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).

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.