The global gum rosin market is expected to reach USD 2.49 billion by 2024, according to a new report by Grand View Research, Inc. increasing demand of gum rosin owing to growth of synthetic rubber industry primarily in China is expected to drive the market growth. Increasing demand for high grade gum rosin products including WW and X grade by application industries is expected to benefit the market growth. The industry is characterized by abundance of raw materials in major producing regions such as Brazil, Indonesia, and China. In addition, the availability of low-cost labor, coupled with rapid development of the paper and adhesives industries in the region, is anticipated to provide impetus to the market growth.
The industry growth is expected to be restrained by increasing substitution of gum rosin by tall oil rosin. In addition, unfavorable weather conditions in China is expected to act as a major restraint for growth.
The market is expected to be driven by availability of low-cost gum rosin produced in Brazil and Indonesia. In addition, rapid development of the rubber, inks, and adhesives industry in Europe is likely to translate into increasing demand for the product in the region.
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Further key findings from the study suggest:
- WG gum rosin accounted for nearly 25% of the market volume in 2015 owing to growth in the demand by adhesives and paints & coatings industry in Europe. Increasing price reductions and discounts offered by the Chinese manufacturers is expected to attract the consumers towards the product contributing towards market growth.
- The demand for the product in adhesives accounted for over USD 700 million in 2015 owing to increasing use of the compound as an ingredient for the manufacture of adhesives. In addition, rapid development of the adhesives industry in China and India is expected to translated into a growing demand for the compound over the forecast period.
- China is expected to emerge as the biggest market player for gum rosin, growing at a CAGR of over 3% from 2016 to 2024 owing to significant development of the application industries including rubber, adhesives, inks, paper sizing, and paints & coatings in the region. In addition, growth of the end-use industries such as building & construction and automotive in the region is expected to drive the market growth.
- Key participants include Wuzhou Pine Chemicals, Groupo RB (Resinas Brasil Group), CV Indonesia Pinus, Guangdong KOMO and Socer Brasil. The companies in the domain are focused on price reductions and discounts as major strategies for increasing the market share.