Gum Turpentine Oil Market Size- By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Gum Turpentine Oil Market Overview

According to SPER Market Research, the Global Gum Turpentine Oil Market is estimated to reach USD 2.06 billion by 2032 with a CAGR of 6.3%.

Pine tree is used as a raw material in turpentine. It's a volatile oil made from turpentine that pine plants in the Pinaceae family produce. It is a combination of terpene chemicals in liquid form. I2-pinene and I-pinene are the two primary ingredients. It is the first plant essential oil that is currently extracted from and used, and it exhibits active chemical reaction performance and a distinctive aromatic odour. Turpentine, a renewable resource, is utilized all over the world. Gum turpentine oil is a raw material used in the manufacture of paint, synthetic camphor, terpineol, synthetic scent, pharmaceuticals, synthetic resin, organic chemical industry, and other products. The growing production of several chemical substances that are widely used as solvents, flavouring agents, and fragrance agents is another factor fuelling the expansion of the global gum turpentine oil market. The market is primarily being driven by rising demands from the paint and chemical industries. The paintbrushes are cleaned with it as a cleaning agent. The paint industry is one of the most significant sectors for employing gum turpentine oil. Turpentine is the usual go-to high-quality paint thinner for brush-applied alkyd and oil-based paints, varnishes, and enamels. It facilitates the paint's penetration, bonding, and adhesion to all kinds of wooden surfaces. Gum spirits with turpentine also make it perfect for use with painters' oil paintings. The chemical industry, which uses turpentine in the synthesis of a wide variety of commercially relevant chemicals, is one of the most significant industries in the turpentine market. Among them are insecticides, camphor, synthetic pine oil, resins, and oil additives.

Gum Turpentine Oil Market

Impact of COVID-19 on the Global Gum Turpentine Oil Market

The compounds derived from pine trees are renewable resources just like the pine trees themselves. To obtain compounds like crude sulfate turpentine and tall crude oil, which are ultimately used in the production of paper, pine trees must be pulped. Pine-derived chemicals are utilized in a variety of products, including plasticizers, adhesives, resins, surface coatings, printing inks, soaps and detergents, and more. Plastics and sealants both utilize gum rosin, which is created from tree oleoresin. These elements will likely increase demand for pine-based compounds, advancing the industry. The uncertainty of the price of compounds made from pine, however, limits their application. This will therefore probably slow the market's expansion. Rural communities, indigenous peoples, small-scale farmers, and other groups that depend on forests need the income and livelihoods that forests provide in order to survive. It is critical to determine the extent of COVID-19's harm to forests and the people who depend on them. The COVID-19 pandemic's global implications on the forestry sector will be examined by the United Nations Forum 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. Globally, there is less demand for tropical wood, paper, and wooden furniture. Orders for raw materials and finished items have been pushed back or canceled, making it impossible for industries depending on the forest to continue operating at full capacity. The development of sectors that are inextricably linked to forests and forestry, such as transportation, forest-based recreation, and tourism, as well as industries that require wood as a raw material, like building and vehicle manufacturing, has slowed down, which has made these issues worse.

Scope of the Report

Report Metric Details:

Market size available for years: 2019-2032

Base year considered: 2021

Forecast period: 2022-2032

Segments covered: By Type, By Application

Regions covered: Asia Pacific, Europe, Middle East and Africa, North America, Latin America

Companies Covered: Arakawa Chemical Industries, Archer Daniels Midland Company, Arizona Chemical Company, Ashland, DRT, Eastman Chemical Company, EURO-YSER, G.C. RUTTEMAN and Co. B.V., Georgia-Pacific Chemicals, Grupo AlEn, Guangdong Pine Forest Perfume Ltd, Guangxi Wusong Pine Chemical Group Corp, Harima Chemicals Group, Himachal Terepene Products Private Limited, Jiangxi Xuesong Natural Medicinal Oil Co Ltd, Lawter, Meadwestvaco Corporation, Privi Organics India, PT. Naval Overseas, Renessenz LLC, Xiamen Doingcom Chemical Co., Ltd.

Global Gum Turpentine Oil Market Segmentation:

• By Type: Based on the Type, Global Gum Turpentine Oil Market is segmented as; Carbonization Turpentine, Fat Turpentine, Sulphate Turpentine, Wood Turpentine.

• By Application: Based on the Application, Global Gum Turpentine Oil Market is segmented as; Chemical Industry, Paint Industry, Pharmaceutical Industry, Others.

• By Region: The North American market is primarily driven by the availability of raw materials and the rising demand for gum turpentine oil in the region for various end-use applications. The market for gum turpentine oil is anticipated to grow strongly in the Asia-Pacific region over the course of the projected period. This is mostly owing to the rising demand for aromatic chemicals and personal care products in this region as well as the rising demand from end-use sectors including paper, paint, and medicine. Europe, which is further divided into Germany, Russia, Italy, France, Spain, the UK, and the rest of Europe, is anticipated to have profitable growth during the projected period. Brazil, Mexico, Argentina, and the rest of Latin America are further divided into separate regions.