ID: MRFR/CnM/6957-CR | December 2022 | Region: Global | 100 Pages
Gum Rosin Market is projected to be worth USD 1,877.12 million by 2030, registering a CAGR of 4.06% during the forecast period (2022-2030)
$1,877.12 million
4.06%
Asia Pacific
2022-2030
The global gum rosin market is projected to register healthy growth during the forecast period, 2022–2030. The market was valued at USD 1,333.31 million in 2021 and is projected to register a CAGR of 4.06% to reach USD 1,877.12 million by the end of 2030.
Gum rosin is derived from oleoresin obtained by scarifying the pine trees. The inherent acidity, combined with other chemical properties, allows it to be converted into a large number of downstream derivatives used in various applications such as producing adhesives, paper sizing agents, printing inks, solders and fluxes, various surface coatings, insulating materials for the electronics industry, synthetic rubber, chewing gums, and soaps & detergents. The global gum rosin market is prominently influenced by many market-driven factors. Some of the market-driven factors that are slated to fuel the global market growth include increased gum rosin demand in the various end-use industries like paints & coatings, rubber industry etc. and its extensive use as a binder in adhesives for the construction industry. Apart from these factors, the opportunity to expand in Latin America and Middle East & Africa is projected to trigger global gum rosin market growth in the near future.
As it dissolves easily in alcohol, gasoline, turpentine, and other organic solvents, gum rosin is a basic material in the paint industry. Gum rosin is refined with a drying oil such as tung oil and mixed with a volatile solvent to produce various lacquers. Its used as a sizing agent in the papermaking industry because it improves paper strength, smoothness, and anti-abrasion. Gum rosin is used in rubber products as a low-cost tackifier and softener. And its end-use application in various other industries due to its improved chemical and physical properties may boost the growth of the gum rosin market in the forecast period.
COVID-19 Impact on the Gum rosin Market:
Gum rosin, derived from tree oleoresin, is also used to produce plastics and sealants. The demand for pine-based chemicals is expected to rise due to these factors, propelling the sector forward. However, the unpredictability of the cost of pine-derived chemicals limits their widespread use. As a result, the market's growth is likely to be slowed. Gum rosin production declined amidst the COVID-19 pandemic as market players had to shut operations below the optimal production capacities to avoid the spread of the novel coronavirus. Additionally, the variable costs of raw materials owing to supply disruptions due to border and trade restrictions have impacted gum rosin production. However, some large market players have continued operations at their production facilities. Furthermore, downturns in the European and Asian Pacific, particularly Chinese, Latin American, and other world economies, increases in interest rates, and unfavorable currency fluctuations have affected the gum rosin market.
COVID-19 has impacted the sales of gum rosins globally. The sales & distribution channel comprises distributors, retailers, wholesalers, and e-commerce merchants who have signed long-term agreements with the manufacturer to ensure the final product's availability at different locations as and when required. Although some form of supply chain disruption is unavoidable, there is a reason for optimism if past experiences are drawn upon. COVID-19, for example, graphically depicted the risks inherent in lean, cost-effective supply chains. It also emphasized the importance of improving supply-chain resilience skills. Companies that could effectively monitor and map their suppliers, even at the sub-tier site and part level, had a complete picture of how the pandemic affected their supply chains. Because of this, businesses could plan for the disruption ahead of time. Some people appear to have avoided any negative consequences.
Market Dynamics
Segmentation
By Type
By Product Type
By Region
Regional Analysis
The global Gum rosin market is studied across the five key regions, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The sizable gum rosin industry in Asia-Pacific is likely to make the region the largest expanding global market for gum rosin. The gum rosin market is also anticipated to grow throughout the forecast period due to rising adhesives & sealants in developing nations like China and India. Because of the high demand for gum rosin for rubber, Europe has been actively monitoring the Asia-Pacific market. The growing demand for the product from various end-use sectors, including adhesives & sealants, paint & coating, and rubber, drives the North American market. The Latin America and Middle East & Africa regions are anticipated to grow during the forecast period. Due to technological developments and the rising demand for adhesives & sealants in these countries.
The Gum rosin market is studied for five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, Asia-Pacific dominated the market with a share of 33.3%, it is expected to register the highest CAGR of 4.79% from 2022 to 2030. North America was the second largest, with a share of 32.1% in 2021; it is projected to exhibit a CAGR of 3.75%. It is anticipated that the markets in the Middle East & Africa, and Latin America will experience considerable growth over the projection period.
Competitive Landscape
Many regional and local vendors characterize the gum rosin market. The market is highly competitive, with all the players competing to gain maximum market share. The increasing gum rosin demand in automotive boosting the sales of gum rosin is the key driver of the market. The vendors compete based on cost, product quality, and the availability of the products according to the geographies. The vendors must provide cost-effective and high-quality gum rosin to compete in the market. The competitive scenario is fragmented between the tier-1, tier-2, and tier-3 companies, while tier-1 and tier-2 companies hold over 60% of the global market share. The market players' growth depends on the market and economic conditions, government regulations, and industrial development.
Thus, the players should focus on expanding the production capacity to meet the demand and enhance their services. Wuzhou Pine Chemicals Ltd., Jinggu Forestry Chemical Co., Ltd., Jiangmen Xinhui Overseas Chinese Industry Development Co., Ltd., Wuzhou Sun Shine Forestry and Chemicals Co., Ltd., Grupo RB, Forestar Chemical Co., Ltd., Perum Perhutani, PT. Naval Overseas, Punjab Rosin and Chemicals Work, and PinoPine are the major companies in the market at the present that are competing in terms of quality, price, and availability. These players are primarily focusing on the development of gum rosin. Although the international players dominate the market, regional and local players with small market shares also have a moderate presence.
Report Overview:
The Gum rosin market is segmented by Type, application, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Gum rosin emerging and fast-growing segments, regions, and countries.
Objectives of the Study
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | USD 1,877.12 million |
CAGR | 4.09% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Product Type, and Application |
Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
Key Vendors | Wuzhou Pine Chemicals Ltd., Jinggu Forestry Chemical Co., Ltd., Jiangmen Xinhui Overseas Chinese Industry Development Co., Ltd., Wuzhou Sun Shine Forestry and Chemicals Co., Ltd., Grupo RB, Forestar Chemical Co., Ltd., Perum Perhutani, PT. Naval Overseas, Punjab Rosin and Chemicals Work, PinoPine |
Key Market Opportunities | • Opportunity for the manufacturer to expand in the developing region of Latin America, the Middle East, and Africa |
Key Market Drivers | • Increasing demand from various end-use applications |
The global gum rosin market would register a growth of 4.06%.
Adhesives & Sealants will play a crucial role in taking the gum rosin market ahead.
The availability of alternative solutions, is the key restraining factor for the global gum rosin market.