Global Terpene Resin Market demand is expected to witness a steady growth on account of its increasing applications as a high-value chemical. Various applications have been identified which include cosmetics, food, pharmaceutical and biotechnology chemicals. Terpene is a diverse class of organic compound produced by coniferous trees. They are modified chemically to obtain terpenoids. They are derived with the help of biosynthesis of isoprene having a molecular linkage formula (C5H8)n. The isoprene units can be linked together through a linear chain or in the form of rings.
Usage of terpene as a chemical feedstock is a major application driving the overall demand. This organic compound is used in the manufacturing of turpentine, which in turn is used as an industrial solvent and material source for organic synthesis. Turpentine is widely used as a solvent with bee wax and as a protective coating over the wood finish. Increasing application in the manufacturing of natural agricultural pesticide is another major factor driving the global terpene market. Many leading companies are investing in the manufacturing and development of crop protection chemicals to exploit the growth seen in the market. The growing demand for these products is forcing global players to widen their portfolio by introducing new crop protection offerings.
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Further, its application as a food additive has been driving the market demand in recent years. They are used in liquid sweeteners, ice creams, and coffee based drinks. Terpene resin is used to provide aromas to food and beverages. Cosmetic products use terpene resins to achieve desired fragrances. Government regulations and safety related to this organic compound offers a major challenge for the overall industry growth. Availability of substitutes is expected to hamper the growth of overall industry in near future. Advancement of technology has resulted in the development of new additives and aromatic agents which are expected to challenge this industry. There are significant threats for the vendors due to backward integration by the end use industries.
These compounds have pharmaceutical applications which provide great opportunities for the market growth over the forecast period. Some promising applications in the pharmaceutical sector include acne treatment therapies, sleeping disorder drugs, and antiseptic agents. Segmentation is done based on the basis of its application which includes, chemical feedstock, agricultural pesticides, food additives and aromatic agents.
North America has been the leading market in recent years in terms of demand and is expected to continue its increasing application in pharmaceuticals and food processing industry. Further, regional demand is followed by Asia Pacific mainly on account of increasing application of terpene in natural pesticide manufacturing. Development of chemical manufacturing sector has helped in increasing the demand in emerging economies including India and China. These emerging economies are expected to witness a significant growth in terms of production of terpene resins on account of high investment in organic chemical manufacturing. Europe is expected to show a steady growth over the forecast period with high demand as an additive in cosmetics. South America and Africa is expected to witness a stagnant growth owing to the slow growth of overall development of application industries.
Major players operating in the market are ABI chemicals, Biosynth, Syntree, TCI, Finetech, Wilshire technologies and BOC sciences. Companies are focussing on research and development in order to find out new applications for terpene resins. This is expected to diversify the application portfolio and therefore propelling the demand in near future.
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Terpene Resin in these regions, from 2013 to 2025 (forecast), covering
• North America
• Southeast Asia
Global Terpene Resin market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
• Yasuhara Chemical
• Baolin Chemical Industry
• BOC Sciences
• Skyrun Industrial Co., Ltd.
• Qinmu Fine Chemical Co., Ltd.
• Zhejiang J&C Biological Technology Co., Limited
• Haihang Industry Co., Ltd.
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