Due to increasing demand for various applications like removing stains, as a cleaning agent, as a solvent for many paint oils and for many other uses.
According to the latest research, the demand for Gum Turpentine Oil is anticipated to grow with a steady CAGR of about 4% to 6% in between the coming assessment period of 2021-2031.
What is Driving Demand for Gum Turpentine Oil
The Major factors driving the market are the growing demands coming from the paint and chemical industry. It is used a s a cleaning agent to clean the paintbrushes.
Paint, synthetic camphor, terpineol, synthetic perfume, medication manufacture, synthetic resin, organic chemical industry, and other industries use gum turpentine oil as a raw material.
The growth of the worldwide gum turpentine oil market is also driven by the increased production of numerous chemical compounds that are widely used as fragrance agents, flavouring agents, and solvents.
Hence all these factors help in the growth of the market.
Turpentine oil is currently mostly used in the chemical sector as a raw ingredient for resins, pesticides, oil additives, synthetic pine oil, and camphor.
The increased use of turpentine as a solvent in a variety of industrial manufacturing processes is boosting turpentine sales. Turpentine’s antibacterial potential has been discovered by an increasing body of research.
Another key factor driving the market’s growth is the growing use of gum turpentine oil as a medical solution.
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Growth of Paint Industry and Pharmaceutical Industry boost the market and increasing demand of Gum Turpentine Oil
One of the most important segments for using the gum turpentine oil is in the paint industry. For most brush-applied alkyd and oil-based paints, varnishes, and enamels, turpentine is the conventional go-to quality paint thinner.
It helps the paint adhere to, bond to, and penetrate all types of wooden surfaces. Turpentine’s gum spirits also make it ideal for use with oil paintings by artists.
One of the most important industries in the turpentine market is the chemical industry, which uses turpentine in the synthesis of a wide range of commercially relevant compounds.
Resins, oil additives, synthetic pine oil, camphor, and pesticides are among them.
APAC Gum Turpentine Oil Market Outlook
For the growth of Asia-Pacific gum turpentine oil market countries such as India, China and South-Korea will be the main contributors.
The application of nanotechnology in the paints and coatings sector, as well as the rising demand for bio-based and environmentally friendly coatings, are projected to present opportunities for the market of turpentine oil.
Acrylic has the greatest share of the resin market, and it is expected to grow at the fastest rate throughout the projected period.
Europe and North America Demand Outlook
Because of the high consumption of home and personal care goods in the area, North America is expected to have a significant market share in the global market. North America’s industrial development has been aided by widespread product adoption in various sectors, including paints, cosmetics, and personal care, chemical industries.
In Europe the preference for ecofriendly raw materials in various products including paints and coatings, cosmetics, personal care products etc., is playing a key role boosting demand for gum turpentine oil in the region.
Who are the Key Manufacturers and Suppliers
Some of the leading manufacturers and suppliers include
- Himachal Terepene Products Private Limited
- Guangxi Wusong Pine Chemicals Group Corp
- Guangdong Pine Forest Perfume Ltd,
- Harima Chemicals Group
- Jiangxi Xuesong Natural Medicinal Oil Co Ltd
- Privi Organics India
- PT. Naval Overseas
- Xiamen Doingcom Chemical Co., Ltd.
- and many others.
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Significant growth of the paint industries, chemical industry and other sectors in countries such as China and India drive the gum turpentine oil market in the Asian-pacific region.
The Gum Turpentine Oil report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Type:
- Wood Turpentine
- Sulphate Turpentine
- Carbonization Turpentine
- Fat Turpentine
By Application:
- Pharmaceutical Industry
- Chemical Industry
- Paint Industry
- Others
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