The crude sulfate turpentine market is expected to value at US$ 563 million by 2023. The whole market value is estimated to reach US$ 947.8 million by 2033, expanding at a CAGR of 5.0% between 2023 and 2033.
The crude sulfate turpentine market is predicted to expand significantly due to rising demand for bio-friendly goods. Crude sulfate turpentine is in high order due to its numerous applications, particularly in solvents, adhesives, and thinners in the chemical sector.
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Increasing Need for Crude Sulfate Turpentine in the Automotive Industry:
Due to its many beneficial qualities, including its outstanding chemical, solvent, abrasion, and adhesive properties, crude sulfate turpentine is widely utilized in the automobile industry for car refinishing paints. Consequently, the expanding automotive sector is anticipated to increase demand for crude sulfate turpentine and propel market expansion.
Crude Sulfate Turpentine is Used a Lot in Thinner:
The most common usage of crude sulfate turpentine is as paint thinner in decorative and domestic coatings. Turpentine was once used to light printer ink. Still, as industry demand has grown, it has started to be utilized as a diluent or solvent for various goods, including modified or natural binders, paints, resins, oils, and polishes.
Increasing Need for Crude Sulfate Turpentine in the Paint & Coatings Sector:
Various end-user applications for crude sulfate turpentine in the paint and coating sector, such as its use as binders or film formers in paints and coatings, are expected to drive the market’s growth rate from 2023 to 2033.
During the forecast period, factors such as increasing paper production, rising demand for bio-friendly products across a variety of industries, availability of low-cost raw materials, and rising demand for fragrance ingredients, which previously primarily required crude sulfate turpentine—are anticipated to boost the market growth significantly.
Price fluctuations in raw materials:
The volatility of crude raw material prices affects the supply of raw materials to manufacturers, who are forced to boost the pricing of their crude sulfate turpentine to compensate for market losses. These key factors impede crude sulfate turpentine demand and limit market expansion.
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Regional Outlook:
Due to the existence of significant exporters, North America has become a prominent regional crude sulfate turpentine market. It continues to hold a hegemonic status.
Europe had a substantial market share and is expected to grow. The strong demand for natural ingredients in cosmetics and personal care products fuels this trend. Strong personal care manufacturing bases may be found in nations like the United Kingdom, France, and Germany, which suit the crude sulfate turpentine industry.
The rapidly expanding regional market in the Asia Pacific is driven by rising consumer demand for cosmetics and personal care products in developing nations like China and Japan. China, the world’s top turpentine producer, uses indigenous production facilities to meet a sizable amount of its domestic crude sulfate turpentine demand.
Key Takeaways:
- The United States might increase its market share by 18.7% between 2023 and 2033.
- Between 2023 and 2033, Germany may hold 3.0% of the crude sulfate turpentine industry.
- Japan’s share of the crude sulfate turpentine industry could reach 3.3% between 2023 and 2033.
- Australia to hold a 2.7% share of the crude sulfate turpentine market from 2023 to 2033.
- During the forecast period, China crude sulfate turpentine business to expand at a CAGR of 7.4%.
- From 2023 to 2033, the United Kingdom crude sulfate turpentine industry registered at a 17.7% CAGR.
- Through 2033, the Indian crude sulfate turpentine market is likely to record a CAGR of 3.6%.
- The alpha-Pinene segment of the product type category is predicted to have a market share of 52.6% by 2033.
- The oil segment is to hold a heavy market share of 89.9% in the form category between 2023 and 2033.
- The Beta-Pinene segment is to acquire a substantial market share of 18.8% in the product type category between 2023 and 2033.
- The Sulfate Distilled sector to grab a significant market share of 63% in the processing category between 2023 and 2033.
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Competitive Landscape:
The crude sulfate turpentine manufacturers are drastically lowering manufacturing costs while maintaining sustainability by using renewable feedstock and renewable leftovers from other industries as beginning raw materials. The main goal of the new competitors is to offer a successful method of rectifying crude sulfate turpentine.
In addition to applying biotechnology to create hybrid trees and improved forest management practices to generate crude sulfate turpentine, producers are concentrating on sourcing sustainable raw materials.
Novel Advancements:
1. Acquisition
In May 2022, Weyerhaeuser Company successfully acquired 80,800 acres of timberlands in North and South Carolina for US$ 265 million.
2. Partnership
In May 2022, Kraton Corporation partnered with Tree-Nation to plant pine trees, emphasizing their commitment to sustainability and offsetting CO2 emissions.
Key Segmentation:
By Product Type:
- Alpha-Pinene
- Beta-Pinene
- Camphene
- Limonene
- 3-Carene
- Terpinolene
By Source:
- Powder
- Oil
By Processing Method:
- Steam Distilled
- Destructively Distilled
- Sulfate Distilled
- Sulfite 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
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