The India retail mineral turpentine oil (MTO) market is projected to reach a valuation of US$ 45.8 Million by the end of 2022. Sales of retail mineral turpentine oil in the country are expected to witness a steady growth rate at a CAGR of 9.5% during the evaluation period from 2022 to 2032. It is expected to top a valuation of US$ 113.2 Million by 2032.
Future Market Insights in its latest market study reveals that the India mineral turpentine oil market is highly consolidated where the majority of shares are held by few domestic leading players. Key players operating in the market majorly deal in bulk quantities of MTO. Retail packaging sizes of MTO are generally repacked by distributors or retailers. Hence, the India retail mineral turpentine oil market is fragmented and is expected to hold immense potential for key players operating in the market.
The retail packaging of MTO has witnessed high growth rates over the past few years. Key players can gain substantial momentum and capture the majority of market shares by launching MTO in retail sizes. They are striving to introduce their in-house products with innovative brand names and high quality in the market to expand their client base.
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Mineral turpentine oil is expected to find its majority of applications in paints and coatings for the manufacturing of products such as thinners and wood primers. Paint manufacturers are primarily active in retail sales of MTO through their authorized outlets. Paint manufacturers are also focusing on creating robust sales networks with the presence of various authorized dealers and customer loyalty programs.
Key Takeaways: India Mineral Turpentine Oil Market
- From 2017 to 2021, the market for retail mineral turpentine oil in India expanded at a compound annual growth rate (CAGR) of 1%.
- North India is expected to account for 7% of the overall India retail mineral turpentine oil market share in the evaluation period.
- The West India retail mineral turpentine oil market currently holds around 8% of the value share in the India market.
- Based on application, the wood primers segment is estimated to account for around 7% of the retail mineral turpentine oil produced in India.
- The 10.1 L – 20 L packaging size segment is expected to account for the majority of share in the India retail mineral turpentine oil market in the next ten years.
Competitive Landscape: India Retail Mineral Turpentine Oil Market
According to FMI analysis, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, Nayara Energy Ltd., Mehta Petro-refineries Ltd., Jay Chemicals, Shambhoo Petrochem (p) Ltd., Paragon Chemicals, TotalEnergies S.E., Idemistsu Kosan Co. Ltd., Shell Plc., Exxonmobil Corporation Ltd., Witmans Industries Pvt. Ltd., and Labdhi Petrochem among others are identified as key manufacturers in the India retail mineral turpentine oil market.
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Get More Insights into the India Retail Mineral Turpentine Oil Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the India retail mineral turpentine oil market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the Indian market potential, growth, and scope, the market is segmented based on packaging size, application, and region.
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