Pine Derived Chemicals Market to reach USD 8.5 Billion by 2032, Says Global Market Insights inc.
Pine Derived Chemicals Industry size is expected to register 4.5% CAGR between 2023 and 2032 propelled by growing demand for bio-based product.
Selbyville, Delaware , May 21, 2024 (GLOBE NEWSWIRE) — Pine Derived Chemicals Market will reach USD 8.5 billion by 2032, as per a
APAC to emerge as a prominent pine-derived chemicals market
Asia-Pacific pine derived chemicals market will grow steadily through 2032, fueled by rapid industrialization, urbanization, and growing awareness of sustainable practices. Countries such as China, India, and Japan are witnessing a rise in demand for pine-based chemicals in several end-use industries, including construction, automotive, and healthcare. Additionally, favorable government initiatives to promote the adoption of bio-based products and investments in R&D in the region are fueling market growth.
Pine Derived Chemicals Market Players
Major companies in the market include Harima Chemicals Group, Inc., Eastman Chemical Company, Ingevity Corporation, DRT (Les Dérivés Résiniques et Terpéniques), Arakawa Chemical Industries, Ltd., Mentha and Allied Products Pvt. Ltd., Arizona Chemical Company, LLC, Georgia-Pacific Chemicals LLC. Key growth strategies for these players often involve product innovation and diversification to meet changing customer demands and expand their market presence.
In addition, companies are investing in R&D to improve extraction processes, improve product quality, and explore new applications for pine-derived chemicals. Strategic partnerships and collaborations with other industry players, research institutes, and government agencies facilitate information, resource optimization, and market expansion.
In May 2022, Ingevity Corporation announced an increase in its industrial specialty products – pine oil fatty acids, distilled pine oil, derivatives, and rosin-based resins.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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