Gum Rosin Market size is forecast to reach $1,437.43 million by 2025, after growing at a CAGR of 3.50% during 2020-2025. Major factors driving gum rosin demand include increasing demand from key application industries such as adhesives and rubber, growth in the construction project, and increasing automotive production. Factors such as economic growth, industrial growth, rising consumer disposable incomes, and standards of living have levied high pressure on the automotive and building & construction industries for higher output and better-quality products.
This has led to the increasing procurement of gum rosin by players of these end-use industries over the past few years. In addition, various key players and heavily investing in research and developments for developing efficient tapping methods and development of genetic changes that would increase the flow of resins in the trees, which will help the players to increase the overall product output and cater to the steadily-growing demand. However, fluctuation in raw materials prices is expected hinder market growth.
Report Coverage
The report: “Gum Rosin Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Gum Rosin Industry.
By Product Type: WW, WG, X, N, M and Others.
By Application: Rubber Softener, Adhesives, Paper Sizing, Paints and Coatings, Inks, Others.
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
- Asia-Pacific dominates the global Gum Rosin market, owing to increasing construction activities in the region and growing focus by the government and end-use industries to curb carbon footprints and develop environment friendly products.
- Speedy growth of synthetic rubber and adhesives industries is expected to act as a major factor driving the global gum rosin market during the forecast period.
- However, volatility of gum rosin and fluctuation in prices of raw materials are restricting gum rosin market.
- However, operations in various industries such as paints and coating, automotive, construction and so on is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting Gum Rosin market growth.
Product type - Segment Analysis
X Type segment held the largest share in the Gum Rosin market in 2019. The Gum Rosin X is extensively used as a raw material in fabricating coatings and inks as it is extremely chemically active and can be soluble in a number of organic solvents. Gum Rosin X grade has a softening point of ≥78 °C and volatile oil content of ≤2%. The Gum Rosin X can be further processed as modified gum rosin such as hydrogenated rosin, disproportionated rosin, polymerized rosin, and others. Therefore, owning to these properties of gum rosin X, its demand is high as compared to other types.
Application - Segment Analysis
Adhesives application held the largest share in the Gum Rosin market in 2019 and is anticipated to grow at a CAGR of 4.03% through the forecast period. Gum Rosin is used as a binder in adhesives to enhance the strength, plasticity, and viscosity of adhesives. The growth in construction activities and motor vehicle production is driving adhesive usage, which in turn is supporting gum rosin market growth. According to OICA, in 2018 the production of light commercial vehicles and heavy trucks increased by 5.9% and 3.5% from 2017. In addition, according to the International Energy Agency, in 2018, 3.29 million electric vehicles deployed globally, and the number will increase up to 125 million by 2030. In addition, adhesives dominance in several adhesives-intensive industries including electronics, footwear, furniture, and machinery is further expected to boost the market growth in the coming years.
Geography - Segment Analysis
Asia Pacific held the largest share in the Gum Rosin market in 2019, up to 57%, owning to growth in construction projects and rising automotive production in the region. In 2019, China government invested 1.9 billion on 13 public housing projects. In addition, in February 2020, the Asian Development Bank approved a loan of $631 million to develop the Vishakhapatnam-Chennai industrial corridor.
Furthermore, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022’ in India are influencing Gum Rosin market growth. In addition, according to OICA, automotive production in countries such as India, Indonesia, and Malaysia have increased by 8%, 10.3% and 12.2% up to 5,174,645, 1,343,714 and 402,085 from 2017. Gum rosin is extensively used as softeners in the synthetic rubber industry and as a key raw material in the paint & coating industry owing to its dissolving property with solvents. As construction and automotive industry is the key application area of synthetic rubber and paints and coatings, the growth in these is indirectly supporting gum rosin market growth.
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