tall oil rosin (TOR) market Report Overview
-
Request a Free Sample to learn more about this report
The global tall oil rosin (TOR) market size was USD 580.9 million in 2022 and is expected to reach USD 685.5 million by 2028, exhibiting a CAGR of 2.8% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.
Tall oil rosin is a natural resinous substance derived from tall oil, a byproduct of the Kraft pulping process in the paper and pulp industry. It finds versatile applications across several sectors due to its unique properties. In the adhesive industry, tall oil rosin serves as a crucial component in the formulation of hot melt adhesives, providing excellent tack and bonding strength. In the ink and coatings sector, it enhances the quality and durability of products, making it an essential ingredient in printing inks, varnishes, and paints. Additionally, tall oil rosin plays a vital role in the production of rubber, chewing gum, and various chemical compounds, showcasing its adaptability and significance in multiple industrial applications.
The tall oil rosin (TOR) market size growth can be attributed to several key factors. Firstly, the increasing emphasis on sustainability and environmental responsibility has led industries to seek greener alternatives, and tall oil rosin, being a renewable and naturally sourced material, aligns well with these goals. Moreover, its excellent adhesive properties and versatility make it indispensable in various manufacturing processes, including packaging, construction, and automotive sectors. Additionally, the expanding demand for consumer goods and the continuous innovation in adhesive and coating technologies are driving the need for tall oil rosin, thus contributing to the market's steady expansion.
COVID-19 Impact: Pandemic Caused Limitations in Industry And Transportation Affecting Market Negatively
The COVID-19 pandemic had a notable impact on the tall oil rosin market. Initially, the market experienced disruptions in the supply chain as lockdowns and restrictions affected manufacturing and transportation. Many industries, such as automotive and construction, which are significant consumers of tall oil rosin, slowed down their operations, leading to reduced demand. Additionally, the uncertainty and economic challenges prompted some businesses to cut back on non-essential expenses, impacting their purchasing decisions. However, the pandemic also underscored the importance of resilient and sustainable supply chains, boosting interest in renewable materials like tall oil rosin. As the world adapted to the new normal, the demand for tall oil rosin gradually rebounded, driven by its eco-friendly attributes and its vital role in various industries. This demonstrated the market's resilience and its potential for growth even in challenging circumstances.
Latest Trends
"Development of Bio-Based And Eco-Friendly Formulations Is A Major Trend In The Market"
One prominent trend in the tall oil rosin market is the development of bio-based and eco-friendly formulations. Leading players in the industry are actively launching new products and technologies that align with sustainability goals. These innovations include bio-based adhesives and coatings with reduced environmental impact, appealing to eco-conscious consumers and industries. Major market players are investing in research and development to enhance the performance and versatility of tall oil rosin-based products, ensuring they meet the evolving demands of various sectors, such as packaging, automotive, and construction. Additionally, leading companies are also focusing on strategic collaborations and partnerships to expand their market presence. They are actively exploring new application areas for tall oil rosin, such as in the electronics and medical industries, further driving growth and diversification in this dynamic market.
tall oil rosin (TOR) market SEGMENTATION
-
Request a Free Sample to learn more about this report
- By type
Depending on market given are types: WG Grade, WW Grade, X Grade.
The WG Grade type will capture the maximum market share through 2028.
- By Application
The market is divided into Fuel and Fuel Additives, Surfactant, Mining and Oilfield Chemicals, Coating and Inks, Rubber & Others based on application.
The market players in cover segment like Fuel and Fuel Additives will dominate the market share during 2022-2028.
Driving Factors
"Growing Preference for Sustainable and Ecologically Friendly Materials to Drive the Market Expansion"
One significant driving factor behind the tall oil rosin (TOR) market growth is the increasing preference for sustainable and environmentally friendly materials. With growing concerns about climate change and the need for eco-conscious choices, industries are actively seeking alternatives to petroleum-based products. Tall oil rosin, derived from renewable and natural sources, fits this requirement perfectly. Its biodegradability, low carbon footprint, and renewable sourcing make it an attractive option for manufacturers across various sectors. As regulations and consumer preferences increasingly favor eco-friendly options, tall oil rosin's sustainable nature positions it as a key player in meeting these demands, propelling market growth and adoption.
"Adaptability And Broad Variety Of Applications to Propel Market Growth"
Another driving factor fueling the growth of the tall oil rosin market is its versatility and wide range of applications. Tall oil rosin exhibits exceptional adhesive properties, high chemical reactivity, and compatibility with various formulations. This adaptability makes it a sought-after component in industries like packaging, construction, and automotive, where it enhances the performance and durability of products. Furthermore, the continuous innovation in adhesive and coating technologies has led to the development of new and improved formulations that incorporate tall oil rosin. This not only expands its market reach but also drives demand, as manufacturers seek advanced materials to meet evolving industry standards and consumer expectations, contributing to sustained market growth.
Restraining Factor
"Possibility of Changes in Raw Material Supply Is One Restrictive Factor to Affect the Market Growth"
One restraining factor impacting the tall oil rosin market is the potential for fluctuations in raw material availability. Tall oil, the source material for tall oil rosin, is primarily a byproduct of the pulp and paper industry. Variations in the demand for paper products or disruptions in pulp production can directly influence the availability and pricing of tall oil. This dependence on external factors can lead to supply chain challenges and price volatility, affecting the market's stability. To mitigate this constraint, market players are exploring alternative raw material sources and investing in efficient extraction processes to ensure a consistent and reliable supply of tall oil rosin.
tall oil rosin (TOR) market Regional Insights
-
Request a Free Sample to learn more about this report
"North America to dominate the Market Continuous Innovation and Sustainable Production Practices"
North America emerges as the leading region in the tall oil rosin market. The region's dominance can be attributed to its robust manufacturing sector, coupled with a growing emphasis on sustainability. North American industries, particularly in the United States and Canada, have increasingly adopted tall oil rosin in various applications, such as adhesives, coatings, and inks, due to its eco-friendly nature and versatility. Moreover, stringent environmental regulations and a strong awareness of the need for sustainable practices have driven the demand for renewable materials like tall oil rosin. As a result, North America is poised to maintain its leading position in the tall oil rosin (TOR) market share, with steady growth anticipated in the coming years, fueled by ongoing innovation and sustainable manufacturing practices.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Kraton (U.S.)
- Westrock (U.S.)
- Forchem (Finland)
- Georgia-Pacific (U.S.)
- Eastman (U.S.)
- Harima (U.S.)
- DRT (France)
- Lascaray (Spain)
- Segezha Group (Russia)
- IOP (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 580.9 Million in 2022 |
Market Size Value By |
US$ 685.5 Million by 2028 |
Growth Rate |
CAGR of 2.8% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the tall oil rosin (TOR) market expected to touch by 2028?
The global tall oil rosin (TOR) market size is expected to reach USD 685.5 million by 2028.
-
What CAGR is the tall oil rosin (TOR) market expected to exhibit by 2028?
The tall oil rosin (TOR) market is expected to exhibit a CAGR of 2.8% by 2028.
-
Which are the driving factors of the tall oil rosin (TOR) market?
The driving factors of the tall oil rosin (TOR) market are growing preference for sustainable and ecologically friendly materials and adaptability and broad variety of applications.
-
Which are the key players or most dominating companies functioning in the tall oil rosin (TOR) market?
The dominating companies in the tall oil rosin (TOR) market are Kraton, Westrock, Forchem, Georgia-Pacific.