Regional Insights into Terpene Resins Market: North America, Europe, and Asia-Pacific Lead to 2027

Posted by Jack Martin on June 10th, 2024

The Terpene resins market size is projected to reach USD 1,450 million by 2027 from USD 991 million in 2022, at a CAGR of 7.9% during the forecast period. Increasing global trade & transportation and rising consumer awareness of ecofriendly & sustainable products is driving terpene resins market. In addition, growing demand for high-performance composite materials in various end-use industries such as adhesives & sealants, ink & coatings, pulp & paper, plastics & rubber processing, and so on drives the growth of terpene resins market. 

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The key players in the terpene resins market include Mangalam Organics Limited (India), Yasuhara Chemical Co. Ltd (Japan), Ingevity (US), Kraton Corporation (US), Baolin Chemical Industry Co. Ltd (China), Lesco Chemical Company (China), Arakawa Chemicals (Japan), Xinyi Sonyuan Chemical Co. Ltd (Japan) among others.

Ingevity is a global company engaged in the manufacturing of chemicals, carbon materials, and providing enhanced technologies to its customers. The company operates in two reportable business segments, namely, Performance Materials, and Performance Chemicals. It produces terpene resin under the performance chemicals segment. The company mainly provides its products for demanding applications, such as adhesives, lubricants, publication inks, coatings, elastomers, and bioplastics.  Ingevity has a global presence with operations in more than 25 countries. The company has a total of nine manufacturing sites, seven technical centers, and nine administrative offices worldwide. It has an employee strength of nearly 1,850.

Arakawa Chemicals is a leading manufacturer and marketer of specialty chemicals for functional coating agents, paper manufacturing, resins for printing inks, and resins for adhesives. It was established in 1876 and is headquartered in Osaka, Japan. The company operates in four reportable business segments, namely, functional coating chemicals, paper chemicals & environmental business, adhesive & biomass materials, and electronic business. It produces terpene resin under the adhesive & biomass material division. The company mainly offers a wide range of product portfolios, including maleic resin, alkyd resin, polyester resin, hydrogenated hydrocarbon resin, and terpene phenolic resin, for various end-use applications, such as adhesives, lubricants, publication inks, coatings, elastomers, and bioplastics.

Arakawa Chemicals has a global presence with six domestic manufacturing sites, and three sales offices in Japan. The company has an employee strength of nearly 1,615.

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The Asia-Pacific region is anticipated to experience the fastest growth rate in the terpene resins market during the forecast period. This surge is driven by increasing demand in industries such as adhesives, coatings, and rubber, alongside robust economic development and expanding industrial activities. Countries like China, India, and Japan are key contributors, with significant investments in manufacturing and infrastructure. The region's growing population and rising disposable income further fuel demand for products utilizing terpene resins. Additionally, the presence of major market players and favorable government policies supporting industrial growth enhance the market's expansion in Asia-Pacific.