Mineral Turpentine Market By Type (Hydrodesulfurized, Solvent Extracted, Hydrogenated), By Application (Paint Thinner, Extraction Solvent, Cleaning Solvent, Degreasing Solvent, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global mineral turpentine market was valued at $6.8 billion in 2021, and is projected to reach $11.5 billion by 2031, expanding at a CAGR of 5.5% from 2022 to 2031.
Mineral turpentine is a mixture of saturated aliphatic & alicyclic C7–C12 hydrocarbons that contain 15%–20% aromatic C7–C12 hydrocarbons (by weight) and exhibits a boiling range of 130°C–230°C. There are three different types and grades of mineral turpentines. The classification based on type depends on whether the solvent is subjected to only hydrodesulfurization (type 1), solvent extraction (type 2), or hydrogenation (type 3).
The growth of the global mineral turpentine market is driven by modest jet kerosene prices and rise in demand from the paints & coating end-use industry. As per United Nations, 2018, the current estimation indicates that nearly 83 million people are added to the world’s population every year. Even with the decline in fertility level, the global population is expected to reach 8.6 billion by 2030. This population growth has increased the annual demand in various industries such as construction, manufacturing, and others. Surge in number of applications of paints & coatings in industries such as construction, automobile, manufacturing, and others drive the demand for paints & coating industry. However, the paints & coating products are complimented with their solvents such as mineral turpentine. Extensive application of mineral turpentine as a cleaning & degreasing agent, paint, varnish & lacquers solvent, and others propels the market growth.
However, mineral turpentine is toxic and hazardous in nature. Exposure through inhalation of vapor, dermal, and oral routes can lead to acute poisoning, which may result into central nervous system depression. Moreover, high exposure to mineral turpentine in enclosed spaces may lead to narcotic effects such as drowsiness, dizziness, nausea, and others, and finally unconsciousness of an individual. Moreover, direct contact of skin with mineral turpentine for several hours can cause chemical burns. Thus, the toxic & hazardous property may act as a restraint to the growth of mineral turpentine market.
Turpentine can also be used as cleaning & degreasing agent, paint, varnish, and lacquers solvent. Turpentine is prepared by distillation of various pine tree saps such as long-leaf yellow pine, which is toxic in nature. In addition, turpentine oxidizes easily if exposed to daylight or air, resulting in tackiness and yellowing in the painting. Availability of less harmful products, such as mineral turpentine as a turpentine substitute, and its non-deteriorating property while storage aid the growth in demand for mineral turpentines. This factor is anticipated to offer new growth opportunities during the forecast period.
The global mineral turpentines market analysis is done on the basis of product type, grade, application, and region. Depending on type, the market is divided into type 0, type 1, type 2, and type 3. On the basis of grade, the global mineral turpentines market is divided into low flash point grade mineral turpentines, regular flash point grade mineral turpentines, and high flash point grade mineral turpentines. The applications covered in the study include paint thinner, solvent extraction, cleaning solvent, degreasing solvent, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players engaged in development and production of mineral turpentine include Al Sanea, Alshall International Co., Bharat Petroleum Corporation Limited, DHC Solvent Chemie GmbH, Global Petro, GSB Chemical Co. Pty. Ltd., Hindustan Petroleum Corporation Limited, Indian Oil Corporation Ltd., Powerzone Oil, and Sydney Solvents.
IMPACT OF COVID-19 ON THE GLOBAL MINERAL TURPENTINE MARKET
The temporary shutdown of oil refineries amid the COVID-19 period has led to demand-supply disruptions. For instance, according to a report published by the Indian Ministry of Petroleum & Natural Gas, the central public sector enterprise (CPSE) refineries have produced 7,103.7 thousand metric tons (TMT) of crude oil in April 2020 that is 28.91% lower than the target for the month and 36.93% lower than the production achieved in the corresponding month of 2019. This has severely affected the demand for mineral turpentine market during the COVID-19 situation.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mineral turpentine market analysis from 2021 to 2031 to identify the prevailing mineral turpentine market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the mineral turpentine market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global mineral turpentine market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
Paint Thinner
Extraction Solvent
Cleaning Solvent
Degreasing Solvent
Others
By Type
Type 1
Type 2
Type 3
Type 0
By Grade
Low flash point
Regular flash point
High flash point
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Global Petro
Powerzone Oil
GSB Chemical Co. Pty. Ltd
Hindustan Petroleum Corporation Limited
Bharat Petroleum Corporation Limited
Indian Oil Corporation Ltd
Al Sanea
ALSHALL INTERNATIONAL CO.
DHC Solvent Chemie GmbH
Sydney Solvents
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