Global Terpene Resins Market Insights Forecasts to 2032

• The Terpene Resins Market was valued at USD 18.30 Billion in 2022.
• The market is growing at a CAGR of 10.1% from 2022 to 2032
• The global Terpene Resins Market is expected to reach USD 21.50 Billion by 2032
• Europe is expected to grow the fastest during the forecast period.

The Global Terpene Resins Market Size is expected to reach USD 21.50 Billion by 2032, at a CAGR of 10.1% during the forecast period 2022 to 2032.

Terpene resins, usually referred to as terpenic resins, are organic substances that are frequently found in plants and are produced artificially or naturally. Fruits, herbs, and trees all have distinctive aromas and fragrances that are attributed to terpenes. Terpene resins are used in many different industries because of their special characteristics. Terpene resins can be found in a variety of plants, including pine trees, conifers, and other botanical species. These resins are frequently removed using techniques like solvent extraction or steam distillation. Chemical procedures can also be used to combine various terpenes to produce synthetic terpene resins. These synthetic resins can be used in a variety of applications because of their controlled characteristics and constant quality. Terpene resins can display a variety of traits, such as tackiness, solubility in various solvents, and oxidation resistance. They are excellent for a variety of industrial uses because of their qualities.

Impact of COVID 19 On the Global Terpene Resins Market

The pandemic caused supply chains around the world to break down, which had an impact on the availability of raw materials and ingredients, particularly those required to make terpene resins. Market delays and shortages might have resulted from this. Lockdowns, travel restrictions, and modifications in consumer behavior throughout the epidemic may have affected the demand for terpene resin-based goods. The market for compounds based on terpenes, for instance, could have been affected by decreased demand for specific cosmetics or scents. Unbalances in the terpene resins market may have resulted from changes in supply and demand. Overstock could have resulted from decreased demand for some products, whereas production interruptions could have caused shortages. Workforce availability and production capacities in several industries may have been affected by lockdowns and social isolation tactics.

Key Market Drivers

The market for terpene resins generated from plant sources was being driven by consumers' rising preference for natural and sustainable products in a variety of industries, including cosmetics, fragrances, and food. The growth of the cosmetic and fragrance industries was fueled by evolving trends in cosmetics and personal care. Terpene resins were crucial ingredients in the development of natural tastes and smells for these items. Terpene resins were being investigated by the taste and food sectors as natural flavor enhancers and additives. Terpene resins provided an answer as customers demanded cleaner labelling and more genuine tastes. Terpene resins were used to adhesives, sealants, and coatings as tackifiers and additives. The need for these items increased along with the growth of the manufacturing and construction sectors.

Key Market Challenges

Seasonality, climatic fluctuations, and regional variances can all have an impact on the availability of certain terpenes needed to make terpene resins. Potential supply chain disruptions and production consistency issues could result from this. The source of the terpenes and the extraction techniques can have an impact on the consistency and quality of terpene resins. It can be difficult to guarantee consistent performance and quality between batches. Terpene resin substitutes made of synthetic materials might have some benefits, such improved stability and consistency. For natural terpene resins, competing with these synthetic options can be difficult. Terpene resins may not be widely known or understood in various industries, particularly among individuals who are not familiar with their characteristics and uses. 

Market Segmentation

Application Insights

Adhesives and Sealants segment is dominating the market over the forecast period

On the basis of application, the global terpene resins market is segmented into Inks & Coatings, Adhesives & Sealants, Chewing gums, Pulp & Paper, Plastic & rubber, Leather Processing, and Others. Among these, adhesives and sealants segment is dominating the market over the forecast period. Terpene resins may find a position in the adhesives and sealants market if there is an increase in demand for environmentally friendly and sustainable goods. The adoption of natural and renewable materials may be influenced by tightening environmental legislation and growing public awareness of environmental issues. Current studies into terpene resin characteristics optimisation for adhesive and sealant applications may result in formulations with improved performance and compatibility. Terpene resins' uptake would also be influenced by how affordable and accessible they are in comparison to competing products.

Product Type Insights

Solid segment holds the largest market share over the forecast period

Based on the product, the global terpene resins market is segmented into solid and liquid. Among these, the solid segment holds the largest market share over the forecast period. In adhesives and sealants, solid terpene resins can be utilised as tackifiers and modifiers. They support regulation of viscosity, tack, and adhesion. The demand for solid terpene resins in adhesive applications may be influenced by the expansion of sectors including packaging, construction, and automotive. Rubber formulations can benefit from adding solid terpene resins to improve tackiness, adhesion, and processability. The need for these resins may rise as the automobile and tyre sectors expand. In coatings and paints, solid terpene resins can be utilised as binders and additives. They can increase the strength, adhesion, and formation of films. The demand for solid terpene resins may be influenced by the expansion of the building, automotive, and industrial coatings industries. the pattern of using natural and renewable ingredients throughout numerous businesses.

Grade Insights

Technical segment dominates the market over the forecast period

On the basis of grade, the global terpene resins market is segmented into Technical and Industrial. Among these, the technical segment dominates the market over the forecast period. There are numerous applications in various sectors that might be covered by the technical section growth in the terpene resins market. Terpene resins can act as "tackifiers," enhancing the adherence and tact of sealants and adhesives. They might find use in sectors like packaging, building, and automobiles where adhesion performance is crucial. When creating printing inks, terpene resins are employed as binders and modifiers. The use of terpene resins in this market could be driven by the expansion of the printing sector and the demand for environmentally friendly and sustainable inks. Terpene resins have been researched for use in the pharmaceutical industry for encapsulation and drug delivery systems. They are appealing for some formulations because of their natural nature and biocompatibility.

Regional Insights

North America is dominating the market with the largest market share 

North America is dominating the market with the largest market share over the forecast period. Terpene resins have been used in a variety of fields in North America, including cosmetics, rubber, printing inks, coatings, and adhesives and sealants. They appeal to industries and customers who care about the environment because of their natural origin and special qualities. Natural and sustainable products are becoming more and more popular in North America. Terpene resins can be positioned as greener substitutes for petroleum-based goods because they are made from renewable plant sources, which fit well with these trends. Their market is still expanding due to terpene resin technology research and innovation. There may be new prospects in the North American market if efforts are made to improve their properties for particular applications and sectors.

Europe is witnessing the fastest market growth over the forecast period. Similar to other regions, Europe has seen a rise in the popularity of natural and ecological goods. Terpene resins fit in well with this trend and can be promoted as eco-friendly substitutes for traditional materials because they are made from renewable plant sources. Terpene resins are used in a variety of products, such as cosmetics, inks, adhesives, and coatings. Their acceptance in Europe may be influenced by their adaptability to various industries and capacity for customisation to meet particular needs. Industries may explore the use of terpene resins in their goods as European consumers become more environmentally concerned and look for natural and sustainable options.

Recent Market Developments

• In April 2022, Two new biobased oilfield products from Ingevity that are made from pine-based tree oil have been introduced: EnvaWet US 3100 and EnvaDry P-FL. 

Key Market Players

• Ingevity
• Eastman Chemical Company
• Lawter Inc
• Pinova Holdings, Inc.
• Yasuhara Chemical Co., Ltd.
• DRT
• Arakawa Europe GmbH
• Guangdong KOMO Co., Ltd.
• Privi Organics India Limited
• Mentha & Allied Products Pvt. Ltd.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Terpene Resins Market based on the below-mentioned segments:

Terpene Resins Market, Application Analysis

• Inks & Coatings
• Adhesives & Sealants
• Chewing gums
• Pulp & Paper
• Plastic & rubber
• Leather Processing
• Others

Terpene Resins Market, Product Analysis

• Solid
• Liquid

Terpene Resins Market, Grade Analysis

• Technical
• Industrial

Terpene Resins Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa