Rosin Market Size and Share
Rosin is a natural resin that is obtained from pine trees. It is used in a variety of applications such as adhesives, coatings, inks, and soldering fluxes. The global rosin market size was valued at USD 1.5 billion in 2020 and is expected to grow at a CAGR of 4.5% from 2021 to 2028. The increasing demand for rosin in various end-use industries such as construction, automotive, and electronics is driving the growth of the market.
Overview
The rosin market is segmented based on type, application, and region. Based on type, the market is segmented into gum rosin and wood rosin. Gum rosin is the most widely used type of rosin and is used in various applications such as adhesives, coatings, and inks. Wood rosin is used in the production of chewing gum, food packaging, and pharmaceuticals.
Based on application, the market is segmented into adhesives, coatings, inks, soldering fluxes, and others. The adhesives segment is expected to dominate the market during the forecast period due to the increasing demand for adhesives in various end-use industries such as construction and automotive.
Geographically, the rosin market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the market during the forecast period due to the increasing demand for rosin in various end-use industries such as construction, automotive, and electronics in the region.
Key Players in the Rosin Market Size and Share
The key players operating in the rosin market include Eastman Chemical Company, Wuzhou Pine Chemicals Ltd., Resin Chemicals Co., Ltd., Foreverest Resources Ltd., and Guangdong Komo Co., Ltd. These companies are focusing on expanding their product portfolio and increasing their production capacity to meet the growing demand for rosin in various end-use industries.
Market Challenges
One of the major challenges faced by the rosin market is the availability of substitutes such as synthetic resins. Synthetic resins are cheaper and offer better performance than natural resins such as rosin. This is expected to hamper the growth of the rosin market during the forecast period.
Market Opportunities
The increasing demand for rosin in the construction industry is expected to create lucrative opportunities for the market players. Rosin is used in the production of adhesives, coatings, and sealants, which are widely used in the construction industry. The increasing construction activities in emerging economies such as India and China are expected to drive the growth of the rosin market during the forecast period.
Future of the Rosin Market Size and Share
The rosin market is expected to grow at a steady pace during the forecast period due to the increasing demand for rosin in various end-use industries such as construction, automotive, and electronics. The market players are focusing on expanding their production capacity and increasing their product portfolio to meet the growing demand for rosin. The increasing adoption of rosin in the production of adhesives, coatings, and inks is expected to drive the growth of the market during the forecast period.
Conclusion
The rosin market is expected to grow at a steady pace during the forecast period due to the increasing demand for rosin in various end-use industries such as construction, automotive, and electronics. The market players are focusing on expanding their production capacity and increasing their product portfolio to meet the growing demand for rosin. The increasing adoption of rosin in the production of adhesives, coatings, and inks is expected to drive the growth of the market during the forecast period.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Knox Market Research journalist was involved in the writing and production of this article.