Global Mineral Turpentine Market Size study & Forecast, by Type (Hydrodesulfurized, Solvent Extracted, Hydrogenated), by Application (Paint Thinner, Extraction Solvent, Cleaning Solvent, Degreasing Solvent, Others) and Regional Analysis, 2023-2030

Global Mineral Turpentine Market Size study & Forecast, by Type (Hydrodesulfurized, Solvent Extracted, Hydrogenated), by Application (Paint Thinner, Extraction Solvent, Cleaning Solvent, Degreasing Solvent, Others) and Regional Analysis, 2023-2030

Global Mineral Turpentine Market is valued at approximately USD 7 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2023-2030. Mineral Turpentine is a type of machinery or a tool that has been used in the industry of manufacturing semiconductors to cut and process silicon wafers into single chips. The factor that drives the growth of the market is the rise in the usage of mineral turpentine in the sectors of end-use like inks & dyes, adhesives, paints & coatings. These sectors lead to an increase in demand in the market. The other factor that drives the growth of the market is the paint industry as it is the biggest consumer of the mineral turpentine market because of the high use of it as a paint thinner and it also helps in cleaning paint brushes. As per Statista, the paint and coatings industry globally are estimated around 160 billion dollars in 2021 which will increase YoY basis and it will increase the demand for the mineral turpentine market. However, the health risks that are associated with prolonged exposure hinder the growth of the market.

The opportunity factor for the market is rising government regulations as there is an increasing demand for environment-friendly solvents if the comparison of mineral turpentine is done with other solvents, then it is less toxic to the environment so the demand for mineral turpentine will increase owing to concerns related to the environment. As per Statista, the green technology and sustainability market size is expected to reach around 417.35 billion USD by 2030 which will create opportunities for the mineral turpentine market because it is less toxic for the environment. The other factor for the opportunity of the market is the rising demand for degreasing and cleaning as mineral turpentine is commonly used for degreasing and cleaning in several industries and these industries are growing at a faster pace and will continue to grow in future which will create opportunities for mineral turpentine market.

The key regions considered for the Global Mineral Turpentine Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the reasons such as well-established petrochemical industry in the region and the dominance of the market due to the export-oriented production of mineral turpentine. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as there is rapid industrialization in the region which increases the demand for the paint industry and petrochemical industry and thus the mineral turpentine market.

Major market player included in this report are:
GSB Chemical Co. Pty. Ltd
Neste Oyj
Royal Dutch Shell Group
Total Energies Se
Idemitsu Kosan Co. Ltd.
Exxon Mobil Corporation
DHC Solvent Chemie GmbH
Al Sanea Chemical Products
Merck KGaA
Recochem Inc.

Recent Developments in the Market:
 In December 2021, a subsidiary of Royal Dutch Shell which is Shell New Energies US LLC has done an acquisition of a large-scale energy and solar storage developer in the US, Savion LLC. Savion is involved in developing of energy storage and solar power projects for several customers.
 In Feb 2021, Royal Dutch Shell plc agreed to sell its Duvernay shale light oil position in Alberta, Canada, to a publicly traded Canadian energy business Crescent Point Energy Corp for an overall price of USD 707 million via its affiliate Shell Canada Energy.

Global Mineral Turpentine Battery Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Type, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Hydrodesulfurized
Solvent Extracted
Hydrogenated

By Application:
Paint Thinner
Extraction Solvent
Cleaning Solvent
Degreasing Solvent
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
GSB Chemical Co. Pty. Ltd
Neste Oyj
Royal Dutch Shell Group
Total Energies Se
Idemitsu Kosan Co. Ltd.
Exxon Mobil Corporation
DHC Solvent Chemie GmbH
Al Sanea Chemical Products
Merck KGaA
Recochem Inc.

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