Allied Market Research

2024

Turpentine Market

Turpentine Market Size, Share, Competitive Landscape and Trend Analysis Report by Application (Paints and Varnishes, Personal Care and Cosmetics, Fragrances, Adhesives, Others),: Global Opportunity Analysis and Industry Forecast, 2022-2032

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Author's: | Eswara Prasad
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Turpentine is a liquid obtained from the resin of certain pine trees. It is a colorless or light-yellow liquid with a strong, pungent smell. It is composed mainly of terpenes, mainly the monoterpenes alpha-pinene and beta-pinene, with lesser amounts of carene, camphene, dipentene, and terpinolene. Turpentine is a versatile liquid that has a wide range of applications in various industries including as a solvent for paint, varnish, and other coatings. 
It is used as a fragrance ingredient in soaps, candles, and other household items, perfumes and colognes; as a solvent in various types of adhesives; in the pharmaceutical industry as a treatment for various ailments such as respiratory problems; as a feedstock in the production of biofuels; in the production of various fragrance and aromatic chemicals; as a cleaning agent and degreaser; and as a pesticide and fungicide. 
The global turpentine market is expected to grow in the forecast period, driven by the increasing demand for turpentine in various industrial applications such as paints, varnishes, and coatings. The development of new and improved production methods for turpentine is making it easier and more cost-effective to produce. Manufacturers in the fragrance and cosmetic industry, as well as other industries, are increasingly prioritizing the use of natural and organic ingredients. 
Turpentine, which is sourced from natural materials, is gaining popularity as a preferred choice to meet this demand. Price fluctuations in the raw materials used to produce turpentine can also impact the market. Weather conditions and pests can also affect the availability of raw materials and therefore prices.  With increasing environmental concerns, the demand for bio-based solvents is expected to grow, which could potentially decrease the demand for turpentine.
Several factors are expected to drive the growth of the turpentine market, such as the rising demand for natural and organic products, the increasing use of turpentine in biofuel production, advancements in production techniques, and growing applications in the pharmaceutical and cosmetics sectors.
Developments flourishing the market:
    
Several key players of turpentine market are actively working on innovations to better their goods and processes. They are adopting inorganic strategies such as merger & acquisition, expansion, collaboration, and partnerships with other companies to increase their production capacity, retain their market position and grow their market share. The SH Kelkar company planned to buy 70% of Nova Fragranze in April 2021. Nova Fragranze is a significant competitor in the turpentine fragrance market. As a result, SH Kelkar's fragrance business portfolio will gain traction in the marketplace. 
Privi Organic India Ltd., a leading manufacturer of fragrance compounds through gum turpentine oil, announced in June 2020 that it would merge with Fairchem Specialty Ltd. The customer base will increase as a result of this merger, and production capacity will rise. A contract between DRT, a major producer of turpentine derivatives, and Quimidroga was inked in May 2019 to promote expanded chemical alpha-pinene distribution and marketing in the African and European countries.
Segment Overview:
    
By Application: The turpentine market can be segmented into paints and varnishes, personal care and cosmetics, fragrances, adhesives, and others. The paints and varnishes segment is expected to be the largest application segment in the turpentine market, owing to the wide use of turpentine in the production of paints, coatings, and varnishes. 
By Region: The turpentine market can be segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region holds the largest market share in the turpentine market due to increased production of turpentine and increasing demand from several industrial sectors, including construction, pharmaceuticals, and others. 
The pharmaceutical, paint and coatings, cosmetic and personal care, and chemical industries in various regions are experiencing significant growth, which has led to high demand for turpentine in these sectors. The need for turpentine for coatings, paints, lubricants, and other uses is being driven by the expansion of construction activities in the region. In addition, the booming personal care & cosmetics industry for products including scents, soaps, liquid cleansers, and others is driving the growth of turpentine market in the region.
Competitive analysis 
Competitive analysis and profiles of the major players in the turpentine market such as Wuzhou Pine Chemicals Ltd., Punjab Rosin and Chemicals Works, CV Indonesia Pinus, Euro-Yser, Produtos QuÃmicos, SA., Forestar Chemical Co., Ltd., Vinhconship Group, Renessenz LLC, Pine Chemicals Group, Lawter Inc., International Flavors & Fragrances Inc. are provided in this report. To strengthen their position in the turpentine market, leading companies have employed various strategies such as investing in research and development, expanding their businesses, acquiring other firms, and developing bio-based turpentine products. These strategies enable them to meet evolving customer demands, stay competitive, and drive growth in the market.

Turpentine Market Report Highlights

Aspects Details
Turpentine Market By Application
By Application
  • Paints and Varnishes
  • Personal Care and Cosmetics
  • Fragrances
  • Adhesives
  • Others
Turpentine Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players
Key Market Players

Vinhconship Group, renessenz, llc, Forestar Chemical Co., Ltd., euro-yser, produtos químicos, s.a., Pine Chemicals Group, Wuzhou Pine Chemicals Ltd., Punjanb Rosin and Chemicals Works, Lawter Inc., International Flavors & Fragrances Inc., CV Indonesia Pinus

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Turpentine Market

Global Opportunity Analysis and Industry Forecast, 2022-2032