resins market during the forecast period.
Asia Pacific is projected to be the fastest growing region for terpene resins between 2022 and 2027.The development is mainly attributed to the booming economies in India, South Korea, and China.
Manufacturers have been moving to the region due to the low cost of production and the ability to cater to the local emerging markets better, is driving the terpene resins market in the region.
Breakdown of Primaries
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and subsegments of the terpene resins market gathered through secondary research.
The breakdown of primary interviews has been given below.
• By Company Type: Tier 1 – 25%, Tier 2 – 50%, and Tier 3 – 25%
• By Designation: C Level Executives – 20%, Director Level – 30%, Others – 50%
• By Region: North America – 20%, Asia Pacific – 25%, Europe – 30%, Middle East & Africa – 10%, Latin America – 15%.
The key players in the terpene resins market include Mangalam Organics Limited (India), Yasuhara Chemical Co.Ltd (Japan), Ingevity (US), Kraton Corporation (US), Baolin Chemical Industry Co.
Ltd (China), Lesco Chemical Company (China), Arakawa Chemicals (Japan), Xinyi Sonyuan Chemical Co. Ltd (Japan) among others.
Research Coverage
This report covers the terpene resins market and forecasts its market size until 2027.The market has been segmented based on product type, grade, application, and region.
The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their positions in the market.The report also provides insights into the driving and restraining factors in the terpene resins market, along with opportunities and challenges in the market.
It also includes profiles for key manufacturers in the market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the terpene resins market and provides the closest approximations of overall market size for its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the market and provide information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as new product launches, investment & expansions, agreement & collaboration, and mergers & acquisitions.
Read the full report: https://www.reportlinker.com/p06422853/?utm_source=GNW
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