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.
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.
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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Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Pricing Analysis
3.8. Value Chain Analysis
3.9. Key Regulation Analysis
3.10. Patent Landscape
CHAPTER 4: MINERAL TURPENTINE MARKET, BY TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Type 1
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3 Type 2
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4 Type 3
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
4.5 Type 0
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market share analysis by country
CHAPTER 5: MINERAL TURPENTINE MARKET, BY GRADE
5.1 Overview
5.1.1 Market size and forecast
5.2 Low flash point
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Regular flash point
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4 High flash point
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
CHAPTER 6: MINERAL TURPENTINE MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2 Paint Thinner
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3 Extraction Solvent
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
6.4 Cleaning Solvent
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market share analysis by country
6.5 Degreasing Solvent
6.5.1 Key market trends, growth factors and opportunities
6.5.2 Market size and forecast, by region
6.5.3 Market share analysis by country
6.6 Others
6.6.1 Key market trends, growth factors and opportunities
6.6.2 Market size and forecast, by region
6.6.3 Market share analysis by country
CHAPTER 7: MINERAL TURPENTINE MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Type
7.2.3 North America Market size and forecast, by Grade
7.2.4 North America Market size and forecast, by Application
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Type
7.2.5.1.3 Market size and forecast, by Grade
7.2.5.1.4 Market size and forecast, by Application
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Type
7.2.5.2.3 Market size and forecast, by Grade
7.2.5.2.4 Market size and forecast, by Application
7.2.5.3 Mexico
7.2.5.3.1 Key market trends, growth factors and opportunities
7.2.5.3.2 Market size and forecast, by Type
7.2.5.3.3 Market size and forecast, by Grade
7.2.5.3.4 Market size and forecast, by Application
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Type
7.3.3 Europe Market size and forecast, by Grade
7.3.4 Europe Market size and forecast, by Application
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Type
7.3.5.1.3 Market size and forecast, by Grade
7.3.5.1.4 Market size and forecast, by Application
7.3.5.2 UK
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Type
7.3.5.2.3 Market size and forecast, by Grade
7.3.5.2.4 Market size and forecast, by Application
7.3.5.3 France
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Type
7.3.5.3.3 Market size and forecast, by Grade
7.3.5.3.4 Market size and forecast, by Application
7.3.5.4 Spain
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Type
7.3.5.4.3 Market size and forecast, by Grade
7.3.5.4.4 Market size and forecast, by Application
7.3.5.5 Italy
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Type
7.3.5.5.3 Market size and forecast, by Grade
7.3.5.5.4 Market size and forecast, by Application
7.3.5.6 Rest of Europe
7.3.5.6.1 Key market trends, growth factors and opportunities
7.3.5.6.2 Market size and forecast, by Type
7.3.5.6.3 Market size and forecast, by Grade
7.3.5.6.4 Market size and forecast, by Application
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Type
7.4.3 Asia-Pacific Market size and forecast, by Grade
7.4.4 Asia-Pacific Market size and forecast, by Application
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Type
7.4.5.1.3 Market size and forecast, by Grade
7.4.5.1.4 Market size and forecast, by Application
7.4.5.2 India
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Type
7.4.5.2.3 Market size and forecast, by Grade
7.4.5.2.4 Market size and forecast, by Application
7.4.5.3 Japan
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Type
7.4.5.3.3 Market size and forecast, by Grade
7.4.5.3.4 Market size and forecast, by Application
7.4.5.4 South Korea
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Type
7.4.5.4.3 Market size and forecast, by Grade
7.4.5.4.4 Market size and forecast, by Application
7.4.5.5 Australia
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Type
7.4.5.5.3 Market size and forecast, by Grade
7.4.5.5.4 Market size and forecast, by Application
7.4.5.6 Rest of Asia-Pacific
7.4.5.6.1 Key market trends, growth factors and opportunities
7.4.5.6.2 Market size and forecast, by Type
7.4.5.6.3 Market size and forecast, by Grade
7.4.5.6.4 Market size and forecast, by Application
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Type
7.5.3 LAMEA Market size and forecast, by Grade
7.5.4 LAMEA Market size and forecast, by Application
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Brazil
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Type
7.5.5.1.3 Market size and forecast, by Grade
7.5.5.1.4 Market size and forecast, by Application
7.5.5.2 Saudi Arabia
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Type
7.5.5.2.3 Market size and forecast, by Grade
7.5.5.2.4 Market size and forecast, by Application
7.5.5.3 South Africa
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Type
7.5.5.3.3 Market size and forecast, by Grade
7.5.5.3.4 Market size and forecast, by Application
7.5.5.4 Rest of LAMEA
7.5.5.4.1 Key market trends, growth factors and opportunities
7.5.5.4.2 Market size and forecast, by Type
7.5.5.4.3 Market size and forecast, by Grade
7.5.5.4.4 Market size and forecast, by Application
CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments
CHAPTER 9: COMPANY PROFILES
9.1 Sydney Solvents
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Global Petro
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 Powerzone Oil
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 GSB Chemical Co. Pty. Ltd
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Hindustan Petroleum Corporation Limited
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 Bharat Petroleum Corporation Limited
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Al Sanea
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Indian Oil Corporation Ltd
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 ALSHALL INTERNATIONAL CO.
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 DHC Solvent Chemie GmbH
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Mineral Turpentine Market,' the mineral turpentine market was valued at $6.8 billion in 2021, and is estimated to reach $11.5 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.Mineral turpentine is also known as solvent naphtha and white spirit, is a petroleum-derived colorless and transparent liquid that is commonly used as an organic solvent. Mineral turpentine is widely used in the metal, lubricant, and paint industries.
The growth in demand for mineral turpentine from the paints and coatings sector, the relatively low cost of jet kerosene, and the need for mineral turpentine as a solvent are the main factors driving the global market for mineral turpentine. Additionally, turpentine can also be used as a 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. Mineral turpentine is widely used as a turpentine substitute owing to its non-deteriorating property while storage aids the growth in demand for global mineral turpentine market.
However, mineral turpentine is an aromatic organic solvent and high level of exposure to mineral turpentine leads to toxic effects such as chemical burns, nausea, and others. In addition, prolonged exposure can cause chronic central nervous system disorder. Surge in health issues and health awareness have shifted consumer’s preference toward non-toxic products. In addition, development in water-based paints, which do not require any organic solvents such as turpentine or mineral turpentine, has gained popularity, significantly in residential & non-residential construction sector. These water-based paints are non-toxic in nature; thus, these are actively substituting the demand for oil-based paints and organic solvents such as turpentine and mineral turpentine that are considerably anticipated to hamper the market growth during the forecast period.
High exposure of aroma associated with mineral turpentine in enclosed space may have narcotic effects such as drowsiness, dizziness, nausea, and others. This factor restrains the use of aromatic paint solvents and offers an opportunistic market for non-aromatic options such as water-based paints. However, development of low aromatic mineral turpentine (LAWS), which are less toxic in nature and do not have narcotic effects, is anticipated to offer a lucrative opportunity for the mineral turpentine market.
The mineral turpentine 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. Type 1 product type was the largest revenue generator, and is anticipated to grow at a CAGR of 5.6% during the forecast period. Type 1 mineral turpentine is subjected to hydro-desulfurization process and comprises of hydrocarbon with carbon number ranging between C7-C12. Type 1 mineral turpentine is widely used as extraction solvent and cleaning solvent owing to its high boiling point (90-230°C). In addition, use of type 1 mineral turpentine as an active solvent in aerosol and other wood preservative products drives the demand of the global market.
On the basis of grade, the global mineral turpentine market is divided into low flash point grade mineral turpentine, regular flash point grade mineral turpentine, and high flash point grade mineral turpentine. The regular flash point mineral turpentine grade was the largest revenue generator, and is anticipated to grow at a CAGR of 5.5% during the forecast period. High flash point grade mineral turpentine has 31 to 54 Centigrade of flash point making them ideal to be used in paints, varnishes, and asphalt products that drives the demand of the global market
The applications covered in the study include paint thinner, solvent extraction, cleaning solvent, degreasing solvent, and others. In 2020, the paint thinner application was the largest revenue generator, and is anticipated to grow at a CAGR of 6.1% during the forecast period. Mineral turpentine is produced from petroleum distillate making it viable to be used as a solvent in paint thinner, which drives the demand for mineral turpentine in pain thinner application.
Region-wise, the mineral turpentine market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific mineral turpentine market size is projected to grow at the highest CAGR of 5.9% during the forecast period. Eco-friendly and cost effectiveness of mineral turpentine makes it viable to be used for applications such as paint thinner as it minimizes the paint viscosity and improves paint smoothness. In addition, rise in use of mineral turpentine in construction and automotive end-use industries drive the demand of Asia-Pacific mineral turpentine market.
Key players operating in the global mineral turpentine market 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.
KEY FINDINGS OF THE STUDY
On the basis of type, the type 1 segment emerged as the global leader by acquiring more than 53.1% of the Mineral turpentine market share in 2021, and is anticipated to continue this trend during the forecast period.On the basis of grade, the high flash point segment emerged as the global leader by acquiring more than 42.9% of the Mineral turpentine market share in 2021, and is anticipated to continue this trend during the forecast period.
On the basis of application, the paint thinner segment accounted for 40.9% of the global Mineral turpentine market share in FY2021 and is anticipated to continue this trend during the forecast period.
On the basis of region, Europe is the major consumer of Mineral turpentine among other regions. It accounted for around 41.1% of the global market share in 2021 and is anticipated to continue this trend during the forecast period.
IMPACT OF COVID-19 ON THE GLOBAL MINERAL TURPENTINE MARKET
Europe is a key supplier of Mineral turpentines, thus restrictions put on European countries to contain and minimize the spread of the virus reduced demand for adhesives and sealants, lubricants and grease, hydraulic fluids, metal working fluids and other Mineral turpentine-based products during the COVID-19 pandemic. From 2021, the operations of various end-use industries have started normally which helped to increase demand for Mineral turpentine from end-use industries such as automotive, construction, and others.Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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