Pune, India, June 21, 2023 (GLOBE NEWSWIRE) -- The global gum rosin market size was valued at USD 1.47 billion in 2022 and is projected to grow from USD 1.49 billion in 2023 to USD 2.16 billion by 2030, exhibiting a CAGR of 5.4% during the forecast period.
Gum rosin, also referred to as colophony, is a bio-based material derived from natural sources. It is composed of multiple rosin acids and finds extensive use in various applications such as paper sizing, printing inks, adhesives, and rubber. The market for colophony is expected to witness growth due to its rising utilization in the above-mentioned industries. Moreover, the increasing demand for sustainable products in sectors, such as food & beverages, electronics, and agriculture, presents additional growth prospects for the market. Fortune Business Insights presents this information in their report titled "Global Gum Rosin Market, 2023–2030."
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List of Key Players Profiled in the Global Gum Rosin Market Report:
- Harima Chemicals Group (Japan)
- United Resins SA (Portugal)
- GUM CHEMICAL SOLUTIONS (Portugal)
- Forestar Chemical Co. Ltd. (China)
- GUILIN SONGQUAN FOREST CHEMICAL CO., LTD. (China)
- IRANI PAPEL E EMBALAGEM S.A. (Brazil)
- Jinggu Forestry Chemicals (China)
- CV. INDONESIA PINUS (Indonesia)
- Floripinus Chemical Industries (Brazil)
- PT. Naval Overseas (Indonesia)
- The Pinus Brasil Group (Brazil)
- AS Resinas (Brazil)
- Costa & Irmãos (Portugal)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.4% |
| 2030 Value Projection | USD 2.16 Billion |
| Market Size in 2022 | USD 1.47 Billion |
| Historical Data | 2015-2021 |
| No. of Pages | 159 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Gum Rosin Market Growth Drivers | Increasing Demand from Various End-use Applications is Expected to Drive the Market |
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Segments:
Rising Demand from the Construction Sector Drives Adhesives Growth
On the basis of application, the market is segmented into paper sizing, printing inks, adhesives, rubber, and others. The adhesives segment holds a dominant position in the market driven by the increasing demand for adhesives from various industries such as building & construction, automotive, graphic arts, and packaging.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact:
Declining Demand in Several Sectors Hampered Market during Pandemic
The COVID-19 pandemic had a significant impact on the major end-use industries of gum rosin. The print media industry experienced a decline in production, while the automotive sector faced reduced demand. Additionally, the halt in building and construction activities further decreased the overall demand for colophony These disruptions across key industries have contributed to a decline in the market during the pandemic.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
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Drivers & Restraints:
Growing Natural Additives Demand from Various Industries to Aid Market Growth
The global market is experiencing significant growth, fueled by the expanding utilization of colophony in diverse sectors, including adhesives, paints, coatings, inks, and paper. This surge in demand is attributed to the increasing preference for sustainable solutions and natural additives across several industries. These factors are expected to aid the gum rosin market growth.
However, the availability of low-cost alternatives may impede the market growth.
Regional Insights
North America to Lead the Market due to Various Applications of Gum Rosin
North America holds the largest gum rosin market share. The region is experiencing higher demand for gum rosin across various applications. Factors, such as higher disposable income and growing awareness of sustainability, are driving the market growth in the region.
The Asia Pacific market is expected to witness the fastest growth during the forecast period. This can be attributed to the rapid industrialization taking place in the region.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends
- Latest Technological Advancement
- Insights on Regulatory Scenario
- PEST Analysis
- Insights on Brazil Market for Gum Rosin & Gum Turpentine
- Production Capacities of Leading Players of Gum Rosin in Brazil
- Covid-19 Impact Analysis
- Supply Chain Challenges
- Steps taken by companies to overcome the impact
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued...!
Competitive Landscape
Key Players Focus on Collaborations to Aid Growth
Vertical integration in businesses improves profitability through cost-effective access to quality raw materials and efficient workforce utilization. Producers also form partnerships with global and local distributors, expanding the market reach.
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