The global turpentine market is estimated to create an incremental dollar opportunity of US$ 1.05 Billion by the end of 2022. Increasing usage of turpentine across paints & coatings and home care sectors is expected to complement the growth in the market.
The global turpentine market is poised for substantial growth, with a projected demand surpassing US$ 1.51 Billion by 2028, exhibiting a commendable compound annual growth rate (CAGR) of 6.1% throughout the forecast period. This robust expansion is attributed to various factors, including increasing industrial applications, rising demand for turpentine-based products, and advancements in extraction technologies.
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Fragrance manufacturers, followed by cosmetics companies, continue to account for maximum volume sales of turpentine. As the focus on bio-based products intensifies with rising sustainability quotient, the demand for turpentine is most likely to thrive at a robust pace over the coming years.
The report opines that consistently high demand for alpha & beta pinene, limonine, and a few other popular aromatic compounds will remain the key booster to highest turpentine consumption by fragrance manufacturing companies. Fragrance applications currently account for more than 40% of total consumption volume of turpentine. Besides cosmetics, which is the second most sought after application of turpentine, paints and coatings industry is also likely to develop a consumer market for turpentine in coming years – particularly in Asia Pacific.
Demand-supply Imbalance Restricting Developed Regional Markets
With falling production of gum turpentine in developed regional markets, manufacturers of turpentine based in North America and Europe continue to face price volatility and subsequently, the demand-supply imbalance. Developed markets majorly rely on turpentine imports and FMI envisages that pricing and supply uncertainly has been compelling manufacturers to shift to turpentine alternatives.
This scenario is further complicated by the labor intensive production process of turpentine, which will remain the key challenges limiting revenue growth of turpentine market. Production-wise, China, Brazil, and Indonesia continue to lead turpentine landscape, according to the report. Escalating number of large-scale processing facilities and increasing pine tapping activities have underpinned the development of a key production and consumer market for turpentine in East Asia.
On the other side, prominent countries such as Vietnam and Indonesia are creating a highly favorable scenario for turpentine production and export, in South Asian region. In addition to widespread availability of pine forests and relatively economic labor, China’s strong industrial base is upholding the most attractive market position for East Asia. Flourishing cosmetics and personal care industry is also accelerating consumption of turpentine in this region.
Top 10-12 players collectively account for 30-35% share in the global turpentine market. FMI’s report tracks some of the most prominent active partakers in the competition analysis, some of which include PT. Naval Overseas, Wuzhou Pine Chemicals Ltd., Punjab Rosin and Chemicals Works, Wuzhou Sun Shine Forestry & Chemicals Co., Ltd., Forestar Chemical Co., Ltd., Deqing Yinlong Industrial Co., Ltd., Deqing Jiyuan synthetic Resin Co., Ltd., Resin Chemicals Co., Ltd, CV. Indonesia Pinus, Guilin Songquan Forest Chemical Co., Ltd., EURO-YSER., and Vinhconship Group.
While a majority of companies operating in the competitive landscape of turpentine market are prioritizing gum turpentine production expansion, the report expects most of investments in developing Asian and African countries.
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Key Segmentation of the Market
Application
- Cosmetics
- Fragrance
- Food
- Paints & Coatings
- Others
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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