The gum and wood chemicals market significantly consists of sales of gum and wood chemicals and connected services. The Gum and wood chemicals are utilized in several applications such as in home decorations, public capability buildings, and commercial buildings. The Gum and wood chemicals involves establishments that introduce hardwood and softwood distillation products, wood and naval stores, charcoal, natural dyestuffs, and natural preserving materials.
According to the report analysis, ‘Gum And Wood Chemicals Global Market Report 2020’ states that in the gum and wood chemicals global market there are several corporate which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe throughout the inflowing duration while delivering the better consumer satisfaction, decreasing the linked price, employing the young work force, implementing the profitable strategies, analyzing and monitoring the strategies and policies of the government and competitors, advancing the applications of such, and enhancing the specifications of the production technologies includes Royal Oak Enterprises, Hickory Specialties, Campfire Charcoal, Abbey Color, Arizona Chemical, BorregaardLigno Tech, Braaistar, CereskingEcologyandTech, DeqingYinlong Industrial, E and C Charcoal.
The worldwide gum and wood chemicals manufacturing market reached a value of nearly USD 90.7 billion throughout 2019, having increased at a compound annual growth rate (CAGR) of 3.09% since 2015, and is projected to grow at a CAGR of 1.64% to approximately USD 96.8 billion by 2023.The gum and wood chemicals market has been geographically sectored into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the gum and wood chemicals manufacturing market throughout 2019.
Increasing requirement for gum Arabic underwritten to the growth of the gum and wood chemicals market. The Gum Arabic is a natural and flexible ingredient utilized in food, drinks and chemical products. Gum Arabic introduced in African nations is majorly optimized in food industries. Additionally, it is utilized as a stabilizer, binder, an emulsifier in soft drinks, wine, and liquor. It also discoveries its applications in pharmaceuticals, cosmetics, printing, ceramics, photosensitive chemicals, textiles, paper, ink, paints and adhesives. For instance, throughout 2018, according to the ‘United Nations Conference on Trade and Development’, there is a increasing requirement for gum Arabic offering African manufactures new opportunities in several industries, owing to its wide applications. Increasing requirement for gum Arabic boosted by the requirement from food and several other industries is propelling the gum and wood chemicals market.
Not only has this, during May 2019, Polymer Solutions Group, a USA-based company specialized in producing specialty polymers and additives, and performance chemicals for wood, rubber, plastic, and textile markets, obtained PUR Polymerics for an undisclosed amount. This acquisition is predicted to support Polymer Solutions Group in lengthening its portfolio of specialty chemicals in the engineered wood industry. PUR Polymerics is a Canada-based company that concentrates in delivering the specialty discharge agents for particle board, fiberboard, and engineered wood markets. Therefore, in the near years, it is predicted that the market of gum and wood chemicals will increase around the globe more effectively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications