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

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).

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. '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.'

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.

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.

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.