The market is expected to create incremental $ opportunity of US$ 646.7 Mn by 2030
Category: Chemicals & Materials ID: CVC-10102-CH Format: PDF Pages: 300
Turpentine Market Overview
After a detailed analysis conducted by Chemview Consulting, the study shows that, the Global Turpentine Market was valued at US$ 1,025.9 Mn in 2020 and is expected to exceed US$ 1,672.6 Mn by 2030 end growing at a CAGR of 6.3% between 2022 and 2030.
Increasing usage of turpentine across paints, coatings, and home care sectors is expected to complement the growth in the market. In 2022, the turpentine market accounts for about 26.3% of the global pine chemicals consumption.
Turpentine is a fluid produced by filtration and distillation of resin harvested from living trees, mainly pines. It contains 3-Carene, Limonene, Camphene, and other valuable constituents used across various industries such as cosmetics and personal care, food, paints and coatings, home care, and others.
What are the key drivers bolstering the growth of the turpentine market?
“HIGH SPENDING ON THE MEDICAL INDUSTRY IS EXPECTED TO BOOST THE MARKETI GROWTH”
Robust research and development have seen the potential of turpentine in antibacterial activity. The growing use of turpentine oil as a medicinal elixir is a key trend bolstering the market’s growth. Turpentine is used in a variety of therapeutic formulations. Treated white turpentine is also used in root canal treatment for removing gutta-percha. All these applications of turpentine are anticipated to augment the growth of the market.
Sales of turpentine have also increased by several folds due to advances in cannabis pharmacology. Moreover, it has gained people’s attention for internal home remedies in alternative medicine systems. Stakeholders in the turpentine market are viewing new revenue potential on the grounds of new production processes providing significant incremental opportunities from the demand growth.
A crucial reason for the market’s growth is advancements in the fractional distillation of turpentine, providing a higher quality of the product. This is also gaining traction in the market.
“RISING DEMAND FOR NATURAL FRAGRANCES, DUE TO HEALTH IMPACT”
Turpentine oil is an energy recovery oil produced during the Kraft wood pulping process. It is commonly used as a commodity material. The oil contains a variety of aromatic organic compounds such as beta-pinene, alpha-pinene, and terpenes. They are commonly used as a precursor chemical in the production of flavourings, fragrances, pinenes, polymer additives, and pine oils. Turpentine demand is increasing due to rising demand for chemical products containing artificial flavourings, fragrance agents, and solvents.
Consistently high demand for alpha and beta pinene, limonine, and a few other popular aromatic compounds will continue to drive the highest turpentine consumption by fragrance manufacturers. Fragrance applications now account for more than 35% of total turpentine consumption volume.
How pine topping activities and growing demand of aromatic compounds are driving the Turpentine market in Asia-Pacific?
Asia-Pacific is expected to hold largest market share in Global Turpentine Marktet with China holding significant share of 30.2% on global market in 2021. In China, the demand for turpentine has been bolstered by increased pine-tapping activities and a growing number of large-scale processing facilities.
Rising demand for cosmetics and personal care products is driving sales in China, increasing emphasis on improving facial appearances and maintaining personal hygiene. This is bolstering the market outlook of turpentine in the Asia region.
Asian economies have provided key players with substantial growth opportunities to utilize turpentine in synthetic fragrance chemicals. Due to many chemical manufacturing companies in China, Japan, India, and South Korea, the Asia-Pacific region is estimated to hold a key global market share.
How rising demand Paints & Costings is driving Turpentine market in North America?
The North America is expected to be the most lucrative marlet for turpentine in the forecast period and the region holds 22.3% market share in 2021. The region witnessed an increasing demand for paints from the residential and commercial sectors, which is anticipated to boost the demand for turpentine thinner.
Pine tapping activities are likely to see a boost in turpentine oil sales over 2022–2030. Hence, North America is anticipated to account for a fair share of turpentine sales across the globe, providing monetary benefits to the manufacturers.
Who are the key manufacturers of the turpentine market?
Key players are focusing on acquiring small and medium-size market participants to bolster their market footprint. They also focus on setting up manufacturing units and sales offices in emerging economies.
The scope of the research includes global turpentine market players as mentioned below:
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, governing factors, and market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Market Report Highlights:
Note: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may take time to reflect in the analysis.
By Region and Country:
|Historical Data Available for||2017-2021|
|Market Analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key Regions Covered||North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa|
|Key Countries Covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key Segments Covered||Type, Application and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Turpentine Market Research Scope:
ChemView Consulting offers customizations according to the client’s specific requirements. There is no limit to the level of customization we offer to our client’s if it falls under market research purview.