Scienza e Tecnologia
Mineral Turpentine Market to Garner $11.5 Billion, Globally, By 2031 at 5.5% CAGR, Says Allied Market Research
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Increase in the use of mineral turpentine in the end-use sectors such as paints & coatings, adhesives, and inks & dyes drives the growth of the global mineral turpentine market. On the other hand, several health risks associated with prolonged exposure impede the growth to some extent. However, other applications of mineral turpentine including wood preservative solvents, varnishes, and lacquer solvents have created lucrative opportunities for the key players in the industry.
By application, the paint thinner segment contributed to around two-fifths of the global mineral turpentine market revenue in 2021, and is expected to retain the lion's share by 2031. The same segment would also portray the fastest CAGR of 6.1% throughout the forecast period. Mineral turpentine is produced from petroleum distillate, making it viable to be used as a solvent in paint thinner. This factor, in turn, heightens the demand for mineral turpentine in paint thinner applications.
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By type, the type 1 segment accounted for more than half of the global mineral turpentine market share in 2021, and is projected to retain its dominance by 2031, due to rise in use of type 1 mineral turpentine as an active solvent in aerosol and other wood preservative products. The type 3 segment, however, would showcase the fastest CAGR of 5.9% from 2022 to 2031.
By grade, the high flash point segment garnered the major share in 2021, generating more than two-fifths of the global mineral turpentine market revenue. The same segment would also cite the fastest CAGR of 5.7% from 2022 to 2031. This is because regular flash point grade mineral turpentine has a flash point of 31 to 54 Centigrade, making it ideal for use in paints, varnishes, and asphalt products.
By region, Europe held the major share in 2021, garnering more than two-fifths of the global mineral turpentine market revenue, and is expected to dominate throughout the forecast period. Expansion of the construction and automotive sectors in European countries such as Germany and France boost the growth of the market. Asia-Pacific , on the other hand, would portray the fastest CAGR of 5.9% during the forecast period. Rise in use of mineral turpentine in the construction and automotive end-use industries across the region drives the market growth.
The report analyzes these key players in the global mineral turpentine market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar , the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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