Terpene Resins: An Eco-Friendly Solution Transforming Industries and Driving Market Expansion

Terpene resins are natural or synthetic compounds derived from terpenes, which are organic compounds found in plants like pine trees and citrus fruits. These resins possess unique properties such as tackiness, adhesion, and solvency, making them valuable in various applications across industries.?Terpene resins find wide-ranging applications, including adhesives, printing inks, paints, coatings, rubber compounding, aromatherapy, fragrance formulations, and pharmaceuticals. Their eco-friendly and renewable nature makes them appealing to industries seeking sustainable alternatives to reduce their environmental impact.

The global?Terpene Resins Market?size is projected to reach USD 1,450 million by 2027 from USD 991 million in 2022, at a CAGR of 7.9% during the forecast period.

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Increasing adoption of terpene resins by various applications due to its excellent properties, such as good adhesion, non-toxicity, high chemical resistance, better moisture resistance, superior mechanical properties, good fatigue resistance, low shrinkage, and strong durability is driving the market for terpene resins. Increasing demand for terpene resins from adhesives & sealants and plastic & rubber applications also supports the growth of the terpene resins market. Further, high demand for bio-based resins is expected to provide growth opportunities to the Terpene resins manufacturers, especially in the Asia Pacific and the Middle East & Africa regions.

"solid terpene resins account for the largest market share"

Solid type covers the largest market of terpene resins. Solid terpene resin is easier to handle, store, and transport than liquid terpene resins. It also finds wide variety of applications in tires & rubbers as a superior elastomer, in adhesives & sealants as an excellent tackifying material for hot-melt adhesive as well as pressure-sensitive labels for various end-use industries, such as in packaging, nonwovens, bookbinding, construction/assembly, tapes and labels, and graphics.

"Based on grade, the industrial segment leads the terpene resins market"

Industrial-grade terpene resins are used as adhesives in various industries, such as paper and packaging, wood products, and construction. Terpene resins are made from renewable resources, such as pine and other tree species, making them a more sustainable alternative to petroleum-based resins. They are also non-toxic and have a low odor, making them suitable for use in food and medical applications as well. Wide application range of industrial grade terpene resins lead its market share in the terpene resins market.

"Based on application, the pulp & paper segment is expected to grow at a faster rate"

Based on application, the pulp & paper segment is expected to grow at the highest rate during the forecast period in the Terpene resins market. Terpene resins are in high demand in the pulp & paper industry due to its superior and unique properties such as good adhesion, excellent heat resistance, good chemical resistance, and low toxicity. There properties make terpene resins suitable for use as adhesives and binders in the production of paper products, including packaging materials and paperboards, thereby creating higher demand during the forecast period.

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"Asia Pacific is expected to grow at the fastest growth rate"

Asia Pacific is expected to grow at the fastest rate in the terpene resins market during the forecast period. This can be attributed to the presence of major economies such as China and India, as well as growing end-use industries such as paints and coatings, construction, paper & packaging products, the growing consumer goods industry, and favorable government policies and regulations, which are some of the factors expected to drive the market demand in the region.?Additionally, the increasing demand for terpene resins in the automotive, marine,?electrical, and electronics industries is likely to fuel the growth of the market in the region.

The key players in the Terpene resins market include?Mangalam Organics? Limited (India),?Yasuhara Chemical Co Ltd?(Japan),? Ingevity? (US),?Kraton Corporation?(US),?BAOLIN Chemical Co., ltd.?(China), ?LESCO?Chemical Company (China), Arakawa Chemicals (Japan), Xinyi Sonyuan Chemical Co. Ltd (Japan) and others.?

Recent Developments

• In March 2022, Yasuhara signed an agreement with Leaf Resources to purchase terpenes for the next five years. This agreement helps strengthen Yasuhara’s terpene resins business.
• In April 2022, Ingevity has developed new biobased oilfield products such as EnvaWet UHS 3100 and EnvaDry P-FL, derived from pine-based tree oil. These products provide unique performance and sustainability advantages.