Market Overview:
Natural Resin Market Size Was Valued at USD 5,290.00 Million in 2022, and is Projected to Reach USD 11,094.52 Million by 2030, Growing at a CAGR of 9.70% From 2023-2030.
The term "natural resin" describes resin that is derived from plants, animals, and unprocessed minerals. Many plants, particularly coniferous trees, secrete natural resin. Tree sap and gum resins, which are often derived from species like pine, spruce, and oak, are examples of plant-based resins that are commonly utilized. Animal resins are also employed, such as lac insect shellac. Cosmetics, food and beverage, paints and coatings, as well as other businesses employ natural resin, which is a highly sought-after product. Because there is a growing demand for natural and ecologically friendly products, the industry has been expanding significantly in recent years. The market for natural resin has expanded as a result of the movement toward sustainable living and rising consumer awareness of the negative impacts of synthetic materials.
Top Key Players in Natural Resin Market:
Hindustan Resins (India), International Speciality Chemicals (US), Resin Chemicals (China), Promax Industries (Denmark), Foreverest Resources (China), Eastman Chemical (US), Forestar Chemical (US), Jinggu Forestry Chemical (China), Deqing Jiyuan Synthetic Resin (China), and Other Major Players.
Market Dynamics and Factors for Natural Resin Market:
Drivers:
Increasing Demand for Eco-Friendly and Sustainable Products
The market for natural resin has expanded as a result of rising consumer demand for sustainable and eco-friendly goods. Natural resins, which include sap and gum from trees, have various environmental benefits over manufactured or petrochemical resins. Thus, the market for natural resin has expanded more quickly due to consumer demand for sustainable and environmentally friendly products. Consumers are looking for more affordable and environmentally friendly options as they become more conscious of the effects of synthetic materials on the environment. As more environmentally friendly options for many applications, natural resins from renewable sources have grown in favor.
Opportunities:
Growing Demand in Green Building and Construction
The use of environmentally friendly and sustainable materials is encouraged by green building techniques. Natural resins that adhere to these characteristics include plant resins and bio-based polymers. They provide low-carbon, renewable substitutes for synthetic materials that are frequently utilized in the construction sector. Natural resins assist in lowering the construction industry's environmental effects. They are produced from renewable resources and frequently use less energy than their synthetic counterparts. The construction sector may lower greenhouse gas emissions, energy use, and waste generation by employing natural silencers in building materials, adhesives, coatings, and sealants.
Segmentation Analysis of the Natural Resin Market:
- By Type, the Rosin Resin segment is anticipated to dominate the Market over the Forecast period. Colophony, often known as rosin, is a solid resin that may be extracted from pines and some conifers. It mostly contains different resin acids. Fresh liquid resin is heated to evaporate the liquid terpene components, which results in rosin. Semi-transparent resin comes in a variety of hues, from yellow to black. Because of its unsaturation, rosin has poor stability when harvested from pine trees.
- By Application, the Packaging segment is anticipated to dominate the Market over the Forecast period. Consumers today are becoming more environmentally conscious and actively seeking out goods that are packaged using sustainable materials. Natural resins are in high demand in the packaging business because they provide a renewable and biodegradable alternative to conventional plastics. The usage of natural resins is being driven by the rising need for environmentally friendly packaging solutions.
Regional Analysis of the Natural Resin Market:
Asia Pacific is expected to dominate the Market over the Forecast Period. Due to the increasing demand in the cosmetics, food, and pharmaceutical industries, the Asia Pacific region is anticipated to develop quicker during the forecast period. Additionally, in the Asia Pacific region, the market is growing due to an increase in the number of building and construction projects as well as a growing preference for environmentally friendly paints and coatings.
Key Industry Development:
- In May 2022, Hexcel produced a new product line that combines resin systems with bio-derived content with reinforcements composed of natural fibers to produce material solutions for automotive, winter sports, marine, and wind energy applications.
