Gum Turpentine Oil Market Size Worth USD 1,579.83 Million by 2030, registering a CAGR of 6.52% - Report by Market Research Future (MRFR)

Gum Turpentine Oil Market Research Report Information By Type (Wood Turpentine, Sulphate Turpentine, Fat Turpentine, Carbonization Turpentine) Application (Adhesives & Sealants, Rubber, Paints & Coatings, Perfumes/ Fragrances, Pharmaceutical Products, Others) Forecast 2030

/EIN News/ -- New York, USA, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Gum Turpentine Oil Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Gum Turpentine Oil Market Information by Type, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 6.52% CAGR to reach USD 1,579.83 Million by 2030.

Market Synopsis

Pine trees are felled for their chemical components, like gum turpentine oil, employed in numerous commonplace goods. These items range widely and include paints, sealants, fragrances, aromas in household cleaners and detergents, automobile tires, and much more. Two factors that influenced the manufacturer's choice of a sustainable option as the optimal course of action were the increased strictness of environmental regulations and the rising costs associated with attempting to address the elevated levels of carbon dioxide emissions resulting from natural gas and crude oil. Due to this, it is crucial in fields as diverse as those that deal with resins, adhesives, and fragrance compounds.

It facilitates the paint's penetration, bonding, and adhesion to all wooden surfaces. Gum spirits with turpentine also make it perfect for painters' oil paintings. The chemical industry, which employs turpentine in creating a wide variety of commercially relevant chemicals, is one of the most important industries in the turpentine market. Due to a rise in the demand for various uses, including cleaning, acting as a solvent for several paint oils, and removing stains. It can also be used on newly cut, unpolished wood. It is additionally employed as a paint thinner.

Additionally, it may remove dried paint from paintbrushes as a bonus. This remedy also gets rid of the yellowing in the appliances and fixtures in the bathrooms. Another benefit of using this product as a furniture polish is its adaptability. It works well as a polish and can preserve the furniture in good condition, extending its lifespan.

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Report Scope:

Report Attribute	Details
Market Size in 2030	USD 1,579.83 Million
CAGR	6.52% (2022–2030)
Base Year	2021
Forecast Period	2022–2030
Historical Data	2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, Application, And Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers	Continued demand from The Paints & Coating Industry
	Sustainability Focus of the Pine-Chemicals Industry Is In line with the rising demand For environmental-friendly ingredients

Market Competitive Landscape:

The prominent contenders in the gum turpentine oil market are:

• HTPL
• Privi Speciality Chemicals Limited
• Ratnaka Resins Pvt. Ltd.
• Mahendra Rosin
• Turpentine Pvt. Ltd.
• Tung Viet Chemicals Corporation
• Merck KGAA
• Menthaallied
• Punjab Rosin And Chemicals Works
• PT. Naval Overseas
• Among others.
  
  

Market U.S.P. Covered:

Market Drivers:

Gum turpentine oil is a raw material used to manufacture paint, synthetic camphor, terpineol, synthetic scent, pharmaceuticals, synthetic resin, organic chemical sector, and other products. The growing manufacture of numerous chemical substances frequently utilized as solvents, flavorings, and fragrances is another factor fueling the expansion of the global gum turpentine oil market.

Presently, the chemical industry uses turpentine oil primarily as a raw material for resins, insecticides,  synthetic pine oil, oil additives, and camphor. Turpentine sales are increasing due to the increased usage of turpentine as a solvent in numerous industrial manufacturing processes. An expanding amount of studies have identified the antibacterial properties of turpentine. The increasing consumption of gum turpentine oil is another important element fueling the market's expansion.

Market Restraints:

Turpentine was traditionally a popular solvent. There seemed to be a can in the garage of every house in the neighborhood. Turpentine is made by distilling pine tree resin. Rosin is the term for the solid byproduct of distillation. Turpentine and other oil-based household products like paint are anticipated to lose popularity as water-based alternatives like paint gain popularity.

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COVID 19 Analysis

The compounds derived from pine trees are renewable resources, just like pine trees. These compounds can be made by distilling oleoresin or carbonizing wood. Logs, sulfate pulp byproducts, gum, and stumps are typically utilized in the distillation process. Pine trees must be pulped to obtain compounds like crude sulfate turpentine and tall crude oil, which are ultimately used in the production of paper. Rural areas, indigenous peoples, small-scale farmers, and other groups that depend on forests need the income and livelihoods that forests provide to survive.

It is critical to determine the extent of COVID-19's harm to forests and the individuals who rely on them. The United Nations Forum will examine the COVID-19 pandemic's global implications on the forestry sector on Forests (UNFF) Secretariat, which will also give suggestions for mitigating those consequences. As in many other industries, disruptions in supply chains related to the forestry sector have resulted in a global decline in exports and imports.

Market Segmentation

By application, the market includes adhesives & sealants, paints & coatings, perfumes/ fragrances, pharmaceutical products, and rubber. By type, the market includes sulphate turpentine, fat turpentine, wood turpentine, and carbonization turpentine.

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Regional Insights

The major contributors to the expansion of the Asia-Pacific gum turpentine oil market will be South Korea, China, and India. The turpentine oil market is expected to benefit from the use of nanotechnology in the coatings and paints industry and the increased demand for bio-based and ecologically friendly coatings. North America is anticipated to have a sizeable market share worldwide due to the region's excessive intake of personal and home care products. Widespread product uptake in several industries, including the paint, cosmetics, and personal care chemical industries, has assisted North America's industrial development.

The raw material availability and the rising demand for gum turpentine oil in the region for multiple end applications primarily drive the North American market. The market for gum turpentine oil is anticipated to grow strongly in the Asia-Pacific region over the projected period. This is mostly owing to the increasing demand for aromatic chemicals and products for personal care in this region and the rising demand from end-use sectors, including paper, paint, and medicine.

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