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Global Terpene Resin Market is Projected to Reach US$ 2.3 Billion by 2034 | Fact.MR Report
Terpene Resin Market
Terpene resins play a very critical role in pressure-sensitive adhesives (PSAs) used in packaging, tapes, labels, and others. These adhesive uses are increasingly becoming a requirement with the growth of e-commerce and the need for consumer goods packaging, thus increasing demand for terpene resins. Terpene resins are well-suited to the trend towards sustainable and environmentally friendly materials since they are naturally derived from renewable sources, including citrus peels and pine trees.
These resins are being preferred by producers extensively over those based on petroleum to reduce the effect on the environment. Terpene resins assist in improving tack and adhesion and these two attributes are essential to high-performance tires in tire and rubber production. Specifically for tire production and retreading purposes, terpene resins are gaining significance because of the increasing automotive industry and the demand for stronger and better-performing tires.
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Key Takeaways from Market Study:
The terpene resin market is projected to grow significantly from US$ 1.13 billion in 2024 to US$ 2.3 billion by 2034, driven by increasing demand across various industries at a 7.4% CAGR over the forecast period.
East Asia is expected to hold a 25.9% market share in 2024, fueled by the rising adoption of terpene resins in adhesives, coatings, and rubber manufacturing applications.
North America will reach a market value of US$ 339.08 million in 2024, supported by the expanding use of terpene-based products in industrial applications and the packaging sector.
The South Asia & Pacific market is set to grow at a 10.8% CAGR from 2024 to 2034, driven by the increasing demand for bio-based resins and the rapid expansion of the manufacturing sector in emerging economies.
The Beta-Pinene Resins Segment is forecasted to reach US$ 638.17 million by 2034, as industries continue to prefer bio-based alternatives to synthetic resins for sustainable product formulations.
The Solid Segment will dominate the market with a projected value of US$ 894.43 million by 2034, benefiting from its superior thermal stability, adhesive properties, and widespread use in various industrial applications.
Leading Players Driving Innovation in the Terpene Resin Market:
BOC Sciences; Eastman Chemical Company; Foshan Baolin Chemical Industry Co., Ltd.; Grenhall Industries Inc.; Kraton Corporation; Lesco Chemical Limited; Mangalam Organics Limited; Skyrun Industrial; Xinyi Sonyuan Chemical Co., Ltd.; Yasuhara Chemical Co., Ltd
The Global Terpene Resin Market to be Led by APEJ in the Future:
The terpene resin market in the world is geographically divided into Western Europe, North America, Asia, and the Pacific excluding Japan (APEJ), Latin America, Eastern Europe, Japan, and the Middle East and Africa (MEA). The high growth potential countries included in the regional segments are China, India, and Australia in the market for terpene resin.
Among the region segmented, sales and demand for terpene resin in APEJ are likely to command a major portion of the world market. The North American market for terpene resin is increasing with the notable expansion of the cosmetic & personal care industry within the region. Additionally, the high growth of the food industry in high growth potential areas, including Asia Pacific excluding Japan (APEJ) and Latin America is anticipated to drive the growth of the global terpene resin market during the forecast period.
Browse Full Report: https://www.factmr.com/report/3018/terpene-resin-market
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global terpene resin market, presenting historical data for 2020 to 2024 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the on type, form, application, end-use industry, and region. By type, the market includes alpha-pinene, beta-pinene, D-limonene, dipentene, and other variants such as terpene phenolic resins. In terms of form, terpene resins are available in solid, liquid, and powder forms, catering to various industrial needs. The application segment covers adhesives & sealants, inks & coatings, rubber & tires, chewing gum, cosmetics & personal care, pharmaceuticals, and other uses such as fragrances.
The end-use industries for terpene resins include automotive, construction, packaging, consumer goods, and industrial manufacturing, highlighting their versatility across multiple sectors. Geographically, the market is analyzed across North America, Western Europe, Eastern Europe, Latin America, East Asia, South Asia & Pacific, and the Middle East & Africa, reflecting the global demand and regional growth trends.
Check out More Related Studies Published by Fact.MR Research:
Silicone Resins Market- https://www.factmr.com/report/silicone-resins-market
Oleoresins Market- https://www.factmr.com/report/oleoresins-market
Polyphenylene Sulfide (PPS) Resins Market- https://www.factmr.com/report/2473/polyphenylene-sulfide-resins-market
Multifunctional Resins Market- https://www.factmr.com/report/multifunctional-resins-market
Optical Elastic Resin (SVR) Market- https://www.factmr.com/report/optical-elastic-resin-market
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