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CCM Data & Primary Intelligence

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CCM Data & Primary Intelligence Description: As an important pine product, gum rosin is widely used in the production of adhesive, paint & coating, rubber, food, paper and ink, batik, etc. Driven by great demand from overseas and increasing domestic consumption volume, China’s gum rosin industry developed fast in the past few years. China has abundant pine resources, which guarantees sufficient oleoresin for gum rosin production. However, in the past two years, infestation, eucalyptus planting and bad weather such as drought, heavy rain, snow, etc. have given greatly negative influence on oleoresin tapping in major pine growing areas, especially in Guangxi, Guangdong, Yunnan, Jiangxi and Hubei. How heavily did they affect the production of gum rosin in these provinces? What kinds of measures have been taken? Chinese export volume of gum rosin has dropped sharply in recent three years. Is it related to the adjustment in Chinese policies on gum rosin export, such as repealing export quotas, lowering export rebate? Moreover, since most gum rosin is exported through the port of Huangpu, the price and stock of gum rosin reflect general domestic market trend. How about the fluctuation of gum rosin price in the past one and a half years and how much stock was stored in Huangpu port at the beginning of each month in the past two and a half years? In recent three years, since more and more domestic producers and multinational corporations are engaged in the deep-processing of gum rosin, domestic consumption volume has been increasing. How about the consumption structure of gum rosin in the past three years and has the demand shifted within these major markets? What about the future prospect on major downstream industries? The detailed answers of the above focuses will be given in this report, and it will also provide you an insightful analysis on other following aspects: - Position of Chinese gum rosin in the world - Production of gum rosin in the past few years in China - Key factors influencing the price of gum rosin and pricing in the past few years - Detail analysis on export & import of Chinese gum rosin in 2007~2009 - Market size and share of gum rosin in major end use segments in 2007~2009 - Multinational corporations’ impact on China’s gum rosin and gum rosin derivatives production, especially for several Japanese conglomerates - Future forecast on Chinese gum rosin production in the next 5~10 years

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CCM Data & Primary Intelligence - Introduction to major 30 gum rosin producers in China and know the latest dynamics on Chinese gum rosin industry Main content: No. Code

I I-1 I-1.1 I-1.1.1 I-1.1.2 I-1.1.3 I-1.2 I-1.3 I-1.4 I-1.5 I-1.6 I-1.6.1 I-1.6.2 I-2 I-3 I-3.1 I-3.2 I-3.3 I-3.4 I-3.4.1 I-3.4.2 I-3.4.3 I-3.5 I-3.6 I-3.6.1 I-3.6.2 I-3.6.3 I-4 I-4.1 I-4.2 I-4.3 I-4.4 I-5 I-5.1 I-5.2

Content Main content Executive summary Methodology & sources Production and market information Pine resources & oleoresin situation Pine resources in China Current pine resources Current oleoresin storage Eucalyptus planting Government regulations on pine resources Ownership of pine resources and its trend in the future Collection and purchasing behavior of oleoresin in China Price of oleoresin over the years Production of oleoresin over the years Oleoresin output in the past years Main factors influencing oleoresin production Position of Chinese gum rosin in the world Production situation of gum rosin Development of China’s gum rosin production Gum rosin output Cost analysis Manufacturers Number of manufacturers, dealers and end users Top 40 active producers Ownership of manufacturers Production distribution Special finding about Chinese gum rosin production Current situation of domestic manufacturers Current situation of foreign manufacturers in China Policy regulation Price of gum rosin Factors influencing the price Price in the past few years Current price Price trend in the next few years Export & import situation of gum rosin and its derivatives Export situation in the past few years Export & import analysis in 2007~2009

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Page 0 1 2 5 5 5 5 8 9 10 11 11 13 17 17 19 21 23 23 23 25 25 25 27 28 28 30 30 30 31 32 32 34 36 37 38 38 42

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CCM Data & Primary Intelligence I-6 I-6.1 I-6.2 I-6.2.1 I-6.2.2 I-6.2.3 I-6.2.4 I-6.2.5 I-6.2.6 I-6.2.7 I-6.2.8 I-6.2.9 I-6.3 I-7 I-7.1 I-7.2 I-7.2.1 I-7.2.2 I-8 I-9 I-10 I-11 I-11.1 I-11.2 I-12 II II-1 II-2 II-3 … II-29

Consumption pattern of gum rosin in China in 2007~2009 Market size and market share of gum rosin in major end use segments Brief introduction to major downstream industries Paper industry Paint & coating industry Ink industry Adhesive industry Soap industry Rubber industry Food industry Battik industry Other industries List of major end users Brief introduction to major derivatives Brief introduction to gum rosin derivatives industry in china Brief introduction to major derivatives Gum rosin ester Other derivatives Problems existing in gum rosin industry in China Involvement and achievement of multinational corporations Competitive landscape Key driving forces and challenges for China’s gum rosin development Driving forces for China’s gum rosin industry Challenges for China’s gum rosin industry Future forecast on gum rosin in the next 10 years Appendix: profiles of 29 active producers Guangxi Wuzhou Pine Chemicals Ltd. Guangxi Wuzhou Sun Shine Forestry & Chemicals Co. Ltd. Guangxi Nanning Heli Rosin Group … Guangxi Ningming Tongmian Yitong Forest Chemical Factory

51 53 55 55 56 58 59 60 61 62 64 65 65 67 67 68 68 70 72 72 74 76 76 77 78 82 82 84 85 0 113

Executive summary: Driven by great overseas demand and increasing domestic demand, China’s gum rosin industry has developed fast in the past few years. Since China is the largest gum rosin production base in the world, its export volume of gum rosin accounts for about xx% of global total trade volume every year. China has abundant pine resources, which guarantees sufficient supply for gum rosin production. In China, the total pine areas for tapping have reached xx million hectares with the total volume of xx million cubic meters. Pine growing areas are found all over the country especially in Guangxi, Yunnan, Guangdong, Fujian, Jiangxi, Hunan and Hubei, which are also the major gum rosin production bases. Website: http://www.cnchemicals.com Tel: +86-20-3761 6606

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CCM Data & Primary Intelligence In China, both the output and price of gum rosin are greatly influenced by oleoresin tapping. Firstly, the output of gum rosin is determined by that of oleoresin which usually is affected by weather such as drought, snow, heavy rain, etc. and infestation. Secondly, the price of gum rosin changes periodically, resulting from the seasonal price changes of oleoresin. Generally speaking, in April and May when the tapping of oleoresin just starts, the purchasing price of oleoresin is high, and it will decrease and keep stable from June to September. In October the purchasing price will decrease further, and the lowest price will appear in December. The output of Chinese gum rosin hit record high of xx tonnes in 2006. However, it has dropped in recent two years because the demand has fallen due to global economic depression. In 2009, the output of gum rosin was xx tonnes in China, with growth rate of only xx%, compared to that in 2008. Moreover, production technology level of gum rosin is low and over xx% producers adopt steam method in China. Since the domestic consumption is increasing and more multinational corporations are engaged in the production of gum rosin derivatives in China, Chinese export volume of gum rosin has dropped sharply in recent three years. In 2009, the export volume of gum rosin was xx tonnes, down xx% compared to that in 2008. In China, gum rosin is mainly consumed in adhesive, paint & coating, rubber, food, paper and ink industry, batik etc. And its consumption volume has increased substantially in the past three years. Now adhesive industry is the largest consumer of gum rosin after the consumption volume of gum rosin in paper industry decreased sharply from 2005 because it was substituted by litmusless sizing agents, such as AKD, which have developed fast and snatched some of gum rosin’s market share. In recent three years, paint & coating and rubber industries have developed rapidly promoting consumption volume of gum rosin to increase, while gum rosin consumption volume in batik industry has been shrinking because the dosage of gum rosin in batik production has reduced from xx~xx/km to xxx~xx/km, thanks to technology innovations. Character of CCM' Report: The aim of this report is to provide powerful assistance to the strategy group and the management team in making correct decision as how to penetrate the ever-increasing China market and how to catch the maximum commercial opportunities. The report is formulated independently by CCM’s professional market researchers, based on the first-hand and primary data which are analyzed by scientific methodology, confirmed with both manufacturers/end users/traders and legal authorities, and presented in a logic way. Sample pages

Website: http://www.cnchemicals.com Tel: +86-20-3761 6606

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I Production and market information I-1 Pine resources & oleoresin situation I-1.1 Pine resources and oleoresin storage in china I-1.1.2 Current oleoresin storage The total oleoresin storage is estimated based on the annual collection volume of oleoresin of single-strain pine which is determined by the average value of oleoresin output from various pine species in actual production. According to the investigation and study of Dong Jingxi, a senior engineer of Yunnan Forest Inventory and Planning Institute that is responsible for the technical management and part of administrative management of Yunnan’s forest resources, the annual oleoresin collection volume of single-strain PM, PY and PKVL is 4.5, 3 and 4.5 kg/a separately in China. Table I-1.1.2 -1 Oleoresin storage calculation of tapping pine over the country Province

Species

For the whole pine forest

For the timber pine forest

Trees (DBH>

Oleoresin

Percentage

Trees (DBH>

Oleoresin

Percentage

20cm), ‘000

storage, t

(%)

20cm), ‘000

storage, t

(%)

stains Yunnan

stains

PY, PKVL

207,680

692,000

24.2

48,080

193,000

10.7

Fujian

PM

79,000

356,000

12.4

67,480

304,000

16.8

Sichuan

PM, PY

98,890

336,000

11.7

48,140

172,000

9.5

Guangxi

PM, PY

75,130

327,000

11.4

66,970

291,000

16.1

Tibet

PY

104,340

313,000

10.9

34,110

102,000

5.6

Guangdong

PM

43,910

198,000

6.9

42,230

195,000

10.8

Hunan

PM

38,690

174,000

6.1

41,870

188,000

10.4

Zhejiang

PM

24,420

110,000

3.8

22,400

101,000

5.6

Hubei

PM

18,470

83,000

2.9

17,670

80,000

4.4

Jiangxi

PM

18,460

83,000

2.9

17,000

77,000

4.3

Chongqing

PM

15,890

72,000

2.5

1,860

8,000

0.4

Guizhou

PM, PY

12,970

57,000

2.0

10,760

48,000

2.7

Anhui

PM

9,430

42,000

1.5

8,020

36,000

2.0

Henan

PM

1,410

6,000

0.2

710

3,000

0.2

Jiangsu

PM

1,110

5,000

0.2

650

3,000

0.2

Shaanxi

PM

860

4,000

0.1

830

4,000

0.2

Hainan

PM

470

2,000

0.1

260

1,000

0.1

751,130

2,860,000

100

430,040

1,806,000

100

Total

Source: Scientia silvae sinicae/CCM International


Table 1-3.4.1-1 Number of manufacturers, dealers and derivative plants of gum rosin in China Region

Province 2002

Northwest China

Ningxia Gansu Xinjiang Shaanxi Subtotal Southwest China Yunnan Sichuan Guizhou Chongqing Subtotal Central China Jiangxi Hunan Hubei Henan Anhui Subtotal North China Shanxi Hebei Beijing Tianjin Inner Mongolia Subtotal Northeast Liaoning Jilin Heilongjiang Subtotal East China Jiangsu Shandong Shanghai Zhejiang Fujian Subtotal South China Guangdong Guangxi Hainan Subtotal Total Source: Rosin-China/CCM International

0 0 0 0 0 10 7 5 0 22 52 20 7 2 9 90 1 0 0 5 0 6 0 0 0 0 16 9 8 24 54 111 96 121 4 221 450

Manufacturer 2004 2006 0 0 0 0 0 0 1 1 1 1 23 46 8 15 11 23 1 8 43 92 50 74 25 27 20 32 0 3 19 17 114 153 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 2 53 47 57 49 75 65 153 154 6 7 234 226 449 522

Dealer 2008 0 0 0 5 5 43 17 30 9 99 56 21 51 8 11 147 0 0 0 0 0 0 0 0 0 0 0 2 0 1 52 55 50 121 9 180 486

2002 1 0 1 2 4 14 8 2 3 27 13 7 5 16 7 48 2 10 19 12 0 43 42 4 9 55 32 57 28 11 22 150 73 38 1 112 439

2004 1 0 4 5 10 15 11 3 4 33 10 10 7 15 7 49 5 17 12 14 0 50 35 3 2 40 31 50 25 14 24 144 40 36 2 78 404

2006 1 2 1 5 9 15 9 2 4 30 8 6 9 25 9 57 5 11 19 14 0 49 15 3 5 23 28 29 27 14 26 124 45 23 2 70 362

2008 1 4 3 4 12 22 11 4 4 41 9 5 8 21 8 51 7 13 9 11 1 41 16 0 3 19 37 41 11 18 31 138 70 29 1 100 402

2002 1 1 2 3 7 3 6 1 1 11 2 9 2 14 4 31 4 9 3 14 2 32 19 6 2 27 46 43 16 16 8 129 58 2 1 61 298

End user 2004 2006 1 1 4 2 4 1 3 5 12 9 6 6 7 7 3 2 4 3 20 12 9 3 9 12 10 14 14 15 7 7 49 51 1 8 10 12 1 0 9 7 0 0 21 27 5 3 2 0 2 3 9 6 39 31 37 21 9 11 22 41 10 12 117 116 40 32 6 5 1 0 47 37 275 258

2008 0 6 1 7 14 0 15 3 6 24 7 14 18 12 10 61 10 18 6 11 0 45 4 0 0 4 79 30 15 49 16 189 76 4 2 82 264


I-4 Price of gum rosin I-4.2 Price in the past few years Usually the price change of gum rosin is periodic. Table I-4.2-1 Lowest prices of gum rosin (1st grade) in each month, 2000~May 2010 (USD/t) Year

Jan.

Feb.

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2000

417

417

429

429

429

429

423

423

417

417

417

417

2001

417

417

447

453

453

441

441

435

432

435

437

437

2002

447

453

477

465

465

461

441

432

432

449

471

519

2003

562

543

519

501

465

435

423

429

483

507

507

471

2004

471

477

471

483

477

465

465

489

507

543

562

562

2005

476

610

628

659

683

756

683

707

829

915

951

1,012

2006

1,103

1,216

1,316

1,253

1,028

1,053

1,053

1,053

1,015

1,003

877

789

2007

827

827

840

840

853

833

787

748

853

892

833

787

2008

920

964

993

964

1,022

1,051

1,088

1,080

1,036

949

818

686

2009

703

820

878

835

835

857

878

893

930

966

1,120

1,245

2010

1,537

1,581

1,698

2,050

2,050

Source: CCM International

Table I-4.2-2 Highest prices of gum rosin (1st grade) in each month, 2000~May 2010 (USD/t) Year

Jan.

Feb.

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2000

453

447

453

453

459

459

447

447

447

447

447

441

2001

435

453

471

477

471

465

465

453

453

459

459

459

2002

471

489

519

507

489

489

483

459

471

483

531

568

2003

580

580

556

543

513

471

447

495

543

531

543

531

2004

507

507

507

507

501

483

489

519

543

574

604

592

2005

610

640

659

695

756

1,049

1,012

878

915

963

1,024

1,061

2006

1,216

1,316

1,441

1,441

1,253

1,103

1,090

1,090

1,078

1,053

1,003

940

2007

879

892

919

892

892

879

814

827

919

984

919

840

2008

1,007

1,022

1,051

1,022

1,066

1,073

1,109

1,109

1,095

1,066

847

818

2009

805

878

908

864

864

878

886

900

944

1,083

1,347

1,406

2010

1,640

1,684

1,991

2,269

2,313

Source: CCM International


I-5 Export & import situation of gum rosin and its derivatives I-5.2 Export & import analysis in 2007~2009 ¾

Export analysis

Since the export tender & quota system for gum rosin was cancelled in 2002, the export quantity of gum rosin has little relationship with the quota after 2002. Owing to global economic depression, the export quantity of gum rosin hit the bottom at the beginning of 2009, but it has quickly recovered in H2 2009, both in quantity and price thanks to the recovery of global economy…… Table I-5.2-2 Average export price of gum rosin in China, 2007~2009 Date

2009

2008

2007

Quantity,

Price,

Quantity,

Price,

Quantity,

Price,

tonne

USD/kg

tonne

USD/kg

tonne

USD/kg

January

4,804.73

0.95

29,516.67

0.87

38,193.52

0.86

February

8,859.86

0.83

15,488.33

0.87

29,436.34

0.83

March

8,247.28

0.83

24,750.21

0.87

29,133.24

0.83

April

9,220.55

0.84

21,538.68

0.92

27,859.66

0.83

May

12,332.81

0.84

20,056.83

0.94

22,982.31

0.81

June

14,919.98

0.85

25,028.95

0.98

42,648.08

0.78

July

14,558.10

0.88

17,823.55

1.01

15,526.89

0.78

August

23,426.64

0.89

25,998.82

1.05

18,722.93

0.78

September

25,731.79

0.91

21,140.47

1.07

22,124.15

0.8

October

20,155.37

0.93

21,166.03

1.08

25,717.82

0.84

November

20,921.62

1

24,265.05

1.08

24,524.61

0.93

30,319.97

1.18

29,743.68

1.04

32,344.53

0.89

193,498.68

0.94

276,517.23

0.98

329,214.05

0.83

December Total

Source: CCM International


I-6 Consumption pattern of gum rosin in china in 2007~2009 Table I-6.1-2 Market size and market share of gum rosin by value, 2007~2009 Year

2007 Market size

2008 Market share

(million USD) Adhesive

Market size

2009

Market share

(million USD)

Market size

Market share

(million USD)

75

20.46%

76

19.79%

87

21.52%

coating

58

15.70%

68

17.64%

71

17.55%

Rubber

51

13.87%

52

13.50%

57

14.15%

Food

41

11.13%

45

11.80%

47

11.45%

Paper

38

10.35%

45

11.77%

39

9.64%

Ink

34

9.14%

39

10.19%

40

9.80%

Batik

32

8.61%

36

9.26%

34

8.35%

Paint

&

Others Total

39

10.74%

23

6.05%

31

7.54%

368

100.00%

384

100.00%

406

100.00%

Source: CCM International

The gum rosin consumption share in adhesive, paint & coating, rubber, food and ink industry has been expanding rapidly from 2007 to 2009 because of the fast development of these industries in China ‌‌ Figure I-6.1-2 Consumption pattern of gum rosin in China, 2005~2009

2009 2008 2007 2006 2005 0% Adhesive

20%

40%

Paint & coating

Source: CCM International

Rubber

60% Food

80% Paper

Ink

100% Battik

Others

Production and Market of Gum Rosin in China 2010  

As an important pine product, gum rosin is widely used in the production of adhesive, paint & coating, rubber, food, paper and ink, batik, e...

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