Global Terpene Resin Market is expected to witness a steady growth on account of its increasing applications as a high-value chemical. Various applications have been identified which include cosmetics, food, pharmaceutical and biotechnology chemicals. Terpene is a diverse class of organic compound produced by coniferous trees. They are modified chemically to obtain terpenoids. They are derived with the help of biosynthesis of isoprene having a molecular linkage formula (C5H8)n. The isoprene units can be linked together through a linear chain or in the form of rings.
Usage of terpene as a chemical
feedstock is a major application driving the overall demand. This organic compound
is used in the manufacturing of turpentine, which in turn is used as an
industrial solvent and material source for organic synthesis. Turpentine is
widely used as a solvent with bee wax and as a protective coating over the wood
finish.
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Increasing application in the
manufacturing of natural agricultural pesticide is another major factor driving
the global terpene market. Many leading companies are investing in the
manufacturing and development of crop protection chemicals to exploit the
growth seen in the market. The growing demand for these products is forcing
global players to widen their portfolio by introducing new crop protection
offerings.
Further, its application as a food additive has been driving the market demand in recent years.
They are used in liquid sweeteners, ice creams, and coffee based drinks.
Terpene resin is used to provide aromas to food and beverages. Cosmetic
products use terpene resins to achieve desired fragrances. Government
regulations and safety related to this organic compound offers a major
challenge for the overall industry growth. Availability of substitutes is
expected to hamper the growth of overall industry in near future. Advancement
of technology has resulted in the development of new additives and aromatic
agents which are expected to challenge this industry. There are significant
threats for the vendors due to backward integration by the end use industries.
These compounds have pharmaceutical applications, which provide great
opportunities for the market growth over the forecast period. Some promising
applications in the pharmaceutical sector include acne treatment therapies,
sleeping disorder drugs, and antiseptic agents. Segmentation is done based
on the basis of its application, which includes, chemical feedstock,
agricultural pesticides, food additives and aromatic agents.
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North America has been the
leading market in recent years in terms of demand and is expected to continue
its increasing application in pharmaceuticals and food processing industry.
Asia Pacific follows further, regional demand mainly because of increasing
application of terpene in natural pesticide manufacturing. Development of
chemical manufacturing sector has helped in increasing the demand in emerging
economies including India and China. These emerging economies are expected to
witness a significant growth in terms of production of terpene resins because
of high investment in organic chemical manufacturing. Europe is expected to
show a steady growth over the forecast period with high demand as an additive
in cosmetics. South America and Africa is expected to witness a stagnant growth
owing to the slow growth of overall development of application industries.
Major players operating in the
market are ABI chemicals, Biosynth, Syntree, TCI, Finetech, Wilshire
technologies and BOC sciences. Companies are focussing on research and
development in order to find out new applications for terpene resins. This is
expected to diversify the application portfolio and therefore propelling the
demand in near future.
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