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Turpentine oil is an energy recovery oil derived during the process of Kraft wood pulping. It is generally used as commodity material. The oil comprises if various aromatic organic compounds like beta-pinene, alpha-pinene and certain types of terpenes. They are generally used as precursor chemical for synthesis of flavorings, fragrances, pinenes, polymer additives and pine oils. It has comparatively lower healing constant than gasoline, propane, and butane which makes its ideal commercial fuel for industrial boilers and furnaces.
The increasing demand for chemical products with artificial flavorings, fragrance agents and solvents is boosting the demand for turpentine oil. Additionally, the increasing demand for eco-friendly household and personal care products shall foster the demand. The use of this oil as alternative fuel for wide range of industrial applications shall act as an opportunity for market growth.
However, the cost of turpentine oil is slightly higher. Availability of cheaper petroleum alternatives like petrol and diesel shall limit the market growth.
Key Market Driver -
Increasing demand for flavoring and fragrance agents.
Key Market Restraint -
Availability of cheaper alternatives.
Based on type, the market is segmented into fat turpentine, sulphate turpentine, wood turpentine, and carbonization turpentine. Based on application, the market is segmented into, paper, paint, medicines, dyes, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global turpentine oil market consists of global & regional players operating. Some of the key players in the market include Kandla Energy, Mentha & Allied Products Private Limited, Kantian Gram Udyog Samiti, WeiBoLi Yang technology, M/s Suraj Paint and Varnish Industries, Pine Chemical Group, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to hold the maximum share attributed to the large number of chemical compounds manufacturing companies in China, Japan, India and South Korea. North America is expected to show significant growth attributed to the increase in disposable income and substantial spending on hygiene and personal care products. Europe shall make considerable growth attributed to the high demand for personal care products like body lotions, essential oils and perfumes. Latin America and Middle East and Africa are expected to show sluggish growth by the end of the forecast period.
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