Terpene is an organic compound derived by different plants and some insects. Terpene is the primary constituent of essential oils extracted from various medicinal plants. Terpene resin is a solid, light-colored compound which is soluble in different solvents.
Terpene resin has wide applications in different end-use industries such as food industry, adhesive industry, and others is likely to create ample growth opportunity for the Terpene resin market. The manufacturers also inclined to increase production and supply for the terpene resin to gain more profit across the globe.
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The global terpene resin market is expected to grow with a single-digit CAGR over the forecast period due to the growth in the production and demand for terpene resin across the globe
Terpene Resin Market Is Expected To Grow Owing to the Demand from Adhesive Industry
The terpene resin has widespread applications in rubber and adhesive industries as tackifiers and for polymer processing. The rising demand for terpene resin in pulp and paper industry and ink and coating industry is anticipated to drive the growth of the global terpene resin market over the forecast period. The characteristics of terpene resin including non-toxicity, effectiveness and chemical inactivity which are utilized in the food and pharmaceutical industry are the growth factor for the terpene resin market across the globe.
The availability of terpene resin is limited considering the production which raises the pricing to high range. The high price and subsequent demand for terpene resin are expected to hamper the growth of the global terpene resin market. The macroeconomic factors of strengthen trade investment and relationship between different countries across the globe which is likely to boost the global terpene resin market. The aforementioned factors related to demand and production of terpene resin is anticipated to promote the growth of the global terpene resin market over the forecast period (2018-28).
Rising Demand for Terpene Resin in different End-Use Industries Projected to Boost the Market Growth
The terpene resin market can be segmented on the basis of product type as solid and liquid. The terpene resin market can also be segmented on the basis of resin type as technical grade terpene resin and industrial grade terpene resin.
The terpene resin market can be segmented on the basis of end-use industry as rubber industry, adhesive and sealant industry, ink and coating industry, food industry, the pharmaceutical industry, pulp, and paper industry and other end-user industries. The growth of the adhesive industry and subsequent demand for terpene resin as a solid solvent for rubber and laminating adhesives is projected to boost the growth of the global terpene resin market in the forecast period.
The global terpene resin market can be segmented on the basis of the geography as Western Europe, North America, Asia and Pacific excluding Japan (APEJ), Latin America, Eastern Europe, Japan, and the Middle East and Africa (MEA). The regional segments also include emerging countries such as China, India, and Australia in the terpene resin market.
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Among the segmented regions, sales and demand for the terpene resin in APEJ are expected to hold a significant share in the global market. The North America terpene resin market is growing due to the substantial growth in the cosmetic & personal care industry in the region. Moreover, the substantial growth of the food industry in the emerging regions such as Asia and Pacific excluding Japan (APEJ) and Latin America is expected to contribute for the growth of the global terpene resin market in the forecast period.
Widespread Application of Terpene Resin Creates Ample of Opportunity for Manufacturers to Expand Business
Some of the key players in the terpene resin market are BOC Sciences, Eastman Chemical Company, Foshan Baolin Chemical Industry Co., Ltd, Grenhall Industries Inc., Kraton Corporation, Lesco Chemical Limited, Mangalam Organics Limited, Skyrun Industrial, Xinyi Sonyuan Chemical Co., Ltd., Yasuhara Chemical Co., Ltd. and others across the globe.
The prominent players are concentrating on the extension of their production abilities and vertical integration for business development. The marketing strategy by manufacturers is expected to contribute for the growth of terpene resin market in the forecast period, 2018-2028.
The research report presents a comprehensive assessment of the terpene resin market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The terpene resin market research report provides analysis and information according to market segments such as geographies, application and industry.
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