Terpene Resins Market: Overview
Terpene resins are organic compounds derived from natural sources including wood or citrus fruits. Terpene resin are light coloured, solid or viscous compounds which are soluble in a variety of solvents. These are commonly used as tackifiers for a variety of elastomers and also find applications across a diverse set of industries including adhesives & sealants, and paints & coatings, among others. Straight terpene resin are precipitated from renewable sources or are precipitated primarily by polymerization. These resins are chemically inactive and thus are also used in certain food & beverages industry applications. In terms of appearance, terpene resins are clear, pale yellow or brown amorphous compounds which exhibit exceptional thermal stability. Production of terpene resins involves reaction of monomer and hydrocarbon diluent in presence of aluminum chloride catalyst in freidel-craft reaction. Terpene resins offer a greener, environmentally friendly, sustainable and efficacious alternative to its conventional hydrocarbon based resins. Primary application of terpene resins is its use as tackifier for various elastomers. Moreover terpene resins are also widely used in adhesives manufacture, as modifiers of polymers, in inks & paints manufacture, pulp & paper industry, and leather processing, among others.
Terpene Resins Market: Dynamics
Global demand for terpene resins is expected to witness steady growth over the forecast period. Increasing adoption of terpene resins as against that of hydrocarbon based resins across key end use industries is expected to generate incremental opportunity for the industry incumbents during the forecast period. The demand for terpene resins is expected to increases owing to increasing demand from key end use industries including polymer processing, paints & coatings, and paper & pulp, among others. Exceptional characteristics including chemical inactivity, non-toxicity, and effectiveness are expected to result in a steady growth in adoption of terpene resins as compared to that of some of the conventionally used products. However, relatively limited availability as compared to that of conventional resins coupled with relatively higher prices of these terpene resins is expected to act as an impediment to growth of global terpene resins market during the forecast period.
Terpene Resins Market: Segmentation
On the basis of application, grade, product type terpene resin market are segmented as following.
On the basis of application, global terpene resin market can be segmented in to following key segments:
On the basis of grades, global terpene resins market can be segmented as follows:
On the basis of product type, global terpene resins market can be segmented as follows:
Terpene Resins Market: Regional outlook
In terms of geography, global terpene resins market has been segmented into seven key regions. Asia Pacific region is expected to account for significant share in overall global terpene resins consumption throughput the forecast period. China is expected to continue its dominance in terms of both, consumption and production of terpene resins. Consumption of terpene resins in North America and Europe is expected register a steady growth owing to increasing demand for greener, sustainable alternatives to conventional hydrocarbon resins. Global terpene resins market is anticipated to register a moderate single-digit growth over the forecast period. However, concerns pertaining to supply-security, relatively higher prices and lack of stringent regulations are expected to restrict the adoption of such compounds to a certain extent, especially in developing countries across the globe.
Terpene Resins Market: Participants
Some of participants identified across the value chain in global terpene resins market are as follows: