Mineral Turpentine Market Expected to Reach $11.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, 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.