Turpentine Market

Turpentine Market: Increasing Trade in Developed Countries to Drive Growth: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028

  • 2019-02-18
  • REP-GB-8968
  • 14 Tables
  • 78 Figures
  • 169 pages
  • Format: PDF/PPT/Excel

An Incisive, In-depth Analysis on the Turpentine Market

This study offers a comprehensive, 360 degree analysis on the Turpentine market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Turpentine market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

Market Introduction

Global turpentine market is majorly led by China, Indonesia, and Brazil, in terms of production. Major part of the turpentine produced in US is contributed by crude sulfate turpentine (CST). Various pine tapping techniques are used for collecting pine resin from pine trees, and then turpentine is derived by further processing. CST is the byproduct of paper industry, and lot of processing is needed for CST to get required ingredients from it.

Turpentine contains alpha pinene, beta pinene, and other useful constituents, which are favored in the fragrance and cosmetics industry. Turpentine is used as a thinner or solvent in cosmetics applications. It is also used as flavor enhancer in various food applications, and in paint & coating applications, it is used as a industrial solvent or thinner.

The global turpentine market can be segmented on the basis of application into cosmetics, fragrances, food, paints & coatings and others including pharmaceutical and agricultural applications. The fragrance application segment accounted for a significant share of the global turpentine market in 2017. It is further projected to grow at a relatively high CAGR during the forecast period. The paints & coating segment also accounts for a significant share of the overall turpentine market.

The global turpentine market is estimated at US$ 848.1 Mn in 2018, and is projected to register a CAGR of 6.0% to reach US$ 1,513.2 Mn by 2028. The total incremental $ opportunity expected to be created during 2018 to 2028 is pegged at US$ 665.1 Mn.

Global Turpentine Market to Register Significant Growth over the Forecast Period

Turpentine is used in various applications and the growth of application industries is in turn expected to push the demand for turpentine during the forecast period. Growth of the personal care industry and increasing demand for personal grooming products are leading to an upsurge in the fragrance products market, which in turn is accelerating the demand for turpentine from this application segment. Increasing importance of bio-based solvents in paint and coating applications is also bolstering the growth of the turpentine market. The large industrial base in China and the growth of end-use industries in the country are pushing the growth of the market in East Asia. Availability of pine forests, good pine tapping techniques, and availability of skilled labor in this region are expected to boost the production and consumption of turpentine.

East Asia Pacific to Lead the Global Turpentine Market in Terms of Production and Consumption

The global turpentine market, on the basis of region, has been segmented into East Asia, North America, Europe, South Asia, Latin America, and MEA. East Asia accounted for the lion’s share in the global market; however both East and South Asia are expected to register high growth. Favorable conditions in terms of geographical, demographical and economical perspective are accelerating the growth of the turpentine market in East and South Asia. Europe, followed East Asia, accounts for a significant share of the demand in terms value. Europe has witnessed slow growth during the historical years and is further projected to similar momentum during the forecast period.

China, Brazil, and Indonesia are the leading producers of gum turpentine, whereas the U.S. leads the market in terms of CST production. High labor wages in the European and North American countries is restraining pine tapping to a great extent in these regions, which has been leading to an upsurge in exports from Asia and Brazil to these countries. Emerging countries in South and East Asia are expected to create ample opportunities for turpentine production as well as consumption during the forecast period.

Turpentine Market Fragmented with Few Large and Many Medium and Small Manufacturers

Pine tapping is an old process for obtaining pine resins. The global turpentine market is fragmented with major market participants holding single-digit market shares in 2017. The top ten to twelve players in the global turpentine market are anticipated to collectively hold between a 30% and 35% market share.

Some of the leading manufacturers considered under this study on the global turpentine market are Wuzhou Pine Chemicals Ltd., PT. Naval Overseas, Wuzhou Sun Shine Forestry & Chemicals CO., ltd., Punjab Rosin and Chemicals Works, Forestar Chemical Co., Ltd., Deqing Jiyuan synthetic Resin Co., Ltd., Deqing Yinlong Industrial Co., Ltd., Resin Chemicals Co., Ltd, Guilin Songquan Forest Chemical Co., Ltd., CV. Indonesia Pinus, Vinhconship Group, and EURO-YSER. 

Key Questions Answered in the Global Turpentine Report

  • How has the turpentine market evolved over the past four years?

  • What are some of the prevailing market dynamics in the turpentine market?

  • What shape is the turpentine market expected to take in terms of volume and value during the study period?

  • What are the competition developments and trends in the turpentine market?

  • What are the important key challenges, opportunities and improvement factors for turpentine market players?

  • What are some of the underlying macro-economic and industry factors impacting the growth of the turpentine market?

  • What are the important market positioning and key strategies of key turpentine manufacturers as per the market taxonomy?

  • How is the competition structured at present and how has it evolved in the turpentine market over the past few years?

Report Description

This FMI study on the turpentine market offers a ten-year forecast for the global turpentine market from 2018 to 2028. The study considers 2017 as the base year with market values estimated for 2018 and a forecast developed for the duration of 2018 to 2028. The Compound Average Growth Rate (CAGR) in the turpentine market study has been represented from 2018 to 2028.

The turpentine market study covers various perspectives of the market, including market dynamics, competition analysis, value chain and pricing chain analysis, regional and segmental growth comparison and macro-economic and industry growth analysis, along with segment-level projections in a comprehensive manner. As per the findings of the study and perspectives of industry participants, the global turpentine market is projected to grow at a CAGR of 6.0% between 2018 and 2028, in terms of value. Increasing demand for turpentine from fragrance and cosmetics applications is expected to drive the global market, in terms of both value and volume, during the forecast period.

Turpentine is a type of bio- based oil derived from pine tree. CST and gum turpentine are the two types of turpentine. Gum turpentine is obtained from the pine tapping and distillation of pine tree resin, whereas CST is obtained as a by-product of the paper making process. The major products derived from pine trees include gum rosin, gum turpentine and tall oil. Various techniques of pine tapping are employed across different regions. Turpentine can be used in various applications including fragrances, cosmetics, foods, paints and coatings, and others.

The FMI report on the turpentine market carefully analyses the market at a regional and global level through market segmentation on the basis of key parameters such as application and region. This turpentine market report is structured to facilitate the reader to develop a detailed understanding of the market. The turpentine market report begins with a definition of the market, followed by the market background, market dynamics and analysis of the market by key segments, regional analysis of the market and competition landscape. Each section of the turpentine market report includes a quantitative and qualitative assessment of the market on the basis of historical developments, facts and key opinions collected from various industry participants through dedicated interviews and trends in the market.

Turpentine Market: Segmentation



  • Cosmetics

  • Fragrance

  • Food

  • Paints & Coatings

  • Others

  • North America

  • Latin America

  • Europe

  • South Asia

  • East Asia

  • Middle East & Africa

The market report begins with an introduction of the turpentine market, which includes a market taxonomy and product definitions with respect to the global turpentine market assessment. In the following section, the report describes the market development background, covering industry factors and macro-economic factors affecting the turpentine market for the base year considered for the study.

The next section of the turpentine market report discusses the dynamics of the market such as drivers (demand and supply side), restraints, opportunities and trends impacting the market growth at a global level. Market potential for manufacturers has been presented in the following section of the same chapter. This section also includes an assessment of the impact of market dynamics on the global turpentine market.

Subsequent sections of the report provide value (US$ Mn) and volume (Consumption in KT) projections for the turpentine market on the basis of the above-mentioned segments at a global level. The values for the global market represented in these sections have been agglomerated by collecting data and information at the regional level.

All the above sections evaluate the present turpentine market scenario and growth prospects in the global turpentine market while the forecast presented in the sections assesses the market size in terms of volume and value.

Additionally, it is imperative to note that, in an inconsistent global economy, we not only conduct forecasts in terms of CAGR, but analyse the market on the basis of crucial parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the turpentine market and identify the accurate opportunities available.

In order to understand the key market segments in terms of growth of turpentine market across concerned regions, FMI has developed an attractiveness index, which will help providers identify real market opportunities.

Another significant feature of the turpentine market report is the analysis of all the key segments in the turpentine market, sub-segments and the regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales and delivery perspective in the turpentine market.

In the concluding section of the turpentine market report, a competitive landscape of the turpentine market has been included to provide report audiences with a dashboard view, categorised on the basis of providers present in the value chain, their presence in the turpentine market and key differentiating factors and strategies. The primary category of providers covered in the report includes turpentine manufacturers. This section in the turpentine market report is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the turpentine market. Examples of some of the key competitors covered in this report include PT. Naval Overseas, Wuzhou Pine Chemicals Ltd., Wuzhou Sun Shine Forestry & Chemicals CO., ltd., Punjab Rosin and Chemicals Works, Forestar Chemical Co., Ltd., Deqing Yinlong Industrial Co., Ltd., Deqing Jiyuan synthetic Resin Co., Ltd., Resin Chemicals Co., Ltd, Guilin Songquan Forest Chemical Co., Ltd., CV. Indonesia Pinus, Vinhconship Group, and EURO-YSER.

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