The new report by Expert Market Research titled, ‘Global Colophony Market Share, Size, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global colophony market, assessing the market based on its segments like types, grades, forms, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 1.8 Billion
- Forecast CAGR (2023-2028): 3%
- Forecast Market Size (2026): USD 2.2 Billion
Due to the rising demand from key application industries, such as adhesives, printing inks, and synthetic rubber, the industry is expected to expand at a considerable pace over the coming years. In the synthetic rubber industry, gum rosin is used widely as a binder in adhesives and as softeners.
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The rapid growth expected for the adhesive and synthetic rubber industries is expected to drive the growth of the industry during the forecast period due to the high significance of these product’s applications.
Factors, such as economic development, industrial growth, increasing disposable incomes for customers, and higher living standards, have placed high pressure on the automotive and building and construction industries for higher demand and better-quality goods, which is aiding the market growth.
Colophony Industry Definition and Major Segments
Colophony, also referred to as rosin or Greek pitch, is collected from confiners and pines. In appearance, it is semi-transparent and available in yellow or black. Without the use of solvents, rosin extraction relies on temperature and pressure to extract oils.
In the manufacturing of paints and coatings, rosin ester resins, food grade ester gum, electronic industrial goods, soaps, rubbers, inks, and paper, it is an important raw material.
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On the basis of type, the industry is divided into:
- Tall Oil
Based on grade, the industry is divided into:
- X (Pale Yellow)
- WW (Slight Yellow)
- WG (Yellow)
- N (Deep Yellow)
- M (Yellow Brown)
- K (Yellow Red)
Colophony has wide applications in the following industries:
- Printing Inks
- Food Processing
- Paper Sizing
The forms of the colophony can be segmented as follows:
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Colophony Market Trends
The growing demand from the end-use sectors, including synthetic rubber and printing inks, are the major drivers for the global market for colophony. Gum rosin is commonly used in the adhesive and synthetic rubber industries as a softener and binder. During the forecast period, the speedy growth in the synthetic rubber and adhesives industries is expected to serve as a major driver for the global demand for colophony.
In addition, the market for colophony for better-quality goods has increased with the rapid growth in the building and construction and the automotive industries. This also serves as a significant factor driving the global colophony market.
The instability of gum rosin and the fluctuation of raw material prices constitute a significant constraint on the demand for colophony. In Latin American countries, including Brazil and Argentina, the development of end-use industries represents a significant growth opportunity for the global colophony market.
Key Market Players
The major players in the market are Eastman Chemical Company, Forestar Chemical Co. Ltd., Foshan Baolin Chemical Industry Co. Ltd., BiologiQ, Inc., Resin Chemicals Co. Ltd., and Kraton Corporation, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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