USD 840.04 million
Report ID: SQSG15A2031 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 66 | Figures: 75
Global Turpentine Oil Market size was valued at USD 840.04 million in 2021 and is poised to grow from USD 894.81 million in 2022 to USD 1579.83 million by 2030, growing at a CAGR of 6.52% in the forecast period (2023-2030).
The paints industry uses mineral turpentine, a clear liquid made from petroleum, as a solvent. It has a distinctive smell similar to kerosene and is insoluble in water. A blend of saturated aliphatic acid and alicyclic hydrocarbons with a boiling range of 130 to 230 degrees Celsius makes up the most widely used mineral turpentine. White spirit, mineral spirit, and petroleum spirit are further names for mineral turpentine. Based on the type of crude oil utilized and the distillation method used, it is categorized. These classifications are low, medium, and high flash grades. The fraction of the initial material and the manufacturing process have an impact on the composition.
The main purpose of mineral turpentine in paint thinners is as a solvent. Solvents are necessary for changing the thickness, viscosity, and hardness of paints. Mineral turpentine, when used as a solvent, offers good control over the thickness and hardness of the paint. In the area of oil paints, mineral turpentine is employed as a solvent. Small amounts of it are also employed as a solvent in water-based paints. Additionally, mineral turpentine is used in the paint, building, chemical, and automotive industries as an extraction solvent, cleaning solvent, and degreasing solvent. The market for mineral turpentine has been severely impacted by the Covid-19 epidemic. The end-use sectors, including paints, automobiles, and construction, are wholly responsible for the mineral turpentine market's success. During the lockdown, several industries' production facilities were shut down. Due to limitations and safety measures put in place by governments, these industries are not running at full capacity even after the lockdown is eased. Though the pandemic is waning in certain areas, the need for mineral turpentine in the construction and automotive industries has been growing. The market is expected to grow as a result shortly.
US Turpentine Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 840.04 million
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The Global Turpentine Oil Market is segmented based on type, and application. Based on type, the market is segmented into fat, sulfates, and others. Based on application, the market is segmented into the pharmaceutical industry, paint and coating industry, cosmetic and personal care, and others. Based on Region the market is further sub-segmented into North America, Latin America, Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa.
Turpentine Oil Market Analysis by Equipment Type
Due to the increasing demand for cranes and other gear across many industries for handling heavy construction materials and goods, the turpentine oil market for material handling equipment is expected to grow exponentially and significantly. The standard material handling cranes used in construction and warehouse applications are AGV, forklift trucks, and telescopic handlers. Furthermore, as investments in industrial and commercial development projects are increasing in developing nations like China and India, it is expected that the need for road building and earthmoving equipment will increase over time. Since the demand for this equipment depends on the volume of active infrastructure and civil engineering projects, the civil engineering and concrete equipment segments are predicted to see stable growth. Due to the low demand for mining applications, the crushing and screening equipment industry is predicted to develop significantly. The remaining machinery is made up of tippers, trailers, and tankers, all of which are projected to have stagnating demand across the board.
Turpentine Oil Market Analysis by Application
Due to growing industrialization and foreign direct investments (FDI) for various global manufacturing facilities in developing countries, the industrial application segment is predicted to experience steady expansion shortly. Commercial infrastructure development in both developed and emerging nations is probably going to show a sizable global market. The market is expected to increase steadily for applications in the residential sector due to the rapid population growth in Asian and African nations.
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During the projected period, Asia Pacific is anticipated to dominate the global mineral turpentine market. The mineral turpentine market in the Asia Pacific is anticipated to grow as a result of expansion in the auto and manufacturing industries in developing nations. Due to strong population expansion and economic development, it is predicted that the turpentine oil market in the Middle East and Africa will rise more quickly. The region's mineral turpentine market is predicted to grow as a result of significant investment in the building sector. Due to the outsourcing of manufacturing to the Asia Pacific, slower development in the construction and automotive industries, and other factors, it is predicted that the turpentine oil market in North America, Latin America, and Europe would rise slowly.
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Turpentine Oil Market Driver
Turpentine Oil Market Restraint
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Turpentine's application in the creation of isolated chemical compounds, which could then be transformed into a range of products, has benefited the market participants over time. It is increasingly being used as a solvent in various industrial manufacturing processes, boosting market sales. Research on the potential of turpentine's antibacterial properties is accumulating. Its oil's rising use as a remedy is a significant trend supporting the market's expansion. The growth of oil is also fueled by a range of formulations that are applied therapeutically. Additionally, gutta-percha is removed during root canal therapy using rectified white turpentine.
Turpentine Oil Market Top Player’s Company Profiles
Turpentine Oil Market Recent Development
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According to our analysis, the Increasing Use of equipment and tools in automobile maintenance dominated the global Turpentine Oil Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, the Asia Pacific dominated the global Market owing to the region's increase in research and development activities and automobile maintenance.
|Market size value in 2021||USD 840.04 million|
|Market size value in 2030||USD 894.81 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Turpentine Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Turpentine Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Turpentine Oil Market:
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