Gum Turpentine Oil Market Analysis

Gum Turpentine Oil Market

The gum turpentine oil market size is projected to be worth USD 1,579.83 million by 2030, registering a CAGR of 6.52% during the forecast period (2022–2030). The market was valued at USD 952.85 million in 2021.

Pine trees are cut down for their chemical components, such as gum turpentine oil, which are subsequently used in a wide variety of everyday products. These products include paints, adhesives, fragrances, scents in soaps and household cleansers, vehicle tires, and a great deal more. The increased stringency of environmental regulation and the rising costs associated with addressing the rising levels of carbon dioxide emissions caused by natural gas and crude oil are two of the factors that contributed to the decision of the manufacturer to settle on a sustainable option as the best course of action to take. For this reason, it is of utmost significance in industries as disparate as those dealing with scent compounds, adhesives, and resins.

The continued demand from the industries of perfumery and cosmetics, as well as the continued demand from the industries of paints and coatings, are some of the drivers that are pushing the gum-turpentine oil market forward. In addition, the sustainability focus of the pine-chemicals industry is aligned with the rising demand for ingredients that are friendly to the environment. Some opportunities that lie in wait for gum turpentine oil manufacturers include an increase in the number of tappers working in developing nations to bring in more money during the forecast period that falls in the middle of the term. However, the overall demand is impacted by a number of factors, including the availability of substitutes and pine and tapper, as well as the ever-changing regulations imposed by the government on the pine-chemicals market.

Since pine trees are a renewable resource, so are the chemicals extracted from them. These chemicals can be produced by carbonizing wood or distilling oleoresin. Logs, sulfate pulp leftovers, gum, and stumps are frequently used in the distillation process. Pine trees must be pulped to obtain chemicals like crude sulfate turpentine and tall crude oil, which are then included in the papermaking process. Some goods made from carbonizing wood include creosote, charcoal, methanol, essential oils, tannin, phenol, and pharmaceuticals. Chemicals extracted from pine are used in various applications, including adhesives, resins, surface coatings, printing inks, soaps and detergents, plasticizers, fragrance compounds, and more.

Gum rosin, made from tree oleoresin, is also used in plastics and sealants. Thanks to these factors, the demand for pine-based chemicals is expected to rise, propelling the sector forward. However, the unpredictability of the cost of chemicals derived from pine reduces their widespread use. Therefore, this is likely to dampen the market's growth. The revenue and livelihoods that forests provide are crucial for the survival of rural communities, indigenous peoples, small farm holders, and other groups that rely on forests. For this reason, it is crucial to calculate how much damage COVID-19 has done to forests and the people who rely on them. The United Nations Forum on Forests (UNFF) Secretariat has resolved to study the worldwide effects of the COVID-19 pandemic on the forestry industry and to make recommendations for counteracting those effects. Disruptions in forest-related supply chains have led to a global decrease in exports and imports, as in many other industries.

The demand for tropical timber, graphic paper, and wooden furniture has decreased worldwide. Industries dependent on the forest have been unable to keep running at full capacity since orders for raw materials and finished goods have been delayed or cancelled. These problems have been compounded by the slowed progress of industries intrinsically tied to forests and forestry, such as transportation, forest-based recreation, and tourism, and industries that require wood as a raw material, like building and automobile production.

Market Dynamics

• Continued Demand From The Paints & Coating Industry

Extraction of virgin pine stumps from which the sapwood has rotted away is followed by processing (steam distillation), yielding wood turpentine. Additionally, 100% pure gum oil turpentine is distilled from pine tree resins to make an excellent, natural thinner that has become the artist's choice for thinning oils and art-grade paints. Most brush-applied alkyd and oil-type paints, varnishes, and enamels benefit from turpentine's ability to promote adhesion and penetration. It is also used to clean rollers, brushes, spray equipment, and roller trays. Moreover, cleaning instruments for applying oil-based paint, varnish, or polyurethane with turpentine are common. It can be used on unfinished fresh wood as well. Additionally, it is also used as a paint thinner. As a bonus, it can also clean dried paint from paintbrushes. Additionally, this solution eliminates the yellowing in the bathroom fixtures and appliances. This product's versatility as a furniture polish is another reason to love it. It's a good polish and can help keep the furniture in good shape, so it lasts longer. In addition to adding brilliance, it enhances the item's overall appeal. Moreover, it extends the piece's life and leaves a flawless gloss. As demand for turpentine oil keeps growing in the paints & coating industry, demand for gum turpentine oil continues to escalate further.

Restraints

• Presence Of Alternatives To Turpentine Oil

As a solvent, turpentine was historically widely used. Every home in the area appeared to have a can in its carport. Pine tree resin is distilled into turpentine. Once distillation is complete, the solid residue is known as rosin. As water-based items, like paints, become more popular, it's likely that oil-based products, like turpentine, will become less in demand in homes. The drop is partly due to the use of petroleum-based solvents. For instance, white spirit is created from petroleum, while turpentine is made from natural tree resin. White Spirit is often safer and less poisonous than turpentine. There are many different names for White Spirit. Mineral Spirits are the more popular name in the US and Canada. White Spirit is also known as Turpentine Alternative, Petroleum Spirits, and Paint Thinner. Solvents with the term "mineral" in their name are typically variations of "white spirit." However, the white spirit should never be used without adequate ventilation. Constant or prolonged exposure can result in contact dermatitis. The volatile compounds released by turpentine upon combustion irritate the respiratory system, skin, and eyes. Household turpentine should, therefore, not be used on artwork because it can leave a gum residue that slows drying time and even causes discoloration over time. Thereby, it should be replaced with the artist's Turpentine.

Opportunity

• Sustainability Focus Of The Pine-Chemicals Industry Is In Line With The Rising Demand For Environmental-Friendly Ingredients

The longevity of the pine chemical industry can be traced back to the industry's foundation on sustainable practices that have served it well over the centuries. Long before "sustainable development" became a catchphrase for the world, the sector was already at the forefront of the movement. The practice of harvesting pine compounds dates back to the Bible. However, to optimize the resource's long-term value, the contemporary industry places a premium on forest management, raw material extraction efficiencies, and sustainable operations. There are three techniques used to extract compounds from pine. Crude Tall Oil (CTO) and Crude Sulphate Turpentine (CST) are recovered as coproducts during the pulping process, both of which are derived from chemicals found naturally in pine trees and are used in the papermaking process. Additionally, "oleoresin," extracted by tapping pine trees, can be sorted into Gum Rosin (GR) and Gum Turpentine in the wild. Old pine tree stumps are ground up and solvent extracted to make wood rosin and certain terpenes, but this is a niche industry. As more people gravitate toward eco-friendly goods, there has been a corresponding increase in demand for them. These chemicals reduce carbon footprint using renewable and naturally occurring resources to produce essential and fundamental products.

Challenges

• Pine & Tapper Availability And Government Regulations Around It

Scots Pine, the pine species used to produce turpentine oil, is the most well-known. The widespread distribution of Scots Pine throughout Europe suggests that this is where the term originated. There is no way for this kind of pine to survive below an altitude of about 1200 meters. Turpentine is a resin extracted from many conifer trees, most notably Pinus species. Pine tree tapping has traditionally been a labour-intensive process. Thus the industry has shifted to regions with cheap, abundant labour. Pine tree tapping has traditionally been practised as a sort of subsistence agriculture, but the advent of PCI has given rise to a more commercialized "agribusiness" approach. Current research focuses on sustainable forestry practices and innovative tapping techniques to help forest workers be more productive. Besides, major government agencies such as the Environment Protection Agency (EPA), Food and Drugs Association (FDA): The American Chemistry Council, and the Pine Chemicals Association regulate pine-derived chemicals. Deterioration of the natural environment is a major factor in tightening restrictions concerning pine-derived compounds. Existing chemical goods made from pine are mainly affected by these rules, and the launch of new products is slowed.

Segmentation

By Type

• Wood Turpentine


• Sulphate Turpentine


• Fat Turpentine


• Carbonization Turpentine

By Application

• Adhesives & Sealants


• Rubber


• Paints & Coatings


• Perfumes/ Fragrances


• Pharmaceutical Products


• Others

Regional Analysis

The global gum turpentine oil market has been studied for the following regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these, North America dominated the market with a share of 35.96%, accounting for USD 332.17 million in 2021; it is expected to register the highest CAGR of 6.67% from 2022 to 2030.

The availability of raw materials and increasing demand for gum turpentine oil across the region for various end-use applications mainly drive the North American market. The Asia-Pacific region is expected to show healthy growth in the market for gum turpentine oil during the forecast period. This is mainly due to the increasing demand from end-use industries such as paper, paint, and medicine and this region's increasing demand for aromatic chemicals and personal care products. Europe is also expected to show lucrative growth in the forecast period, the region is further segmented into Germany, Russia, Italy, France, Spain, the UK, and the rest of Europe. The Latin America region is further segmented into Brazil, Mexico, Argentina, and the rest of Latin America. The MEA region is further divided into GCC countries, Turkey, South Africa, Israel, and the rest of the MEA.

Competitive Landscape

The competitive landscape offers an analysis of the key developments by the companies operating in the global market in the last 3 years. The global gum turpentine oil market is projected to witness healthy growth during the forecast period, owing to the high demand from the paint & coatings sector.

HTPL, Privi Speciality Chemicals Limited, Merck KGAA, Menthaallied, Punjab Rosin And Chemicals Works, PT. Naval Overseas, Ratnaka Resins Pvt. Ltd., Mahendra Rosin And Turpentine Pvt. Ltd., and Tung Viet Chemicals Corporation are the major companies in the market at present that are competing in terms of quality, price, and availability. These players are primarily focusing on the development of gum turpentine oil.

Report Overview

The gum turpentine oil market is segmented by type, application, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global gum turpentine oil emerging and fast-growing segments, regions, and countries.

Objectives of the Study

• To get a comprehensive overview of the global gum turpentine oil market


• To get wide-ranging information about the key factors driving the market and market opportunities


• To gain information regarding the key players in the industry, their product portfolio, strategies, and key developments


• To gain insights into the key country/region in which the market is growing

Intended Audience

• Perfumery & Fragrance Manufacturers


• Paints & Coating Manufacturers


• Adhesive & Sealants Manufacturers


• Agricultural Companies


• Research Institutes


• Academic Institutes


• Government Organizations