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| Pine Resin Market |
The pine resin market comprises pine resin and its chemical derivatives which find wide applications in adhesives, road construction, fuel, fragrances and others. Pine resin is a sticky substance produced by pine trees to protect themselves from insects and deter other contaminations. It has a pleasant aroma and forms a smooth, transparent bubble or tear upon melting. Some key advantages of pine resin include water resistance, natural and biodegradable properties. With growing infrastructure needs, there has been a significant rise in construction activities globally. The adhesives segment dominates the overall pine resin market owing to its widespread use as a bonding and sealant agent.
The Global
pine resin market is estimated to be valued at US$ 6.97 Mn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period
2024 to 2030.
Key Takeaways
Key players operating in the pine resin market are The Cooper Companies
Inc.,Euclid Systems Corporation,Menicon Co., Ltd.,GP Specialists, Inc.,TruForm
Optics, Inc.,Art Optical Contact Lens, Inc.,MiracLens L.L.C.,Contex, Inc. Some
of the major opportunities in the pine resin market include rising demand from
emerging economies of Asia Pacific and Latin America. Countries like China,
India, Brazil and Mexico are anticipated to showcase high growth potential for
pine resin market during the forecast period. Key players are focusing on capacity
expansion plans and global footprint to leverage these opportunities.
The Cooper Companies Inc. is one of the leading players in global contact
lenses market. The company offers wide range of products under Biofinity,
Avaira Vitality and Clariti brands. It has presence across over 100 countries
through strong distribution network. Euclid Systems Corporation manufactures
orthokeratology contact lenses used for temporary reduction of myopia. The
company focuses on research and innovation in lens designs. Menicon Co., Ltd.
is a Japanese company specializing in development of soft and rigid gas
permeable contact lenses. It has six manufacturing plants and sells products
across 70 countries.
Market drivers: Increase in infrastructure development and construction
activities has boosted the demand for pine resin in adhesives segment. The
adhesives market is expected to grow at a CAGR of over 6% till 2030 driven by
growth in automotive, building & construction industries. Natural and
eco-friendly properties of pine resin has increased its preferance over
synthetic adhesives.
Market restraints: Fluctuations in pine resin prices depend on supply of raw
material. Any decline in plantation of pine trees can hamper the supply of pine
resin. Presence of substitutes like synthetic terpenes and natural plant resins
pose competition to pine resin market. Strict regulations pertaining to
deforestation and harvesting of pine trees can restrict market growth.
Segment Analysis
Hydrocolloid sub segment is dominating the Pine
Resin Market Growth as hydrocolloids are gaining popularity for use in
cosmetics and personal care products due to their ability to provide moisture
to the skin. They maintain a hydrating barrier on the skin surface and thus
find extensive application in products such as anti-aging creams, sunscreens,
etc. Another major sub segment is turpentine which is extracted through
distillation of pine resin. It finds application as a solvent for paints and
varnishes.
Global Analysis
The Asia Pacific region is the fastest growing as well as dominating region in
the global pine resin market. This is attributed to high consumption of pine
resin in countries like China which is a major producer and exporter of
pine-based lumber and derived products. In Asia Pacific, pine resin extracts
are commonly used in herbal medicines and cosmetics due to their moisturizing
and healing properties. Europe is another lucrative market due to a surge in
demand for solvents from paints and coatings industries wherein turpentine
extracted from pine resin is a key ingredient.
For more insights, read- Pine
Resin Market
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