The Global rosin market was valued at US$ 2,197.0 Mn in the year 2018 and is expected to reach US$ 2,906.3 Mn in the year 2026, growing with a CAGR of xx% during the forecast period. In terms of volume, the market was valued at xx Kilo Tons in the year 2018 and is expected to reach xx Kilo Tons by the year 2026, growing at a CAGR of 3.1%.
Rosin is primarily used in adhesives & coatings, inks, and other end-use verticals. Adhesives & coating and inks segments collectively account for over 70% of the total market revenue generated worldwide. Nevertheless, rosin has limited applications in other end-use sectors such as cement, varnishing, pulp & paper, detergent & soaps, and others. This is primarily due to the predominant use of rosin substitutes in these sectors because of high prices of rosin. Thus, increasing the application area of rosin, especially in cases where bio-based materials are required, is expected to prove beneficial for the market players.
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The global rosin market is witnessing growth across the globe owing to the rising demand for environment-friendly materials, such as gum rosin and wood rosin. Rosins are basically derived from pine trees. There are numerous advantages of using materials which are derived from bio-based materials. For instance, environment-friendly materials easily degrade into the environment.
Moreover, due to the stable supply of environment-friendly sources, price fluctuations of bio-based materials are lower when compared to petrochemical materials. For instance, according to the “3rd Annual Conference and Expo on Biomaterials”, the environment-friendly materials market is expected to record a significant growth rate. Some government bodies are investing on environment friendly products and emerging technologies, which will accentuate the growth of the rosin market in future.
The key players operating in the global rosin market are, Eastman Chemical Company (US), Resin Chemicals Co., Ltd. (China), Kraton Corporation (US), Forestar Chemical Co., Ltd. (China), CV. Indonesia Pinus (Indonesia), Wuzhou Pine Chemicals Ltd. (China), Guilin Songquan Forest Chemical Co., Ltd. (China), and Jinggu Forestry Chemical Co. Ltd. (China), among others.
The companies operating in the global rosin market are focusing on mergers and acquisitions, new product launches, research and development, and other strategies, in order to increase their market share. For instance, In May 2019, Eastman Chemical Company announced their new plant expansion for the production of hydrogenated & nonhydrogenated resins in Pennsyslvania, Middleburg, and Jefferson. This expansion will be completed by the middle of 2020. This will help Eastman Chemical Company to increase their production capacity.