As per Future Market Insights, the Gum Turpentine Oil Market is anticipated to attain a value pool of USD 1 billion by 2023-end. Global demand for gum turpentine oil is expected to rise at a CAGR of 6% to USD 1.8 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 1 billion |
| Projected Market Value in 2033 | USD 1.8 billion |
| Growth Rate (2023 to 2033) | 6% CAGR |
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Rising Demand for Natural and Organic Products: The global trend towards natural and organic products is increasing the demand for gum turpentine oil, which is a natural product. Consumers are becoming more aware of the benefits of using natural products, which is driving the demand for gum turpentine oil.
Growing Demand for Flavors and Fragrances: Gum turpentine oil is used as a flavoring and fragrance agent in the food and beverage industry. The growing demand for natural flavors and fragrances is driving the demand for gum turpentine oil.
Increasing Demand for Bio-based Chemicals: The growing demand for bio-based chemicals presents an opportunity for gum turpentine oil to replace synthetic chemicals in various industries, such as the fragrance and flavor industry. Gum turpentine oil is a renewable and natural resource, making it an attractive option for bio-based chemicals.
Growing Popularity of Aromatherapy: The popularity of aromatherapy is increasing, which is driving the demand for essential oils, including gum turpentine oil. Gum turpentine oil has a pleasant and unique fragrance, making it a popular choice for aromatherapy products.
Rising Demand for Natural Cosmetics: The demand for natural cosmetics is increasing due to growing awareness among consumers about the harmful effects of synthetic chemicals. Gum turpentine oil is a natural ingredient that can be used in cosmetics, including skin care, hair care, and personal care products.
Increasing Use in the Food and Beverage Industry: Gum turpentine oil is used as a flavouring and fragrance agent in the food and beverage industry. As the demand for natural flavours and fragrances grows, the use of gum turpentine oil in the food and beverage industry is expected to increase. Additionally, gum turpentine oil is also used as a natural preservative in food products.
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Expanding Use in the Adhesives and Rubber Industry: Gum turpentine oil is used as a key ingredient in the production of adhesives, rubber, and other products.
Increasing Demand from the Paints and Coatings Industry: Gum turpentine oil is used as a solvent in the production of paints and coatings, particularly in the automotive and construction sectors.
The emergence of New Extraction Techniques: New extraction techniques, such as steam distillation and fractional distillation, are being developed to extract gum turpentine oil more efficiently and sustainably.
Expansion of Paper and Pulp Industry: Gum turpentine oil is used as a solvent and a chemical intermediate in the production of paper and pulp products, such as newspapers, magazines, and cardboard.
Rising Demand for Cleaning and Disinfectant Products: Gum turpentine oil is used in the production of cleaning and disinfectant products, such as soaps, detergents, and sanitizers.
Increasing Production of Pine Trees and Wood-Based Products: The increasing production of pine trees and wood-based products is driving the growth of the gum turpentine oil market, as gum turpentine is a by-product of the production of wood and paper products.
Rising Demand in Emerging Economies: The demand for gum turpentine oil is expected to increase in emerging economies such as China, India, and Brazil, where the population is growing and the economy is expanding. As these economies continue to develop, the demand for products made from natural and renewable resources such as gum turpentine oil is expected to increase.
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 to 2031.
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.
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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.
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.
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.
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.
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.
Some of the leading manufacturers and suppliers include:
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.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Type 6.2. Application 7. Global Market Analysis and Forecast, By Type 7.1. Wood Turpentine 7.2. Sulphate Turpentine 7.3. Carbonization Turpentine 7.4. Fat Turpentine 8. Global Market Analysis and Forecast, By Application 8.1. Pharmaceutical Industry 8.2. Chemical Industry 8.3. Paint Industry 8.4. Others 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia & Pacific 9.6. Middle East & Africa 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Europe Sales Analysis and Forecast, by Key Segments and Countries 13. East Asia Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 15. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 16. Sales Forecast by Type and Application for 30 Countries 17. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 18. Company Profile 18.1. Himachal Terepene Products Private Limited 18.2. Guangxi Wusong Pine Chemicals Group Corp 18.3. Guangdong Pine Forest Perfume Ltd 18.4. Harima Chemicals Group 18.5. Jiangxi Xuesong Natural Medicinal Oil Co Ltd 18.6. Privi Organics India 18.7. PT. Naval Overseas 18.8. Xiamen Doingcom Chemical Co., Ltd.
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Gum Turpentine Oil Market
