Turpentine Market Is Estimated To Register A Historical 6.1% CAGR Between 2022 To 2028

The global turpentine market is estimated to create an incremental dollar opportunity of US$ 1.05 Bn 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.

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.

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How will the Toxicity of Turpentine Restrain the Growth in the Market?

Turpentine is highly toxic and regular contact with the chemical can cause severe allergies and side effects such as bleeding in the lungs, headache, vomiting, coughing, and shortness of breath.

Also, high cost and complex procedure for obtaining turpentine and the availability of low-cost substitutes such as acetone, methyl alcohol, gasoline, and lacquer for paints and coating manufacturing is further hampering the growth in the market.

However, rising usage of products made using distilled turpentine oils such as menthol and camphor across the medical sector for treatment of muscle pain, joint pain, and chest congestion is expected to boost the market. On account of this, the global turpentine market is expected to grow by 1.52x over the forecast period 2022-2028.

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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Competitive Landscape

Leading manufacturer in market are aiming at adopting inorganic strategies such as collaborations, mergers, acquisitions, and partnerships with other companies to increase their production capacity and market share. For instance:

• In June 2020, Privi Organic India Ltd, a supplier of compounds in the Aroma chemical industry announced merging with a manufacturer of aroma chemicals such as gum turpentine oil Fairchem Specility Ltd, to form Privi Specility Chemicals Ltd. This has assisted the companies to expand their customer base and production capacity.

Key Segment

Application

• Cosmetics
• Fragrance
• Food
• Paints & Coatings
• Others

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Middle East & Africa

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