Rosin is resin in solid form that is obtained from plants, crude oil, wood, and gum among others. Tall oil rosin is a major derivative and co-product of commercially important Kraft pulping. Pulp mills are the major suppliers of this product. When pine pulp is treated, crude oil is obtained as a by-product. It is then further distilled and tall oil rosin is obtained as one of the major derivatives. It finds diverse uses in industries such as paint and varnish, pulp and paper, rubber, chemical, and polygraphic among others. The major application of tall oil rosin is in pulp and paper production and for obtaining forest produce. Tall oil rosin is the prime segment among all the derivatives obtained from tall oil. Tall oil rosin accounts for more than one-fourth of the total crude oil derivative in the world.
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The global market for tall oil rosin is expected to rise substantially between 2016 and 2024. Major drivers of the global tall oil rosin market includes moderate growth of tackifier resins. Domestic consumption of tall oil resins in major regions such as the U.S. is also driving the otherwise slow tall oil rosin market in a positive way. Increasing prices of crude oil is a major factor that has positioned tall oil rosin in a competitive spot in the binder resins and tackifier market. The major restraint hindering market growth includes lack of supply. Even if the demand increases moderately due to various reasons, lack of supply of tall oil rosin is deterring growth of the tall oil rosin market considerably. This has resulted in a very slow and flat growth rate of the global tall oil rosin market in recent times as supply cannot meet the demand. In addition, limitation in terms of major application areas is another reason which is impeding market growth.
The global market for tall oil resin is highly consolidated in nature with majority of the players in the U.S. The companies in this market compete on the basis of pricing. It is anticipated that the competition in the market will intensify further during the forecast period due to an increase in adoption of tall oil rosin, especially in the Asia Pacific region. Pricing strategies play a significant role in driving the growth of this market.
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Geographically, the tall oil rosin market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is the dominant market for tall oil rosin as the region produces this type of rosin at a global level. Europe closely follows North America in the global market and countries such as the U.S., Finland, and Sweden account for about 70% of the world exports. Most of the tall oil rosin is produced in the US. Asia Pacific is poised to grow at a substantial rate over the forecast period. High adoption of tall oil resin, mainly as an emulsifier coupled with increased use of tall oil rosin in the rubber and soap industry, will give a positive push to the market in this region.