Rosin Market

Rosin Market Analysis

The Rosin Market is expected to register a CAGR of greater than 4% during the forecast period.

The market was negatively impacted by COVID-19 in 2020.

The market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

• The growing demand for adhesives and increasing demand from the paints and coatings industry are the major factors driving the market.
• On the other hand, the availability of close substitutes is expected to hinder the market growth.
• Furthermore, the growing demand for bio-based products is expected as a market opportunity in the coming years.
• The Asia-Pacific region dominated the market worldwide, with countries like China, India, and Japan being the biggest consumers.

Rosin Market Trends

Growing Demand form Paints and Adhesives

Gum rosin is widely used in adhesives and is expected to be the fastest-growing market during the forecast period.

Adhesives made using gum rosin resins have superior characteristics, like excellent durability, thermal stability, greater polarity, and superior hot tack.

Gum rosin is used as an ingredient when manufacturing paints and coatings. Its application in paints and coatings is growing rapidly because it easily dissolves in turpentine, gasoline, alcohol, and other organic solvents.

The global paints and coatings industry is growing considerably owing to the increasing demand from various end-user industries, such as building and construction, transportation, industrial, and protective.

China's growth is fueled mainly by rapid residential and commercial building expansion. According to the world bank, China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030.

Also, China's construction output is registering an upward trend. The country's construction output peaked in 2022 at about USD 4.64 trillion (31.2 trillion yuan). As a result, these factors tend to increase the market demand during the forecast period.

With the growing demand for adhesives, paints, and coatings, the rosin market is growing significantly during the forecast period.

Asia-Pacific to Dominate the Market

During the forecast period, Asia-Pacific is expected to dominate the rosin market due to increased demand from countries like China and India.

Rosins are used to produce hot-melt, pressure-sensitive, and rubber adhesives, predominantly used in the construction, packaging, and automotive industry. The growing population and increasing demand for packaging are expected to drive the market.

In paints and varnishes, rosin is used to formulate road markings and other industrial coatings to meet the requirements and reduce residual solvent emissions.

The Indian government will likely invest around USD 1.3 trillion in housing over the next seven years. It is expected to see the construction of 60 million new homes. Hence, boosting the market growth in the paints and varnish segment.

China is the leading manufacturer of gum rosin globally. According to National Development and Reform Commission, China's infrastructure investment increased by 8.7% year over year in the first 10 months of 2022, which is 0.1% more than in the first three quarters, thereby enhancing the demand for the studied market.

Additionally, residential construction is also expected to grow considerably. China's growth is fueled mainly by rapid residential and commercial building expansion. According to the world bank, China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030.

The above factors and government support contribute to the increasing demand for the rosin market in Asia-Pacific during the forecast period.

Rosin Industry Overview

The Rosin Market is partially fragmented in nature. Some of the major players in the market include Eastman Chemical Company, Foreverest Resources Ltd., G.C. RUTTEMAN & Co. B.V., Henan Haofei Chemical Co., Ltd, and Harima Chemicals Group, Inc, among others (in no particular order).

Rosin Market Leaders

Rosin Market News

• June 2022: Harima Chemicals Group, Inc. has completed the acquisition of commercial rights, assets, and other assets relating to Henkel AG & Co. KGaA's solder materials business. Henkel's Solder Material business will strengthen Harima's potential to employ its Tall Oil Rosin (TOR) manufacturing.
• March 2022: Eastman Chemical Corporation and some of its subsidiaries announced the completion of the sale of their adhesives resins business to Synthomer plc. The sale included hydrocarbon resins, pure monomer resins, polyolefin polymers, rosins and dispersions, and oleochemical and fatty-acid-based resins product lines.