Gum Rosin Market - By Grade (WW Grade, WG Grade, N Grade, X Grade, M Grade, K Grade), By Source (Pine Trees, Spruce Trees, Coniferous Trees, Non-coniferous Trees), By Application, Forecast 2023 - 2032

Gum Rosin Market - By Grade (WW Grade, WG Grade, N Grade, X Grade, M Grade, K Grade), By Source (Pine Trees, Spruce Trees, Coniferous Trees, Non-coniferous Trees), By Application, Forecast 2023 - 2032

The global gum rosin market is anticipated to record a CAGR of over 4.9% during 2023-2032, driven by the versatility of the product and wide-ranging applications across industries. According to the data by OICA, the global passenger car sales volume surpassed 57.4 million in 2022. Further, the worldwide construction industry crossed USD 8 trillion in 2022. Both these sector, construction and automotive leverage adhesives and sealants, which use gum rosin in formulation for its excellent adhesive properties. These sealants and adhesives ensure strong bonding.

Moreover, there is increased demand for specialty chemicals. Gum rosin serves as a key component in the production of a wide range of specialty chemicals, including varnishes, inks, and coatings, owing to its natural resinous attributes and exceptional tackiness. The construction of modern infrastructure and a burgeoning automotive sector have boosted the use of these chemicals, consequently augmenting the demand for gum rosin.

The overall gum rosin industry is classified on the basis of grade, source, application, and region.

As per grade, the X grade (semi-transparent) segment is slated to gain traction and grow at a notable CAGR through 2032. Known for its unique semi-transparent appearance and superior quality, X grade gum rosin is increasingly sought after across various industries. Its applications extend to the manufacturing of high-quality varnishes and adhesives, offering a blend of transparency and adhesive strength. Increasing sales of automotives which uses varnishes and adhesives will continue to boost the demand for X grade gum rosin in the coming years.

Based on source, the gum rosin sourced from non-coniferous trees segment is poised to record significant growth rate over the forecast period, as the product is comparatively more sustainable and allows diversification. While traditional gum rosin was primarily sourced from coniferous trees, the search for more eco-friendly and renewable sources has led to the exploration of resin extraction from non-coniferous trees. The product preference is driven by environmental consciousness and emphasis on reducing ecological footprint. In addition to adhesives, sealants, and coatings, the non-coniferous gum rosin finds usage in cosmetics as well as pharmaceuticals.

Speaking of application scope, the gum rosin industry share from chewing gum application will expand at strong CAGR over 2023-2032. Gum rosin plays a crucial role in the production of chewing gum, contributing to its chewiness and texture. With the changing consumer preferences, there is demand for sugar-free and functional chewing gum products. The increasing focus on enhancing the quality and texture of chewing gum will stimulate the market outlook.

Regionally, Asia Pacific gum rosin market is expected to generate lucrative opportunities and will expand at modest rate over the next ten years. With rapid industrialization and increasing construction activities in countries such as China and India, the sales of adhesives, sealants, and specialty chemicals have surged. This, in turn, has driven the demand for gum rosin in the region. Additionally, the thriving packaging and automotive sectors in Asia Pacific will encourage the product manufacturers to explore the regional market and setup base.