Rosin Resin Market Size Worth US$ 3.38 Billion by 2034 at CAGR of 4.5%: Fact.MR Report
Demand for Hydrogenated Rosin Resin Rising Due to its Superior Adhesion and Resistance to Discoloration: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 29, 2024 /EINPresswire.com/ -- Rosin resin utilization is increasing in a variety of applications, including adhesives, road markings, coatings, inks, paper sizing, rubbers, and soaps. As per Fact.MR, the global rosin resin market is projected to increase from a size of US$ 2.18 billion in 2024 to US$ 3.38 billion by 2034-end, mainly owing to its increasing application in various industries due to its versatile nature.
Rosin's high adhesive characteristic is driving up its demand for these applications. The use of rosin resin in printing inks is also increasing because of its superior adhesion, which allows for better printing than other materials. Other application areas, such as paper sizing, rubber, and rosin soaps, are expected to grow considerably during the projected time.
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The hydrogenated form of rosin resin exhibits enhanced stability, resistance to discoloration and oxidation, and improved adhesion compared to traditional rosin resin. Growing demand for eco-friendly products across consumer and industrial sectors is boosting the adoption of hydrogenated rosin resin, sourced from renewable natural resources. The shift towards sustainable raw materials aligns with regulatory requirements.
Key Takeaways from Market Study
The global rosin resin market is estimated at US$ 2.18 billion in 2024. Rosin resin sales are forecasted to rise at a CAGR of 4.5% from 2024 to 2034
The market in the United States is set to reach a value of US$ 446.8 million in 2024. Dimerized rosin resin accounts for 31% share of the market in 2024.
Sales of modified rosin resin are projected to reach US$ 805.3 million by 2034. The East Asia market is projected to expand at a CAGR of 5% through 2034. Revenue from the sales of rosin resin in Japan is projected to reach
US$ 374.2 million by 2034-end.
βIncreasing use of rosin resin in coatings, paints, pharmaceuticals, adhesives, and sealants is driven by its superior resistance oxidation and eco-friendly nature,β says Fact.MR.
Growth of Paints and Adhesives Industries Boosting Rosin Resin Sales
Rosin resin is very soluble in alcohol and gasoline. It is widely utilized as a base material in the paint and coating industries. The rising need for paints and coatings in the automotive, construction, and other industries is pushing rosin resin sales.
Rosin resin is commonly utilized as a raw material in adhesive manufacturing to increase adhesion, strength, and softness. Adhesives are utilized in the manufacturing of furniture and rubber boots, as well as in bookbinding and packaging. The growth of the adhesive industry has a substantial influence on rosin resin sales. Manufacturers should focus on the right opportunities as the market for natural ingredient-based rosin resin adhesives is growing.
Competitive Landscape
Key players in the rosin resin market include Harima Chemicals Group, Lawter Inc., Forestarchem Chemical Co., Ltd., United Resins SA, Floripinus Chemical Industries, Deqing Jiyuan Synthetic Resin Co., Ltd., Jinggu Forest Chemical Co., Ltd., Eastman Chemical Company, International Specialty Chemicals, Promax Industries, Forestar Chemical Co., Ltd., and Hindustan Resins & Terpenes Foreverest Resources Ltd.
The market is highly competitive, with both established players and new entrants striving to gain market share. Key strategies adopted by these companies include product differentiation, market expansion, and mergers and acquisitions.
Recent developments in the market include:
In September 2023, Foreverest Resources Ltd. launched a new rosin resin-based product designed for use in bioplastics.
In July 2023, Ripple, known for its clinically verified, fast-acting, water-soluble THC products, released the third installment in a series of small-batch, live rosin partnerships. This latest release was a collaboration between cannabis extractor DabLogic and artist Ellie Paisley.
In March 2023, Eastman Chemical Corporation announced the successful sale of its adhesive resin business, including rosin, to Synthomer, along with its subsidiaries.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the rosin resin market, presenting historical demand data (2018 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (rosin acids, rosin esters, hydrogenated rosin resin, dimerized rosin resin, modified rosin resin), source (gum rosin, wood rosin, tall oil rosin), and application (rubber, coatings, inks, adhesives, food & beverages, cosmetics & personal care), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
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