Terpene Resins Market to Reach Valuation of USD 1.84 Billion by 2030 – Increasing Popularity of Terpene Resins-Based Coatings Drives the Market

Terpene resin is an organic substance found in nature, such as in citrus fruits or wood. Terpene resin is a solid, light-colored chemical soluble in many solvents. Terpene also frequently has a strong odor and a high degree of resistance. Therefore, it is useful for industrial use as an essential oil, fragrance, and flavouring ingredient. The expansion of the market is being driven by the rise in demand for terpene in end-use sectors like cosmetics, food & beverage, paints & coatings, rubber, and pharmaceuticals. The primary method for precipitating straight terpene resin is polymerization. These resins are employed in specific food and beverage applications because they are chemically inert. Terpene saps are transparent, pale yellow, or deeper indeterminate mixtures with outstanding warm strength. Moreover, the market expansion is anticipated to be boosted by remarkable qualities such as chemical inactivity, non-toxicity, and efficacy compared to some commonly used items.

Throughout the projected period, there is expected to be a significant increase in the demand for Terpene Resins globally. Over the projection period, there will likely be attractive prospects for market participants due to the rise in Terpene Resins as a replacement for hydrocarbon-based resins across all end-use sectors. In addition, Terpene resin is also useful in the food and pharmaceutical industries since it has characteristics like non-toxicity and chemical inactivity, promoting global market expansion. However, throughout the projected period, the growth of the global market for Terpene Resins is anticipated to be constrained by relatively low availability compared to traditional resins and somewhat higher extraction prices.

Key Highlights from Report

· Based on Product, Solid Resins segments are anticipated to dominate the Terpene Resins market, with the biggest market share during the forecast period due to increased use in several applications.

· Based on Grade, Industrial-grade Terpene Resins are widely used and account for most of the market for Terpene Resins.

· Based on Application, the Plastic and Rubber segment is anticipated to dominate the Terpene Resins market due to its excellent and distinctive attributes.

· Regarding Region, Asia Pacific will hold the largest market share in 2022, which is likely the most gainful market in the future. The region's market is being driven by manufacturers who have relocated there in response to the region's low cost of production and improved capacity to serve its developing markets.

Market Dynamics

The increase in demand for terpene resin in the pulp and paper, ink, and coating sectors is predicted to fuel market growth for Terpene Resins throughout the forecast period. In the Terpene Resins market, pulp and paper are anticipated to develop fastest. Terpene Resins are increasingly used in various applications because of their excellent toughness, enhanced adhesion, non-toxicity, good exterior durability, and outstanding temperature & chemical resistance. Different properties also include excellent resistance to organic solvents, moisture, and UV light. Also, Terpene has various health benefits, including antibacterial, antiseptic, and anti-carcinogenic properties.

Furthermore, the global market is growing tremendously due to the pharmaceutical industry's quick expansion. Also, a rise in the usage of flavours in pharmaceutical, nutraceutical, and dietary supplement applications is anticipated to boost market expansion. Terpene resin is used in various end-use sectors, including rubber, adhesive & sealant, ink & coating, food, pharmaceutical, pulp, and paper industries. The worldwide Terpene Resins market is anticipated to grow further throughout the projected period due to an increase in end-use applications by different sectors.

However, the limited feedstock supply, volatility in raw material prices, and the cost and availability of raw materials are essential considerations for terpene resin producers when determining the pricing structure of their goods. Most of the raw materials used to make Terpene Resins come from natural and petroleum-based sources. The market for Terpene Resins is expected to be impacted by the restricted supply of natural feedstocks and the increasing regional concentration of suppliers in some regions. However, the development of this sector may be constrained by changes in oil prices and a fragile global economy.

During the projected period, Asia Pacific is anticipated to lead the worldwide terpene resin market. Numerous manufacturing sectors in countries like China and Japan, the rising demand for paper and packaging products, the expansion of the consumer goods sector, and supportive government policies and regulations are just a few factors that are projected to have an impact on market demand. The leading causes of the development are South Korea, China, and India's robust economies. Manufacturers who moved to the area to take advantage of the low cost of production and greater capacity to serve the local expanding markets are driving the Terpene resin market there.

The Global Market is Segmented as follows

• Product Type
  • Solid
  • Liquid
• Grade
  • Technical
  • Industrial
• Application
  • Inks & Coatings
  • Adhesives & Sealants
  • Chewing Gums
  • Plastic & Rubber
  • Leather Processing
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Terpene Resins Market is

Eastman Chemical Company (U.S.), Kratom Corporation (U.S.), Mangalam Organics Ltd. (India), Yasuhara Chemical Co. Ltd (Japan), Ingevity (U.S.), Bolin Chemical Industry Co. Ltd (China), Lesko Chemical Company (China), Arakawa Chemicals (Japan), Xinyi Son yuan Chemical Co. Ltd. (Japan), BOC Sciences (U.S.), Skyrun Industrial (China), Grenhall Industries Inc. (Canada)

The Global Terpene Resins Market Scope can be Tabulated as below