What is the global market size of Turpentine Oil Market?

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).

Global Turpentine Oil Market Size, Share, Growth Analysis, By Type(Turpentine, Sulphates Turpentine), By Application(Pharmaceutical Industry, Paint) - Industry Forecast 2024-2031

Report ID: SQSG15A2031 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 66 | Figures: 75

Global Turpentine Oil Market Insights

Global Turpentine Oil Market size was valued at USD 840.04 million in 2019 and is poised to grow from USD 894.81 million in 2023 to USD 1579.83 million by 2031, growing at a CAGR of 6.52% in the forecast period (2024-2031).

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 Turpentine Oil Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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. 'International Flavors & Fragrances Inc.', 'DRT (Dérivés Résiniques et Terpéniques)', 'Arakawa Chemical Industries, Ltd.', 'Mentha & Allied Products Pvt. Ltd.', 'Lawter Inc.', 'Privi Organics Limited', 'Wuzhou Sun Shine Forestry & Chemicals Co., Ltd.', 'Sociedad Española de Resinas, S.A.', 'Pine Chemical Group', 'Dujodwala Paper Chemicals Ltd.', 'Industrial Oleochemical Products (IOP)', 'Arizona Chemicals', 'Fuyang Huatong Chemical Co., Ltd.', 'Guilin Songquan Forest Chemical Co., Ltd.', 'Lascaray S.A.', 'M/S Aroma Aromatics & Flavours', 'Renessenz LLC', 'Resinas TB S.A.', 'Pujan Enterprise', 'Florida Chemical Company, Inc.'

The maintenance requirements for equipment and tools used in the production of products in the automotive ancillary sector are substantial. For these equipment and operational instruments to operate well, regular cleaning is required. Machines are cleaned of oil, grease, grime, and loose debris using mineral turpentine as a solvent. Globally, the use of high-end paints and coatings in the automotive sector has increased. The global mineral turpentine market is anticipated to grow as demand for the product increases in the automotive sector.

Turpentine market producers, end-use industries, and manufacturers profit from the compound's employment in the synthesis of a variety of crucial chemicals for commerce, such as resins and oil additives. Turpentine consumption has increased as a result of advancements achieved in the plastic manufacturing industry worldwide. Players wanting to use these compounds in animal research, such as by inducing a systemic inflammatory immunological response in animals, have recognized enormous income potential in the turpentine industry. People's interest in the turpentine market for internal home treatments in the alternative medical system has grown over time. Turpentine sales have increased as a result of developments in the pharmacology of cannabis. The turpentine market's stakeholders are recognizing new income opportunities as a result of innovative manufacturing techniques that enable suppliers to provide high-quality turpentine oils. The market is also being helped by developments in turpentine fractional distillation. Advances in endodontics connected to root canal filling are also helping the prospects of the turpentine market. The market is being helped by advances in scent production and consumption.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Global Turpentine Oil Market Size, Share, Growth Analysis, By Type(Turpentine, Sulphates Turpentine), By Application(Pharmaceutical Industry, Paint) - Industry Forecast 2024-2031

Global Turpentine Oil Market Insights

Global Turpentine Oil Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Turpentine Oil Market?

Who are the key vendors in the Global Turpentine Oil Market?

What is the key driver of Global Turpentine Oil Market?

What is the key market trend for Global Turpentine Oil Market?

Which region accounted for the largest share in Global Turpentine Oil Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300