Global Industry Analysis

The Terpene Resins Market is an ever-growing sector, with a variety of products and applications being developed for use in a range of manufacturing industries. Terpene resins are derived from renewable raw materials, such as pine oil and other terpenes, and provide excellent resistance to heat, oxidation, water absorption, and light.

Terpene resins are organic substances that come from plants, such as citrus fruits or wood. Terpene resins are translucent, solid or viscous substances that can be dissolved in a wide range of solvents. These are frequently used as tackifiers for a variety of elastomers and have uses in a wide range of industries, including paints and coatings and adhesives and sealants, among others.

Pure terpene resin is precipitated predominantly by polymerization or from renewable sources. Due to their chemical inertness, these resins are also used in some applications in the food and beverage sector. Terpene resins are amorphous substances with a transparent, pale yellow or brown appearance and great thermal stability.

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The production of terpene resins involves the reaction of monomer and hydrocarbon diluent in the presence of aluminum chloride catalyst in the freidel-craft reaction. Terpene resins offer a greener, more environmentally friendly, sustainable and effective alternative to your conventional hydrocarbon-based resins.

The main application of terpene resins is their use as an adhesive for various elastomers. In addition, terpene resins are also widely used in the manufacture of adhesives, as polymer modifiers, in the manufacture of inks and paints, in the pulp and paper industry, and in leather processing, among others.

Terpene resin market: dynamics

The global demand for terpene resins is expected to see steady growth during the forecast period. The increasing adoption of terpene resins compared to hydrocarbon-based resins in major end-use industries is expected to create incremental opportunities for industry holders during the forecast period.

Demand for terpene resins is expected to increase due to increasing demand from key end-use industries, including polymer processing, paints and coatings, and paper and pulp, among others. Exceptional features including chemical inactivity, non-toxicity, and efficacy are expected to result in a steady growth in the adoption of terpene resins compared to some of the conventionally used products.

However, the relatively limited availability compared to that of conventional resins, coupled with the relatively higher prices of these terpene resins, is expected to act as an impediment to the growth of the global terpene resins market during the forecast period.

Terpene resin market: segmentation

On the basis of the application, grade, and product type, the terpene resin market is segmented as follows.

Terpene resins market: regional perspective 

In geographical terms, the global terpene resin market has been segmented into seven key regions. The Asia Pacific region is expected to account for a significant share in the performance of global terpene resin consumption during the forecast period. China is expected to continue to dominate in terms of terpene resin consumption and production.

The consumption of terpene resins in North America and Europe is expected to record steady growth due to increasing demand for greener and more sustainable alternatives to conventional hydrocarbon resins. The global market for terpene resins is anticipated to register moderate single-digit growth during the forecast period.

However, concerns related to security of supply, relatively higher prices, and lack of strict regulations are expected to restrict the adoption of such compounds to some extent, especially in developing countries around the world.

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Terpene resin market: participants

Some of the identified participants along the value chain in the global terpene resin market are as follows:

• Eastman chemical company
• royal corporation
• Mangalam Organics Limited
• YASUHARA CHEMICAL CO., LTD.
• Foshan Baolin Chemical Industry Co., Ltd
• BOC Sciences
• Skyrun industrial
• grenhall industries inc.
• lesco chemistry limited
• Xinyi Sonyan Chemical Co., Ltd.

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