Key players are focusing on new production innovation facilitating higher production outputs of optimal quality although limiting the environmental footprint.
DUBAI, UAE / ACCESSWIRE / January 14, 2021 / Future Market Insights: The global gum rosin market is slated to grow at a 4.7% value CAGR during 2018-2028. Surging demand from decorative paints and adhesives is one of the key factor driving the demand for gum rosin in the market. However, the market has been impacted due to COVID-19 induced disruption in global supply chains and less availability of labor, impacting manufacturing plants. The market is expected to further regain its growth pace by 2021 end or beginning of 2022.
"Market players are eyeing developing economies brimming with prospects for gum rosins due to hefty investments in the manufacturing of pine chemicals. Additionally, in African & Asian nations, the process of distillation and extraction of pine chemicals is comparatively cost-effective, generating profit-making prospects for the players of gum rosins." states the FMI analyst.
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Important Highlights
- WW product type will be witnessing surging demand due to its superlative workability and quality in case of core applications such as adhesives and synthetic rubber.
- Printing ink & adhesive applications will remain lucrative throughout the forecast period.
- China will remain the lucrative throughout the forecast period due to its participation in high-volume exports to other nations
Drivers
- Increasing demand for bio-based materials from numerous end-use industries will be attracting investments in the market.
- Huge benefits and low price fluctuations are encouraging the bio-based materials adoption, including gum rosins, consecutively, will generate growth prospects amid the forecast period.
Restraints
- Volatile raw material and commodity prices have ensued in barriers to entry and huge-scale market exit of Chinese players, constraining the market growth.
- Improved performance capabilities of tall oil resin along with economic benefits of petroleum resin over gum rosin can prove to be huge obstacle for the global market.
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COVID-19 Impact on Gum Rosin Market
Manufacturing activities in several end use industries such as construction, automotive, paints and coating and others are being notably impacted owing to the COVID-19 outbreak. Furthermore with new strain on UK COVID-19, several nations have imposed lockdown as a precautionary measure. This is anticipated to limit the gum rosin market growth.
Competitive Landscape
Key players are recurring to advanced analytical processes, for instance mass spectrometry and gas chromatography, for manufacturing of high-quality gum rosins. Top players studied under this study on the gum rosin market include PT. Naval Overseas, Wuzhou Pine Chemicals Ltd., Wuzhou Sun Shine Forestry & Chemicals CO., ltd., Forestar Chemical Co., Ltd., Punjab Rosin and Chemicals Works, Deqing Jiyuan synthetic Resin Co., Ltd., Resin Chemicals Co., Ltd, Deqing Yinlong Industrial Co., Ltd., GUILIN SONGQUAN FOREST CHEMICAL CO., LTD., Vinhconship Group CV. INDONESIA PINUS, and EURO-YSER.
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About the Study
The study offers readers a comprehensive assessment of the gum rosin market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (WW, WG, N, X and Others), application (paper, paints & coatings, soap, printing ink, adhesives, rubber and others) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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SOURCE: Future Market Insights