Global Turpentine Market Size To Worth USD 2.67 Billion By 2033 | CAGR Of 5.23%
Category: Chemicals & MaterialsGlobal Turpentine Market Size To Worth USD 2.67 Billion By 2033 | CAGR Of 5.23%
According to a research report published by Spherical Insights & Consulting, the Global turpentine market size was valued at USD 1.60 billion in 2023 and is expected to reach USD 2.67 billion by 2033, growing at a CAGR of 5.23% from 2023 to 2033
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Browse key industry insights spread across 210 pages with 120 Market data tables and figures & charts from the report on the "Global Turpentine Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Fat Turpentine, Sulphate Turpentine, Wood Turpentine, Gum Turpentine, Others), By Grade (Pharmaceutical, Technical, Chemical, Other), By Purity (Below 95%, 95%, Above 95%), By Application (Cosmetics, Fragrance, Paints and Coatings, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/turpentine-market
The turpentine industry revolves around extracting and selling turpentine, an oil derived from pine trees. Its utility extends beyond traditional uses due to its efficiency as an organic solvent and its ability to generate synthetic organic compounds. Turpentine serves various purposes, including as a solvent in paint, food production, construction, and the pharmaceutical sector. Its increasing applications in the chemical industry are significant, serving as both a solvent and a material for organic synthesis. Turpentine plays a crucial role in creating aromatic substances and transforming chemicals into different products. The growing chemical industry and the rising demand for chemical products across various sectors are fueling turpentine demand. According to Akzo Nobel India, the paints and coatings sector in India is expected to grow from USD 7.57 billion to USD 12.22 billion in five years. This growth, driven by the architectural sector's 69% volume share and low raw material costs, is significantly boosting turpentine demand and industry growth. Additionally, turpentine's widespread use in the cosmetic sector is on the rise. It is an important fragrance ingredient in products like soaps, shampoos, and perfumes due to its delightful aroma. However, fluctuations in raw material supply and prices can impact the industry's downstream flow, with production reliant on pine resin and chips, which are vulnerable to environmental stressors like climate change, pest infestations, and forest fires.
The sulfate turpentine segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the product type, the global turpentine market is classified into fat turpentine, sulphate turpentine, wood turpentine, gum turpentine, and others. Among these, the sulphate turpentine segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. this dominance is due to its characteristics, Sulphate turpentine, a byproduct of the pulp and paper sector, is appreciated for its affordability and availability. Thus, it is gaining popularity in the chemical sector for producing different compounds, such as synthetic resins and glues. The rising demand for these chemicals in industrial uses and the emphasis on sustainable feedstocks are fueling its expansion. Its widespread availability and consistent quality contribute to its popularity, making it crucial for high-purity chemical synthesis in sectors such as fragrances and various chemical production.
The technical segment accounted for the highest share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period.
Based on the grade, the global turpentine market is divided into pharmaceutical, technical, chemical, and other. Among these, the technical segment accounted for the highest share in 2023 and is anticipated to grow at a prominent CAGR during the forecast period. This segmental growth is driven by their significant use in industrial applications like the production of paints, varnishes, and different coatings where robust solvent effectiveness is essential. Its capacity to dissolve oils and resins makes it crucial in these sectors. Moreover, the technical grade is subtly significant in the building sector by playing a crucial part in producing specific adhesives and sealants that enhance the durability and lifespan of construction materials.
The above 95% segment secured a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the purity, the global turpentine market is separated into below 95%, 95%, and above 95%. Among these, the above 95% segment secured a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. This significance is attributed to, the requirement for high purity, favored in sectors with rigorous quality standards, such as pharmaceuticals, food flavorings, and advanced chemical synthesis, where impurities may jeopardize product integrity and safety. Its outstanding quality ensures optimal performance in these crucial applications, making it the preferred choice for producers who prioritize accuracy and reliability.
The paints and coatings segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the application, the global turpentine market is categorized into cosmetics, fragrances, paints and coatings, and others. Among these, the paints and coatings segment secured a dominant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The dominance is due to the crucial role of turpentine as a key solvent in the paints and coatings industry, enhancing product performance and longevity. The construction and automotive sectors are fueling the demand for eco-friendly paints, further boosting this segment. Additionally, the focus on environmental sustainability motivates producers to replace synthetic solvents with natural alternatives like turpentine. Its capability to dissolve oils, resins, and varnishes is crucial for attaining superior finishes in both industrial and residential applications.
Asia-Pacific is expected to hold the dominant share of the global turpentine market over the predicted timeframe.
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Asia-Pacific is expected to hold the dominant share of the global turpentine market over the predicted timeframe. This regional dominance is attributed to major population and continuous migration to urban areas, propelled growth in industrialization, developing residential areas, and increasing demands for sustainable turpentine-based products in their applications. growing spending power of customers on the basic needs and traction towards change in living standard demands for the long-lasting and durable paints in the building construction in both residential and industrial areas.
Moreover, increasing awareness of international brands like Revlon and Avon drives demand for natural cosmetic products. Turpentine's role in enhancing fragrances boosts its popularity. Construction growth in APAC propels turpentine demand for coatings and paints, with China's construction sector contributing 36.5% to GDP in 2024. This contribution is expected to increase with ongoing construction projects across the region.
The North America turpentine market is expected to grow with the fastest CAGR during the forecasting period. This regional growth is significantly influenced by strict environmental regulations and the rising use of bio-based products. The construction and automotive sectors in these areas are significant users of turpentine, as they emphasize sustainability and environmentally friendly options. The increasing consumer knowledge regarding the advantages of natural products is boosting demand in these areas. Also, the operating industry key players in the region are investing in research and development for the innovation in turpentine products and boosting their applications. These kinds of innovations and investments are expected to contribute to market growth across the region.
Major key players in the turpentine market include Foreverest Resources Ltd., Kraton Corporation, Eastman Chemical Company, Wuzhou Pine Chemicals Ltd., Arakawa Chemical Industries, Ltd., Mentha & Allied Products Pvt. Ltd., PT. Naval Overseas, Harima Chemicals Group, Inc., Lawter Inc., DRT, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In April 2023, Harima built its first myrcene facility in Kakogawa, utilizing turpentine-derived pinene for aroma oils and fragrances. The plant emphasizes sustainability by using renewable energy and carbon-neutral fuel. Harima aims to meet the demand for plant-based resources in flavors and fragrances, enhancing product traceability and human rights protection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global turpentine market based on the below-mentioned segments:
Global Turpentine Market, By Product Type
- Fat Turpentine
- Sulphate Turpentine
- Wood Turpentine
- Gum Turpentine
- Others
Global Turpentine Market, By Grade
- Pharmaceutical
- Technical
- Chemical
- Other
Global Turpentine Market, By Purity
- Below 95%
- 95%
- Above 95%
Global Turpentine Market, By Application
- Cosmetics
- Fragrance
- Paints and Coatings
- Others
Global Turpentine Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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