In 2021, the crude sulfate turpentine market is anticipated to be worth US$ 513.5 Mn. According to Future Market Insights (FMI), the overall market value is anticipated to increase at a CAGR of 5.4% from 2021 to 2031, reaching US$ 872.9 Mn.
Players in the crude sulfate turpentine market are focusing on emerging markets, which are quickly turning into opportunity hotspots due to a number of causes. In addition to concentrating on organic growth, crude sulfate turpentine companies are employing strong go-to-market strategies including partnerships, mergers, divestitures, collaborations, and so on. Through 2031, FMI expects the amount of crude sulfate turpentine products to increase at a 4.8% CAGR.
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What is 2021-2031 Growth Forecast in Comparison to 2016-2020 Crude Sulfate Turpentine Market Outlook?
Key players in global crude sulfate turpentine market are focusing on strategic collaborations with local distributors to reach large consumer base in emerging countries. Increasing demand for cosmetics and personal care products is creating opportunities for new players in Asia Pacific for crude sulfate turpentine market.
Revenue from the sales of personal care products and natural ingredients has been forecast to increase substantially in countries like China, India, Japan and Southeast Asia over the period. Driven by this, Future Market Insights projects the crude sulfate turpentine market to remain steady, exhibiting growth at 5.4% CAGR between 2021 and 2031 in comparison to the CAGR of 4.1% posted between 2016 and 2020.
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Among product types, alpha-pinene, being the primary chemical constituent of cypress, rosemary, juniper berry, frankincense and helichrysum essential oils, is being widely used in the cosmetics industry. It also offers a range of benefits for skin and oral health and support immune and respiratory system functions. It can
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Why is Crude Sulfate Turpentine Gaining Traction as a Solvent or Cleaning Agent for Paints and Varnishes?
Crude sulfate turpentines are most widely used as paint thinner in both household and artistic coatings. Turpentine was used before to dilute printer’s ink. Now with growing demand from industries, it has become a solvent or diluent for various products, like natural or modified binders, resins, oils, paints and polishes.
In other oil-based paint and coating formulations, peroxidation of terpenes derived from turpentine accelerates drying of oils and other film formers. All these factors are making crude sulfate turpentine a key ingredient in paints and varnishes.
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Country-wise Insights
Did FDA Approval of Turpentine in Different Industries Help in Driving Crude Sulfate Turpentine Sales in the U.S.?
According to FMI, the U.S. is a dominant market for crude sulfate turpentine and it is also expected to exhibit high growth over the forecast period. According to the latest study, sales in the U.S. is estimated to account for more than 94.2% of the North America market in 2021.
As FDA approved turpentine spirits and listed it as an active ingredient in various drug products formulations, it unfolded scope for increasing application of crude sulfate turpentine products in pharmaceutical industry. It is being used for nasal drug products, cold and fever treatments, expectorant drug products, oral menstrual drug products, drug products related to insect bites and more.
Crude sulfate turpentine also has emerged as an ingredient used in food applications. It has been listed as a natural flavoring substance by FDA and its use also is allowed in adhesives for food packaging.
Terpene resins and hydrocarbons can be used in polypropylene or polyolefin films for use in food packaging industry. Surging applications across diverse industries will continue pushing sales in the U.S.
Category-wise Insights
Which Product Type of Crude Sulfate Turpentine is in High Demand?
Alpha-pinene and beta-pinene are employed as anti-inflammatory agent and flavoring agents. They are expected to account for 52.6% and 18.8% of the overall market respectively in 2021. Use of alpha-pinene is rising in skin care products, while beta-pinene is being explored for a wide range of medical and health benefits.
Alpha-Pinene and beta-pinene also are used in the flavor industry. Their application to synthesis terpineol, linalool, and other sandalwood fragrances is rising as well. They are used for flavoring of daily chemicals as well.
Brands often use alpha-pinene and beta-pinene as a flavoring agent commercially and in oil diffusers. Not only the flavor profile of alpha-pinene is sharp with hints of cedarwood and pine, but it displays unique therapeutic effects also which contributes entourage effects of cannabis-based medicinal extracts.
Manufacturers are not limited to only natural medicines when it comes to crude sulfate turpentine application. Being flexible in synthesis of polymers; they are often used for producing better quality polymers. Pinenes safety profile is also considered outstanding, thus allowing their usage in several chemicals, considered as Generally Recognized As Safe (GRAS).
Competitive Landscape
Ongoing trend of using ingredients derived from renewable sources in various applications and rising cognizance among consumers about the use of crude sulfate turpentine in pharmaceuticals are pushing the demand in global market. Consumers are becoming more aware about the product, which is encouraging the manufacturers to focus more on the market.
For instance-
- Kraton Corporation has gained momentum in the market despite of COVID-19 induced challenges and has became one of the prominent manufacturers and suppliers of crude Sulfate turpentine with a significant share. They now serve more than 800 customers in over 70 countries worldwide across a diverse range of end markets.
- In 2017, Ingevity Corporation announced it for an agreement with Georgia-Pacific worth US$ 315 Mn while acquiring Georgia-Pacific’s pine chemicals business. The acquisition is subject to certain regulatory approvals and other customary closing conditions.
By Product Type:
- Beta-Pinene
- Camphene
- Limonene
- 3-Carene
- Terpinolene
By Source:
- Powder
- Oil
By Processing Method:
- Steam-Distilled
- Destructively-Distilled
- Sulfate-Distilled
- Sulphite-Distilled
By Application:
- Printing Industry
- Paints
- Printer’s Ink
- Veterinary Medicine
- Stimulant Diuretic
- Anthelmintic
- Carminative
- Expectorant
- Cosmetics and Personal Care
- Fragrances
- Cosmetics Products
- Massage oils and Aromatherapy
- Tires Industry
- Plastic industry
- Rubber Industry
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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