USD 840.04 million
Turpentine Oil Market Size, Share, Growth Analysis, By Type(Turpentine, Sulphates Turpentine, Others), By Application(Pharmaceutical Industry, Paint, Coating Industry, Cosmetic), By Region - Industry Forecast 2024-2031
Report ID:
SQSG15A2031 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
66
|Figures:
75
Turpentine Oil Market Insights
Global Turpentine Oil Market size was valued at USD 1.01 billion in 2022 and is poised to grow from USD 1.08 billion in 2023 to USD 1.79 billion by 2031, growing at a CAGR of 6.52% in the forecast period (2024-2031).
The paints industry uses mineral turpentine, a clear liquid made from petroleum, as a solvent. It has a distinctive smell similar to kerosene and is insoluble in water. A blend of saturated aliphatic acid and alicyclic hydrocarbons with a boiling range of 130 to 230 degrees Celsius makes up the most widely used mineral turpentine. White spirit, mineral spirit, and petroleum spirit are further names for mineral turpentine. Based on the type of crude oil utilized and the distillation method used, it is categorized. These classifications are low, medium, and high flash grades. The fraction of the initial material and the manufacturing process have an impact on the composition.
The main purpose of mineral turpentine in paint thinners is as a solvent. Solvents are necessary for changing the thickness, viscosity, and hardness of paints. Mineral turpentine, when used as a solvent, offers good control over the thickness and hardness of the paint. In the area of oil paints, mineral turpentine is employed as a solvent. Small amounts of it are also employed as a solvent in water-based paints. Additionally, mineral turpentine is used in the paint, building, chemical, and automotive industries as an extraction solvent, cleaning solvent, and degreasing solvent. The market for mineral turpentine has been severely impacted by the Covid-19 epidemic. The end-use sectors, including paints, automobiles, and construction, are wholly responsible for the mineral turpentine market's success. During the lockdown, several industries' production facilities were shut down. Due to limitations and safety measures put in place by governments, these industries are not running at full capacity even after the lockdown is eased. Though the pandemic is waning in certain areas, the need for mineral turpentine in the construction and automotive industries has been growing. The market is expected to grow as a result shortly.
US Turpentine Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Sulphate Turpentine
Fastest Growth
Sulphate Turpentine
Growth Rate
6.52% CAGR
Global Turpentine Oil Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Turpentine Oil Market Segmental Analysis
The Global Turpentine Oil Market is segmented based on type, and application. Based on type, the market is segmented into fat, sulfates, and others. Based on application, the market is segmented into the pharmaceutical industry, paint and coating industry, cosmetic and personal care, and others. Based on Region the market is further sub-segmented into North America, Latin America, Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa.
Turpentine Oil Market Analysis by Equipment Type
Due to the increasing demand for cranes and other gear across many industries for handling heavy construction materials and goods, the turpentine oil market for material handling equipment is expected to grow exponentially and significantly. The standard material handling cranes used in construction and warehouse applications are AGV, forklift trucks, and telescopic handlers. Furthermore, as investments in industrial and commercial development projects are increasing in developing nations like China and India, it is expected that the need for road building and earthmoving equipment will increase over time. Since the demand for this equipment depends on the volume of active infrastructure and civil engineering projects, the civil engineering and concrete equipment segments are predicted to see stable growth. Due to the low demand for mining applications, the crushing and screening equipment industry is predicted to develop significantly. The remaining machinery is made up of tippers, trailers, and tankers, all of which are projected to have stagnating demand across the board.
Turpentine Oil Market Analysis by Application
Due to growing industrialization and foreign direct investments (FDI) for various global manufacturing facilities in developing countries, the industrial application segment is predicted to experience steady expansion shortly. Commercial infrastructure development in both developed and emerging nations is probably going to show a sizable global market. The market is expected to increase steadily for applications in the residential sector due to the rapid population growth in Asian and African nations.
Global Turpentine Oil Market Share By Type, 2021 (%)
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Turpentine Oil Market Regional Insights
During the projected period, Asia Pacific is anticipated to dominate the global mineral turpentine market. The mineral turpentine market in the Asia Pacific is anticipated to grow as a result of expansion in the auto and manufacturing industries in developing nations. Due to strong population expansion and economic development, it is predicted that the turpentine oil market in the Middle East and Africa will rise more quickly. The region's mineral turpentine market is predicted to grow as a result of significant investment in the building sector. Due to the outsourcing of manufacturing to the Asia Pacific, slower development in the construction and automotive industries, and other factors, it is predicted that the turpentine oil market in North America, Latin America, and Europe would rise slowly.
Global Turpentine Oil Market By Geography, 2021 - 2028
- Largest
- Fastest
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Turpentine Oil Market Dynamics
Turpentine Oil Market Driver
- The maintenance requirements for equipment and tools used in the production of products in the automotive ancillary sector are substantial. For these equipment and operational instruments to operate well, regular cleaning is required. Machines are cleaned of oil, grease, grime, and loose debris using mineral turpentine as a solvent. Globally, the use of high-end paints and coatings in the automotive sector has increased. The global mineral turpentine market is anticipated to grow as demand for the product increases in the automotive sector.
- The construction business uses a lot of paint products. Buildings used for commercial and residential construction need new paint products every few years. Over the coming ten years, the construction sector is anticipated to grow rapidly, driven by population growth and increased disposable income. During the projected period, it is predicted that this will increase the demand for mineral turpentine.
Turpentine Oil Market Restraint
- The industry is worried about problems with health brought on by mineral turpentine. An excessive amount of mineral turpentine inhalation can cause major health problems, including kidney and lung damage, vomiting, restlessness, and headaches. Mineral turpentine contact should be avoided by those with asthma and lung conditions. The market for mineral turpentine could be significantly constrained by this.
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Turpentine Oil Market Competitive Landscape
Turpentine's application in the creation of isolated chemical compounds, which could then be transformed into a range of products, has benefited the market participants over time. It is increasingly being used as a solvent in various industrial manufacturing processes, boosting market sales. Research on the potential of turpentine's antibacterial properties is accumulating. Its oil's rising use as a remedy is a significant trend supporting the market's expansion. The growth of oil is also fueled by a range of formulations that are applied therapeutically. Additionally, gutta-percha is removed during root canal therapy using rectified white turpentine.
Turpentine Oil Market Top Player’s Company Profiles
- International Flavors & Fragrances Inc.
- DRT (Dérivés Résiniques et Terpéniques)
- Arakawa Chemical Industries, Ltd.
- Mentha & Allied Products Pvt. Ltd.
- Lawter Inc.
- Privi Organics Limited
- Wuzhou Sun Shine Forestry & Chemicals Co., Ltd.
- Sociedad Española de Resinas, S.A.
- Pine Chemical Group
- Dujodwala Paper Chemicals Ltd.
- Industrial Oleochemical Products (IOP)
- Arizona Chemicals
- Fuyang Huatong Chemical Co., Ltd.
- Guilin Songquan Forest Chemical Co., Ltd.
- Lascaray S.A.
- M/S Aroma Aromatics & Flavours
- Renessenz LLC
- Resinas TB S.A.
- Pujan Enterprise
- Florida Chemical Company, Inc.
Turpentine Oil Market Recent Development
- In May 2021: Privi Organic India Ltd, a provider of compounds for the fragrance chemical market, announced a merger with Fairchem Specialty Ltd, a producer of aroma chemicals such as gum turpentine oil, to create Privi Specialty Chemicals Ltd. Due to this, the businesses have been able to increase both their consumer base and manufacturing capacity.
Turpentine Oil Key Market Trends
- Turpentine market producers, end-use industries, and manufacturers profit from the compound's employment in the synthesis of a variety of crucial chemicals for commerce, such as resins and oil additives. Turpentine consumption has increased as a result of advancements achieved in the plastic manufacturing industry worldwide. Players wanting to use these compounds in animal research, such as by inducing a systemic inflammatory immunological response in animals, have recognized enormous income potential in the turpentine industry. People's interest in the turpentine market for internal home treatments in the alternative medical system has grown over time. Turpentine sales have increased as a result of developments in the pharmacology of cannabis. The turpentine market's stakeholders are recognizing new income opportunities as a result of innovative manufacturing techniques that enable suppliers to provide high-quality turpentine oils. The market is also being helped by developments in turpentine fractional distillation. Advances in endodontics connected to root canal filling are also helping the prospects of the turpentine market. The market is being helped by advances in scent production and consumption.
Turpentine Oil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the Increasing Use of equipment and tools in automobile maintenance dominated the global Turpentine Oil Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, the Asia Pacific dominated the global Market owing to the region's increase in research and development activities and automobile maintenance.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.01 billion |
| Market size value in 2031 | USD 1.79 billion |
| Growth Rate | 6.52% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Turpentine Oil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Turpentine Oil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Turpentine Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Turpentine Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Turpentine Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Turpentine Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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