The global gum rosin market is expected to witness an average CAGR of 4.7% from 2023 to 2033. The target market in this region will be worth US$ 2,460.2 million by 2033, up from an anticipated US$1,554.2 million in 2023. Historically, the gum rosin market grew at a slow 3.6% CAGR, reaching a value of US$ 1,483.7 million in 2022. The increased use of gum rosin in paints, coatings, adhesives, paper, and inks bodes well for the gum rosin market, as these products are in high demand.
Gum rosin is a type of solid resin formed from pine compounds derived from pine trees and other plants. Gum rosin, also known as colophony, is created by heating fresh liquid resin to evaporate the volatile liquid terpene chemicals. It is made up of a mix of pimaric and abietic acids with a little amount of neutral chemicals. Gum rosin comes in a variety of colors ranging from yellow to black and has a semi-transparent appearance.
Get Access to Your Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-8949
The market for gum rosin is positively influenced by the increasing application of the product in adhesives. An upsurge in preference for natural additives across various industry verticals. Gum rosin also finds application in the automotive and construction sectors as it is used in the paints and coatings used in these industries. Other applications of gum rosin include its usage as a glazing agent in chewing gum and medicines, as a dispersant and as emulsification in the synthetic rubber industry will spur the demand for gum rosin in the global market. Again, the high friction-enhancing properties of gum rosin will further swell up the demand for gum rosin in the upcoming years.
Gum rosin contains excellent physical and chemical properties which promote its usage in the manufacturing of adhesives, printing inks, paper sizing agents, solders and fluxes, surface coatings, insulating materials, synthetic rubber, chewing gums, and soaps and detergents. Gum rosin can also be used on bows of violins and other string instruments, dancing shoes, floors, and stages to prevent slipping. All of these considerations, along with others, propel the gum rosin market forward in the international space.
Key Takeaways:
- Availability of substitutes may hamper the growth prospects for the gum rosin market.
- Expansion of the adhesives and paints sector will open avenues of growth for the target market.
- The gum rosin market in China will register a CAGR of 5.3% and create an absolute dollar opportunity of US$ 648.0 million by 2033.
- Surging residential and commercial infrastructure projects will bolster the gum rosin market in India to grow at a CAGR of 5.7% during the assessment period.
- By product type, the WW-type segment will account for 38% of the market share in 2023 due to its extensive usage in paper sizing for maintaining textures and colors.
- In terms of application, the adhesive segment will continue to dominate the market.
Competitive Landscape
- Naval Overseas, Punjab Rosin and Chemicals Works, and Forestar Chemical Co., Ltd., among others, are a few of the key players in the gum rosin market profiled in the full version of the report.
In a highly fragmented environment, prominent market players are concentrating on the acquisition of smaller firms. The development of novel and sustainable products, and increasing research efforts to adopt new technologies for more eco-friendly manufacturing of gum rosin are some of the other strategies adopted by these businesses.
Seize the Opportunity – Buy Now: https://www.futuremarketinsights.com/checkout/8949
More Insights Into Gum Rosin Market
FMI offers the latest, unbiased, and detailed analysis of the global gum rosin market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type, application, and region.
According to the reports, based on segmentation, the WW-type of gum rosin will remain popular in the global market due to its rising usage in paper sizing. Based on application, the adhesive category will continue to dominate the market with a share of 28%. Rising demand for adhesives from the automotive sector will push the segment to expand at a CAGR of 5.9% between 2023 and 2033.
Based on region, the gum rosin market in India will exhibit impressive growth during this period. The target market in this country will grow at a CAGR of 5.7%. Factors like the elevated application of gum rosin in adhesives and its consequent usage in residential and commercial infrastructure projects will foster the growth of the market in India. Besides India, China too will present notable growth in the gum rosin market. Thus, India and China will significantly contribute to the growth of the gum rosin market during the projection period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube