Evolve Business Intelligence has published a research report on the Global Terpene Resins Market, 2023–2033. The globalTerpene Resins market is projected to exhibit a CAGR of around 7.9%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Terpene Resins Market: Akrochem Chemical, Arakawa Chemical Industries, Ltd., Baolin Chemical Industry Co. Ltd, Boc Sciences, Career Henan Chemical Company, China Mk Group Co. Ltd, Drt, Dujodwala Resins and Terpenes Ltd., Foreverest Resources Ltd., and Goldensea Chemicals Co. Ltd
Market Highlights
The global Terpene Resins Market Size is expected to reach USD 2.52 Billion by 2033. The global Terpene Resinsindustry size accounted for USD 1.19 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.74% from 2023 to 2033. Terpene resins are a type of natural resin derived from various plant sources, primarily coniferous trees. They are characterized by their high terpene content, which gives them their unique properties and applications. Terpene resins are commonly used in industries such as adhesives, paints and coatings, inks, and rubber compounding.
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The COVID-19 pandemic has had a significant impact on various industries, including the terpene resins market. During the initial stages of the pandemic, many industries experienced disruptions in their operations due to lockdowns, restrictions on manufacturing activities, and disrupted supply chains. This led to a decline in demand for terpene resins as several end-use industries were negatively affected.
However, as the pandemic progressed, certain sectors such as packaging, healthcare, and personal care witnessed increased demand for terpene resins due to their applications in these industries. The packaging industry, in particular, experienced a surge in demand as e-commerce activities grew during the pandemic, leading to an increased need for adhesives and coatings.
Segmental Analysis
The global Terpene Resins market has been segmented based on Type, and Application.
Based on the Type, the Terpene Resins market is segmented into Liquid, and Solid. The Iiquid segment is expected to have the larger market share throughout the forecast period.
Based on Application, the global Terpene Resins market has been divided into Adhesives &Sealants, Inks & Coatings, Plastic & Rubber Coating, Pulp & Paper, Leather Processing, and Others. The Adhesives &Sealants segment is anticipated to dominate the market.
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Regional Analysis
The Terpene Resins market is divided into five regions: North India, Europe, Asia-Pacific, South India, and Middle East, &Africa. Among these regions, The terpene resins market in North America is driven by the presence of well-established end-use industries such as adhesives, paints, and coatings. The region also has a strong emphasis on research and development, leading to innovations in terpene resin applications. Europe is a significant market for terpene resins, with countries like Germany, France, and the United Kingdom playing a crucial role. The region has stringent environmental regulations, which have increased the demand for sustainable and bio-based products, including terpene resins. The Asia Pacific region is witnessing rapid growth in the terpene resins market due to increasing industrialization, urbanization, and a growing population. Countries such as China, Japan, and India are major contributors to the market growth in this region. Latin America has a significant presence in the terpene resins market, with countries like Brazil and Mexico being key players. The region is known for its rich biodiversity and the availability of plant sources for terpene resin extraction.
