DUBLIN, Nov. 10, 2023 /PRNewswire/ — The “Crude Tall Oil Derivative Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global Crude Tall Oil (CTO) Derivative market, which achieved a valuation of US$ 2.0 Billion in 2022, is poised for further growth in the coming years. Analysts project the market to reach US$ 2.5 Billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 4.4% during the period from 2023 to 2028.
CTO Derivative: A Versatile Biomaterial
Crude Tall Oil (CTO) derivative is a commercially valuable biomaterial produced as a by-product of the pulp and paper industry. It is derived through the kraft procedure of fatty and resin acids, unsaponifiable and neutral compounds sourced from wood extractives and softwoods.
CTO derivative finds extensive applications in various industries, including metalworking, mining, oilfield operations, fuel additives, surfactants, coating and inks, rubber, and more. It is commercially available in multiple variants, including Tall Oil Rosin (TOR), Tall Oil Fatty Acids (TOFA), Tall Oil Pitch (TOP), and Distilled Tall Oil (DTO).
Key Drivers of CTO Derivative Market Growth
Several factors are contributing to the growth of the CTO Derivative market:
- Rising Demand for Value-Added Bio-Based Products: Manufacturers are increasingly adopting CTO derivatives due to the growing need for value-added bio-based products. These derivatives offer various beneficial properties, such as renewable sourcing, lower carbon footprint, non-genetically modified organisms (Non-GMOs), oxidative stability, excellent air drying characteristics, and negligible aromatic compounds.
- Sustainable Green Approaches: Governments worldwide are implementing sustainable green approaches to address environmental concerns, encouraging the use of CTO derivatives as an eco-friendly fuel additive in diesel and petrol.
- Agricultural Sector Growth: The agricultural sector’s expansion and the demand for high-quality crops are boosting the adoption of TOFA in pesticides, enhancing crop production.
- Versatile Usage: CTO derivatives are widely used in alkyd resins, metallic stabilizers, textile chemicals, metalworking fluids, inks, adhesives, and papers, contributing to market growth.
- Recycling and Collaborations: The adoption of various product recycling strategies and strategic collaborations among key players are fostering market growth.
Key Market Segmentation
The report provides an in-depth breakdown of the global CTO Derivative market:
Breakup by Fraction:
- Tall Oil Fatty Acid
- Distilled Tall Oil
- Tall Oil Rosin
- Tall Oil Pitch
- Others
Breakup by Application:
- Fuel and Fuel Additives
- Surfactant
- Mining and Oilfield Chemicals
- Coating and Inks
- Rubber
- Others
Breakup by End User:
- Automotive
- Construction
- Speciality Chemicals and Petrochemicals
- Oil and Gas
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape
Key players in the CTO Derivative market include Forchem Oyj (Respol Resinas S.A.), Ingevity Corporation, Kraton Corporation (DL Chemical Co. Ltd.), Les Derives Resiniques Et Terpeniques (Firmenich International SA), Mercer International Inc., Neste Oyj, Pine Chemical Group Oy, Segezha Group, Silver Fern Chemical Inc., SunPine AB, and Univar Solutions Inc. These industry leaders are at the forefront of innovation and technological advancements in the CTO Derivative industry.
Key Questions Answered in This Report
The report addresses critical questions about the global Crude Tall Oil (CTO) Derivative market:
- What was the size of the global CTO Derivative market in 2022?
- What is the expected growth rate of the global CTO Derivative market during 2023-2028?
- What are the key factors driving the global CTO Derivative market?
- What has been the impact of COVID-19 on the global CTO Derivative market?
- How is the market segmented based on fraction, application, end user, and region?
- Who are the major players in the global CTO Derivative market?
- What is the competitive landscape and the degree of competition in the industry?
For more information about this report visit https://www.researchandmarkets.com/r/c8uqv0
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