The turpentine market, a significant segment of the global chemicals industry, plays a vital role in various sectors such as paints and coatings, pharmaceuticals, fragrance, and personal care. Derived from pine tree resin, turpentine has been used for centuries due to its versatile properties. The market’s dynamics are influenced by factors such as technological advancements, sustainability concerns, and shifts in consumer preferences.
By the end of 2022, it is predicted that the global Turpentine Market will generate an additional US$ 1.05 billion in revenue. Turpentine’s expanding use in the paints & coatings and home care industries is anticipated to support market expansion.
The majority of turpentine sales are still made by cosmetics and fragrance makers, respectively. The market for turpentine is projected to grow rapidly over the next few years as attention is drawn to bio-based products and the sustainability quotient rises.
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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.
Key Companies Profiled
- PT. Naval Overseas
- Wuzhou Pine Chemicals Ltd.
- Punjab Rosin and Chemicals Works
- Wuzhou Sun Shine Forestry & Chemicals Co.,
- 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.
- Vinhconship Group
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Key Segment
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, 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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