Allied Market Research

2024

Terpene Resins Market

Terpene Resins Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Advanced Materials

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Author's: | Eswara Prasad
Publish Date:

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Terpene Resins Market Analysis:

Terpene resin is an organic compounds derived from natural sources, including wood or citrus fruits. Terpene resin is a solid, light-colored compound, which is soluble in different solvents. Moreover, terpene often gives a strong odor and exhibits high resistance capabilities. It plays an important role as an essential oil, and fragrance and flavoring agent in industrial uses. Increase in demand for terpene in end-use industries such as cosmetics, food & beverages, paints & coatings, rubber, and pharmaceuticals is driving the market growth. Straight terpene resin is precipitated primarily by polymerization. These resins are chemically inactive, and thus are used in certain food & beverages applications. Regarding appearance, terpene saps are clear, light yellow or darker undefined mixes that display extraordinary warm strength. Furthermore, exceptional characteristics such as chemical inactivity, non-toxicity, and effectiveness as compared to that of some of the conventionally used products are expected to boost the market growth during the forecast period.

COVID-19 scenario analysis:

The outbreak of COVID-19 has disrupted the global economy by halting the operations of industries such as cosmetics and food & beverages. The lockdown has reduced the demand for cosmetics and food & beverages, thus reducing the demand for terpene resins. However, the use of terpene resins in the pharmaceutical industry is expected to boost the market growth, as terpene resins is used as flavoring agents in many supplements. The overall market growth of terpene is declining, however, post lockdown; the market is expected to grow at a notable rate.

Market scenario analysis

Global demand for terpene resins is expected to grow significantly during the forecast period. Increase in use of terpene resins as a substitute for hydrocarbon-based resins across end-use industries is expected
to generate lucrative opportunity for the market players during the forecast period. Moreover, terpene resin is applicable in the food and pharmaceutical industries, as it exhibits properties such as non-toxicity and chemical inactivity, thereby boosting the growth of the market across the globe. Furthermore, increase in demand for terpene in end-use industries such as cosmetics, food & beverages, paints & coatings, rubber, and pharmaceuticals is driving the market growth. However, relatively limited availability compared to conventional resins coupled with relatively higher terpene resin extraction prices is expected to hamper global market growth of terpene resins during the forecast period.

Market drivers

Rise in demand for terpene resin in pulp &paper, ink, and coating industries is anticipated to drive the growth of the global terpene resins market during the forecast period.

Terpene offers a wide range of medical advantages, including antimicrobial, antiseptic, and anti-carcinogenic effects. The pharmaceutical market is rapidly expanding, which significantly contributes toward the growth of the global market. In addition, increase in use of flavors in dietary supplements, pharmaceutical, and Nutraceutical applications is projected to drive the market growth.

Terpene resin finds its application in various end-use industries such as rubber, adhesive &sealant, ink &coating, food, pharmaceutical, pulp, and paper industries. Increase in end-use applications by various
industries is expected to further propel the global terpene resins market during the forecast period.

Regional insights

The terpene market is analyzed across Asia-Pacific, North America, Latin America, Europe, and Middle East & Africa. Among these, sales and demand for terpene resin in Asia-Pacific is expected grow considerably. Latin America and Middle East & Africa is anticipated to hold significant market share. This is attributed to increase in demand for terpene in key industries such as rubber and food & beverages in these regions. The North America terpene resins market is growing at a notable rate, due to expansion of the cosmetic & personal care industry in the region.

Key benefits of the report

  • This study presents the analytical depiction of the global terpene resins industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global terpene resins market share.
  • The current market is quantitatively analyzed¬†to highlight the global terpene resins market growth scenario.
  • The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.

Questions answered in the global terpene resins market research report:

  • Which are the leading players active in the global terpene resins market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?

Terpene Resins Market Report Highlights

Aspects Details
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By Type
  • Liquid
  • Solid
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By Application
  • Adhesives &Sealants
  • Inks & Coatings
  • Plastic & Rubber Coating
  • Pulp & Paper
  • Leather Processing
  • Others
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By Region
  • North America  (US, Canada, Mexico)
  • Europe  (Germany, UK, France, Russia, Italy, rest of Europe)
  • Asia-Pacific  (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America  (Brazil, Argentina, Columbia, rest of South America)
  • Middle East and Africa  (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, rest of MEA)
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Key Market Players

Skyrun Industrial, BOC Sciences, YASUHARA CHEMICAL CO., LTD., Kraton Corporation, Lesco Chemical Limited, Eastman Chemical Company, Foshan Baolin Chemical Industry Co., Ltd, Grenhall Industries Inc., Mangalam Organics Limited, Xinyi Sonyuan Chemical Co., Ltd.

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Terpene Resins Market

Global Opportunity Analysis and Industry Forecast, 2023-2032