Market Introduction

Global turpentine market is majorly led by China, Indonesia, and Brazil, in terms of production. Major part of the turpentine produced in US is contributed by crude sulfated turpentine (CST). Various pine tapping techniques are used for collecting pine resin from pine trees, and then turpentine is derived by further processing. CST is the byproduct of paper industry, and lot of processing is needed for CST to get required ingredients from it.

Turpentine contains alpha pinene, beta pinene, and other useful constituents, which are favored in the fragrance and cosmetics industry. Turpentine is used as a thinner or solvent in cosmetics applications. It is also used as flavor enhancer in various food applications, and in paint & coating applications, it is used as a solvent or thinner.

The global turpentine market can be segmented on the basis of application into cosmetics, fragrances, food, paints & coatings and others including pharmaceutical and agricultural applications. The fragrance application segment accounted for a significant share of the global turpentine market in 2017. It is further projected to grow at a relatively high CAGR during the forecast period. The paints & coating segment also accounts for a significant share of the overall turpentine market.

The global turpentine market is estimated at US$ 848.1 Mn in 2018, and is projected to register a CAGR of 6.0% to reach US$ 1,513.2 Mn by 2028. The total incremental $ opportunity expected to be created during 2018 to 2028 is pegged at US$ 665.1 Mn.

Global Turpentine Market to Register Significant Growth over the Forecast Period

Turpentine is used in various applications and the growth of application industries is in turn expected to push the demand for turpentine during the forecast period. Growth of the personal care industry and increasing demand for personal grooming products are leading to an upsurge in the fragrance market, which in turn is accelerating the demand for turpentine from this application segment. Increasing importance of bio-based solvents in paint and coating applications is also bolstering the growth of the turpentine market. The large industrial base in China and the growth of end-use industries in the country are pushing the growth of the market in East Asia. Availability of pine forests, good pine tapping techniques, and cheap labor in this region are expected to boost the production and consumption of turpentine.

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East Asia Pacific to Lead the Global Turpentine Market in Terms of Production and Consumption

The global turpentine market, on the basis of region, has been segmented into East Asia, North America, Europe, South Asia, Latin America, and MEA. East Asia accounted for the lion’s share in the global market; however both East and South Asia are expected to register high growth. Favorable conditions in terms of geographical, demographical and economical perspective are accelerating the growth of the turpentine market in East and South Asia. Europe, followed East Asia, accounts for a significant share of the demand in terms value. Europe has witnessed slow growth during the historical years and is further projected to similar momentum during the forecast period.

China, Brazil, and Indonesia are the leading producers of gum turpentine, whereas the U.S. leads the market in terms of CST production. High labor wages in the European and North American countries is restraining pine tapping to a great extent in these regions, which has been leading to an upsurge in exports from Asia and Brazil to these countries. Emerging countries in South and East Asia are expected to create ample opportunities for turpentine production as well as consumption during the forecast period.

Turpentine Market Fragmented with Few Large and Many Medium and Small Manufacturers

Pine tapping is an old process for obtaining pine resins. The global turpentine market is fragmented with major market participants holding single-digit market shares in 2017. The top ten to twelve players in the global turpentine market are anticipated to collectively hold between a 30% and 35% market share.

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Some of the leading manufacturers considered under this study on the global turpentine market are Wuzhou Pine Chemicals Ltd., PT. Naval Overseas, Wuzhou Sun Shine Forestry & Chemicals CO., ltd., Punjab Rosin and Chemicals Works, Forestar Chemical Co., Ltd., Deqing Jiyuan synthetic Resin Co., Ltd., Deqing Yinlong Industrial Co., Ltd., Resin Chemicals Co., Ltd, Guilin Songquan Forest Chemical Co., Ltd., CV. Indonesia Pinus, Vinhconship Group, and EURO-YSER.