India’s retail mineral turpentine oil industry value is forecast to increase from USD 52.5 billion in 2024 to USD 129.2 billion by 2034. Over the assessment period, demand for retail mineral turpentine oil in India is projected to rise at a CAGR of 9.4%.
The construction industry is expected to significantly increase its consumption of mineral turpentine oil by 2034, driven by increased infrastructure investments. The retail mineral turpentine oil industry is primarily driven by the increasing demand for wooden furniture, driven by high per-capita income, and aesthetic appeal. The industry uses both local and imported wood, with India being a key importer of wood.
Traditional furniture preferences have led to a rise in wood-based furniture, fueling demand for retail mineral turpentine oil. Mineral turpentine is anticipated to be utilized as an extraction, cleaning, and degreasing solvent in various industries including paints, construction, chemicals, and automobiles. The industry is further set to be boosted by the increased use of mineral turpentine oil as a solvent in paint thinners.
Demand for wood protection products, such as primers, coatings, and paints, is also on the rise. Mineral turpentine oil, a petroleum-derived solvent, is gaining popularity due to its affordability and versatility. However, the high cost of plant-based turpentine oil, created by distilling certain plant components, raises its overall cost.
Key Takeaways from the Report
- Demand for retail mineral turpentine oil in India expanded at a CAGR of 7.1% during the historical period from 2019 to 2023.
- The 10.1 L to 20 L segment by packaging size is projected to hold for 41.4% share in 2024.
- The wood primer segment by application is expected to account for a 60.7% share in 2024.
- Total industry revenue reached USD 49.1 billion in 2023 in India.
- The industry is projected to reach a value of USD 52.5 billion in 2024.
“The retail mineral turpentine oil sector in India is highly oligopolistic, with Hindustan Petroleum Corporation Ltd. and Bharat Petroleum Corporation Ltd. holding over three-quarters of the industry. Growth of the petroleum and paint industries growth has significantly impacted sales, with MTO being utilized in various sectors for cleaning, including paints, varnish, and industrial cleaning.” –says a lead analyst at Future Market Insights (FMI).
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Competition Outlook
Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, Nayara Energy Ltd., Mehta Petro-Refineries Limited, Jay Chemical, and Shambhoo Petrochem (p) Ltd. are the leading manufacturers and suppliers of India retail mineral turpentine oil listed in the report.
Key manufacturers in India are ensuring a sufficient supply of mineral turpentine oil to meet rising demand due to the rapid expansion of the paint industry. They are also broadening production capacity or forming strategic alliances with local firms to meet the expected demand increase in the retail sector.
Leading India retail mineral turpentine oil manufacturers are focusing on technological advancements, sustainable practices, and expanding their presence. They prioritize customer satisfaction and tailor machines to meet diverse business needs.
Industry Updates-
- In October 2023, Bharat Petroleum Corporation Limited (BPCL), announced the amalgamation of its subsidiary refinery, Bharat Oman Refineries Limited (BORL), in Bina.
- In 2023, PM dedicated BPCL’s projects worth Rs 9,800 crore to the nation, marking the start of a series of transformative initiatives.
- In 2023, Indian Oil Corporation Limited plans to spend USD 15 billion by 2025 to triple its refining capacity, aiming to boost the retail mineral turpentine oil industry.
About Future Market Insights (FMI)
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