Turpentine Market: Outlook
Various application areas utilize turpentine, also called spirit of turpentine or oil of turpentine, as a solvent and in organic synthesis, most notably in visual arts and industries. Among a number of element or compound that turpentine can dissolve sulfur, resins, phosphorus, waxes, natural rubber, and oils. Most prominently, turpentine is used as a solvent for paints and varnishes. Worldwide production of turpentine is estimated to surpass 250,000 tons—it exceeds that of any other essential oil by a large margin. The chemical industry is one of the major industries in the turpentine market, using turpentine as has been using it in the synthesis of spectrum of commercially useful materials. These include resins, oil additives, synthetic pine oil, camphor, and insecticides.
Key application areas comprise the pigment, industrial, and medical industries. Over the years, some niche application areas have also emerged, thereby contributing to the elements of the growth dynamics of the turpentine market. For instance, those with high α-pinene content are harnessed for niche applications in developed markets. The principal sources of turpentine are P. yunnanensis, P. latteri, P. tabulaeformis, and P. elliotti.
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Turpentine Market: Competitive Analysis and Key Developments
Over the years, the turpentine market players have benefitted from its use in making isolated chemical compounds, which could be converted into a variety of products. Rise in application of turpentine as a solvent for numerous industrial manufacturing processes is bolstering the sales in the turpentine market. A growing body of research has seen the potential of turpentine in antibacterial activity. Growing popularity of turpentine oil as medicinal elixir is a key trend bolstering the market’s growth. Moreover, a variety of formulations that are used for therapeutic applications drive the expansion of the turpentine oil. Rectified white turpentine is also used in root canal treatment for removing gutta-percha.
However, turpentine substitutes that are distilled from crude oil serve to gain preference as solvent for several of industrial processes, thereby restraining the prospects of the turpentine market.
Some of the top players exploring high shares in the turpentine market are Harima Chemicals, Recochem, E.E.Zimmerman, PT. Naval Overseas, Foreverest Resources, and Eastman Chemical Company.
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Turpentine Market: Key Trends
Producers, end-use industries, and manufacturers in the turpentine market are benefitting from the application of the compound in the synthesis of a wide range of commercially important chemicals such as resins and oil additives. Strides made in plastic manufacturing in various parts of the world have spurred the demand for turpentine. The turpentine market has also seen significant revenue potential in players looking to leverage these chemicals in animal studies, such as triggering a systemic inflammatory immune response in them.
Over the years, turpentine market has gained attention of people for internal home remedies in alternative medicine system. Sales of turpentine have also gathered strength due to advances in cannabis pharmacology. Stakeholders in the turpentine market are seeing new revenue potential on the back of new production processes that help vendors to offer good quality turpentine oils. Further, advancements in fractional distillation of turpentine are boosting the market. The prospects of the turpentine market are also benefitting from advances made in endodontics related to root canal filling. Strides being made by fragrance production and consumption are boosting the market.
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Turpentine Market: Regional Analysis
The key regional markets for turpentine are North America, Europe, Asia Pacific, the Middle East, and Africa. Of these, North America and Asia Pacific have emerged as lucrative markets. Asian economies have offered players substantial opportunities in utilizing turpentine in synthetic fragrance chemicals. North America has seen extensive research in the modification of bioactivity of turpentine.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.