The rosin market is expected to witness a CAGR of about 4%, globally, during the forecast period (2020 - 2025). The growing demand for adhesives and increasing demand from the paints and coatings industry are driving the market. On the other hand, the availability of close substitutes and unfavorable conditions arising due to the COVID-19 outbreak are hindering the market growth.

  • The rosin market is expected to grow during the forecast period, owing to the increasing demand for gum rosin.
  • Asia-Pacific represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.



Key Market Trends

Growing Demand for Gum Rosin

  • Gum rosin is widely used in adhesives, and it is expected to be the fastest-growing market during the forecast period.
  • It accounts for a major market share of over 60% of the total rosins market. It is harvested from pine trees by periodically wounding the tree and collecting the sap. Gum rosin is sourced from a variety of pine species in China, Brazil, India, Indonesia, and other countries.
  • Gum rosins are unsaturated and often are unstable. Through esterification, hydrogenation, and polymerization, the products rosin resins, rosin esters, modified ester rosins, and modified phenolic resins are produced. These are often termed as rosin derivatives and have the same purpose as rosins.
  • Adhesives made using gum rosin resins have superior characteristics, like excellent durability, thermal stability, greater polarity, and superior hot tack. With the growing demand from adhesives and printing inks, the gum rosin products are expected to influence the market during the forecast period.



Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the market for the rosin market, during the forecast period, due to an increase in demand from countries, like China, and India.
  • Rosins are used in the production of hot-melt, pressure-sensitive, and rubber adhesives, which are predominantly used in the construction, packaging, and automotive industry. India’s packaging industry is the fifth-largest in the world and is growing at about 22-25% per year, as per the Plastics Industry Association of India. Costs of packaging and processes food can be 40% lower than Europe because of highly skilled labor and cheap labor costs. The growing population and increasing demand for packaging are expected to drive the market.
  • In paints and varnishes, rosin is used in the formulation of road markings and other industrial coatings, to meet the requirements and reduce residual solvent emissions. The Indian government has allocated USD 14.11 billion for railway infrastructure development, and suggested that USD 750 billion should be invested in the railway and USD 12.03 billion in roadways over the next five years. The growing infrastructure, to meet the growing population needs, is expected to drive the market for rosins during the forecast period.
  • China is the leading manufacture of gum rosin, with more than 60% of the total world’s gum rosin production and the largest consumer, globally. Additionally, printing ink in China typically contains about 7% of rosin. Moreover, according to the National Development and Reform Commission of China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are expected to be completed by 2023.
  • The aforementioned factors, coupled with government support, are contributing to the increasing demand for the rosin market in Asia-Pacific, during the forecast period.



Competitive Landscape

The rosin market is partially fragmented, along with players accounting for a marginal share of the market. Few companies in the market include Eastman Chemical Company, Foreverest Resources Ltd, Henan Haofei Chemical Co. Ltd, GC RUTTEMAN & Co. BV, and Harima Chemicals Group Inc., among others.

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