Understanding Impact of COVID-19 on Gum Rosin Market
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Resin acid is transformed into disproportionate rosin, hydrogenated rosin, and polymerized rosin during production of printing ink and synthetic rubber by double-bond effect of rosin. The global market for gum rosin has been segmented by product type, application, and region.
By product type, the market has been segmented into WW, WG, X, N, M, K, and others. The WW segment held a significant i.e. close to 35% share of the total market in 2015. This is attributed to high performance and quality of the product for prime applications such as synthetic rubber and adhesives.
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The WW segment is also projected to witness speedy growth during the forecast period. WW and WG rosins come in light shades of yellow, which is primarily to maintain the texture and color of end-use products such as paper sizing, rubber, inks, and adhesives. On the basis of applications, the global gum rosin market has been segmented into inks, food, thermoplastic coatings, paper sizing, adhesives, rubber softeners, and others. The rubber softeners segment held a dominant share of the global market in 2015 and is anticipated to witness steady growth during the forecast period. The adhesives segment is expected to experience speedy growth from 2016 to 2024.
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Major drivers for the global gum rosin market include increasing demand from key application segments such as synthetic rubber and printing inks. Gum rosin is broadly used as a softener and binder in adhesives and synthetic rubber industries. Speedy growth of synthetic rubber and adhesives industries is expected to act as a major driver for the global gum rosin market during the forecast period.
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In addition, speedy growth of building & construction and automotive industries has raised the demand for gum rosin for better-quality products. This also acts as a major factor driving the global market for gum rosin. Volatility of gum rosin and fluctuation in prices of raw materials form a major restraint for the gum rosin market. Growth of end-use industries in Latin American countries such as Brazil and Argentina is a great growth opportunity for the global gum rosin market.
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Geographically, the global gum rosin market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held the dominant market share in 2015, with China being the leading producer of gum rosin in the region. This is attributed to immense growth of application industries such as paper sizing, synthetic rubber, printing inks, and adhesives in China. The market in Asia Pacific is also estimated to witness speedy growth during the forecast period, on account of emerging economies such as South Korea and India. With the rise in demand for gum rosin in these countries, the region is projected to witness speedy growth from 2016 to 2024. The gum rosin market in Latin America is also estimated to witness speedy growth during the forecast period, due to growth of end-use industries in the region.
Major players in the global market for gum rosin include CeluloseIrani SA, Wuzhou Pine Chemicals, Forestar Chemical Co. Ltd., Indonesia Pinus, Jinggu Forest Chemical, Xinhui Overseas Chinese Industry, Wuzhou Sun Shine Forestry & Chemicals, Forestarchem, Pasadena Engineering Indonesia, and DeqingYinlong Industrial.
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