Turpentine market value is projected to reach USD 1.5 billion in 2024, with a compound annual growth rate (CAGR) of 5.6% anticipated throughout the forecast period. One of the main drivers of the market expansion is the growing demand for bio-based solvents. Regulations and growing environmental concerns prefer bio-based solvents over petroleum-based ones. Turpentine is a natural solvent used in paints, coatings, and cleaning solutions. Compounds derived from turpentine, such as camphor, are frequently utilized in pharmaceutical formulations.

The market is growing as a result of rising demand for natural fragrance compounds in cosmetics and fragrances. The market's demand is being driven by the expansion of the paint and coatings sector. Its application in adhesives, varnishes, and resins is greatly accelerating market expansion.

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Growth Drivers

Turpentine is an essential raw element used to make adhesives and synthetic resins, which are highly sought after in a variety of sectors. The need for paints and coatings is rising due to demand from the manufacturing and construction sectors. Another important motivator is the increasing demand for natural components in medications. The industry is expanding due to the popularity of sustainable and eco-friendly solutions.

One of the most important raw materials used to make culinary flavors and air fresheners is turmeric. The demand for luxury fragrances is fueled by rising disposable income. It is employed in the manufacturing of synthetic resin, adhesives, and rubber processing. The market's demand is greatly influenced by the expansion of chemical manufacturing. One byproduct of the pulp and paper industries is turpentine. Growth in the industry is supported by an increase in wood processing activities.

Segmentation

By Application

·         Paint Thinner

·         Extraction Solvent

·         Cleaning Solvent

·         Degreasing Solvent

·         Others

By Type

·         Type 0

·         Type 1

·         Type 2

·         Type 3

By Grade

·         Low Flash Point

·         Regular Flash Point

·         High Flash Point

By Region

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         PT. Naval Overseas

·         Wuzhou Pine Chemicals Ltd.

·         Punjab Rosin and Chemicals Works

·         Wuzhou Sun Shine Forestry & Chemicals Co.

·         Forestar Chemical Co., Ltd.

·         Deqing Yinlong Industrial Co., Ltd.

·         Deqing Jiyuan Synthetic Resin Co., Ltd.

·         Resin Chemicals Co., Ltd

·         CV. Indonesia Pinus

·         Guilin Songquan Forest Chemical Co., Ltd.

·         EURO-YSER.

·         Vinhconship Group

·         Other Players

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