Global Mineral Turpentine Market is valued at approximately USD 7 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2023-2030. Mineral Turpentine is a type of machinery or a tool that has been used in the industry of manufacturing semiconductors to cut and process silicon wafers into single chips. The factor that drives the growth of the market is the rise in the usage of mineral turpentine in the sectors of end-use like inks & dyes, adhesives, paints & coatings. These sectors lead to an increase in demand in the market. The other factor that drives the growth of the market is the paint industry as it is the biggest consumer of the mineral turpentine market because of the high use of it as a paint thinner and it also helps in cleaning paint brushes. As per Statista, the paint and coatings industry globally are estimated around 160 billion dollars in 2021 which will increase YoY basis and it will increase the demand for the mineral turpentine market. However, the health risks that are associated with prolonged exposure hinder the growth of the market.
The opportunity factor for the market is rising government regulations as there is an increasing demand for environment-friendly solvents if the comparison of mineral turpentine is done with other solvents, then it is less toxic to the environment so the demand for mineral turpentine will increase owing to concerns related to the environment. As per Statista, the green technology and sustainability market size is expected to reach around 417.35 billion USD by 2030 which will create opportunities for the mineral turpentine market because it is less toxic for the environment. The other factor for the opportunity of the market is the rising demand for degreasing and cleaning as mineral turpentine is commonly used for degreasing and cleaning in several industries and these industries are growing at a faster pace and will continue to grow in future which will create opportunities for mineral turpentine market.
The key regions considered for the Global Mineral Turpentine Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the reasons such as well-established petrochemical industry in the region and the dominance of the market due to the export-oriented production of mineral turpentine. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as there is rapid industrialization in the region which increases the demand for the paint industry and petrochemical industry and thus the mineral turpentine market.
Major market player included in this report are:
- GSB Chemical Co. Pty. Ltd
- Neste Oyj
- Royal Dutch Shell Group
- Total Energies Se
- Idemitsu Kosan Co. Ltd.
- Exxon Mobil Corporation
- DHC Solvent Chemie GmbH
- Al Sanea Chemical Products
- Merck KGaA
- Recochem Inc.
Recent Developments in the Market:
- In December 2021, a subsidiary of Royal Dutch Shell which is Shell New Energies US LLC has done an acquisition of a large-scale energy and solar storage developer in the US, Savion LLC. Savion is involved in developing of energy storage and solar power projects for several customers.
- In Feb 2021, Royal Dutch Shell plc agreed to sell its Duvernay shale light oil position in Alberta, Canada, to a publicly traded Canadian energy business Crescent Point Energy Corp for an overall price of USD 707 million via its affiliate Shell Canada Energy.
Global Mineral Turpentine Battery Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Type, Application, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
- The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Type:
- Hydrodesulfurized
- Solvent Extracted
- Hydrogenated
By Application:
- Paint Thinner
- Extraction Solvent
- Cleaning Solvent
- Degreasing Solvent
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Mineral Turpentine Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Mineral Turpentine Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Mineral Turpentine Market, by Application, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Mineral Turpentine Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Mineral Turpentine Market Dynamics
- 3.1. Mineral Turpentine Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Rise in the usage of mineral turpentine in the end-use sectors
- 3.1.1.2. Paint Industry as it is the biggest consumer of mineral turpentine market.
- 3.1.2. Market Challenges
- 3.1.2.1. Health risks associated with the prolonged exposure
- 3.1.3. Market Opportunities
- 3.1.3.1. Rising Government regulations
- 3.1.3.2. Rising demand of degreasing and cleaning
Chapter 4. Global Mineral Turpentine Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Mineral Turpentine Market, by Type
- 5.1. Market Snapshot
- 5.2. Global Mineral Turpentine Market by Type, Performance - Potential Analysis
- 5.3. Global Mineral Turpentine Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
- 5.4. Mineral Turpentine Market, Sub Segment Analysis
- 5.4.1. Hydrodesulferized
- 5.4.2. Solvent Extracted
- 5.4.3. Hydrogenated
Chapter 6. Global Mineral Turpentine Market, by Application
- 6.1. Market Snapshot
- 6.2. Global Mineral Turpentine Market by Application, Performance - Potential Analysis
- 6.3. Global Mineral Turpentine Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 6.4. Mineral Turpentine Market, Sub Segment Analysis
- 6.4.1. Paint Thinner
- 6.4.2. Extraction Solvent
- 6.4.3. Cleaning Solvent
- 6.4.4. Degreasing Solvent
- 6.4.5. Others
Chapter 7. Global Mineral Turpentine Market, Regional Analysis
- 7.1. Top Leading Countries
- 7.2. Top Emerging Countries
- 7.3. Mineral Turpentine Market, Regional Market Snapshot
- 7.4. North America Mineral Turpentine Market
- 7.4.1. U.S. Mineral Turpentine Market
- 7.4.1.1. Type breakdown estimates & forecasts, 2020-2030
- 7.4.1.2. Application breakdown estimates & forecasts, 2020-2030
- 7.4.2. Canada Mineral Turpentine Market
- 7.5. Europe Mineral Turpentine Market Snapshot
- 7.5.1. U.K. Mineral Turpentine Market
- 7.5.2. Germany Mineral Turpentine Market
- 7.5.3. France Mineral Turpentine Market
- 7.5.4. Spain Mineral Turpentine Market
- 7.5.5. Italy Mineral Turpentine Market
- 7.5.6. Rest of Europe Mineral Turpentine Market
- 7.6. Asia-Pacific Mineral Turpentine Market Snapshot
- 7.6.1. China Mineral Turpentine Market
- 7.6.2. India Mineral Turpentine Market
- 7.6.3. Japan Mineral Turpentine Market
- 7.6.4. Australia Mineral Turpentine Market
- 7.6.5. South Korea Mineral Turpentine Market
- 7.6.6. Rest of Asia Pacific Mineral Turpentine Market
- 7.7. Latin America Mineral Turpentine Market Snapshot
- 7.7.1. Brazil Mineral Turpentine Market
- 7.7.2. Mexico Mineral Turpentine Market
- 7.8. Middle East & Africa Mineral Turpentine Market
- 7.8.1. Saudi Arabia Mineral Turpentine Market
- 7.8.2. South Africa Mineral Turpentine Market
- 7.8.3. Rest of Middle East & Africa Mineral Turpentine Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.1.1. Company 1
- 8.1.2. Company 2
- 8.1.3. Company 3
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. GSB Chemical Co. Pty. Ltd.
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Recent Developments
- 8.3.2. Neste Oyj
- 8.3.3. Royal Dutch Shell Group
- 8.3.4. Total Energies SE
- 8.3.5. Idemitsu Kosan Co. Ltd.
- 8.3.6. Exxon Mobil Corporation
- 8.3.7. DHC Solvent Chemie GmbH
- 8.3.8. Al Snaea Chemical Products
- 8.3.9. Merck KGaA
- 8.3.10. Recochem Inc.
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes
- 9.3. Research Assumption