Turpentine Market

Crude Sulfate Turpentine Market Analysis

The Crude Sulfate Turpentine Market is expected to register a CAGR of greater than 3% during the forecast period.

COVID-19 negatively impacted the market in 2022. Several countries worldwide went into lockdown to curb the virus spread due to the pandemic scenarios. The crude sulfate turpentine demand from various industries such as perfumes and fragrances, beauty and cosmetics, and others was halted. However, the condition recovered in 2021, benefiting the market growth studied over the forecast period.

• The primary factor driving the market's growth is the growing household and personal care product utilization.
• Moreover, other factors driving the market's growth include high aroma chemicals consumption in producing different fragrances and flavors.
• On the flip side, the high amount of investments required in the distillation process is a restraint in developing the studied market.
• North America is anticipated to hold the largest market share due to the region's high home and personal care product consumption.

Crude Sulfate Turpentine Market Trends

High Aroma Chemicals Demand to Boost the Crude Sulfate Turpentine Market

• Aroma chemicals application represented the most significant volume share. As it is usually sourced, broad usage of these subordinates in producing different fragrances & flavors, detergents, and soaps is expected to drive the market further during the forecast timeline.
• Crude sulfate turpentine, also called sulfate wood turpentine, is a derivative result of turpentine procured by refining resin appearing in live trees, primarily pines. It is a combustible liquid insoluble in water but breaks up in specific solvents.
• Consumers' shift toward eco-friendly products is also one of the factors for the increasing growth of crude sulfate turpentines in aroma chemicals. In 2022, 59% of people consciously used green makeup products. 76% of consumers intend to purchase sustainable cosmetics.
• Products marketed with sustainable claims grew 7.1 times faster than those without such claims. The pandemic pushed sustainability to the forefront and is now a top priority for many cosmetic companies. 64% of global citizens are willing to pay more for sustainable products.
• In cosmetics, turpentine can be used as it is in solvents for thinning and cleaning purposes. The Brazilian Personal Hygiene, Perfumery, and Cosmetics (HPPC) sector reached USD 1.4 billion in 2021, an increase of 16.2% from the previous year. In 2021, the total value of exports accounted for USD 700 million.
• China is one of the significant cosmetics consumers, increasing turpentine oil consumption from the cosmetics segment of the country. In 2022, the retail sales of cosmetics by wholesale and retail companies in China totaled about USD 55 billion.
• All the major companies involved in the manufacturing and sales of perfumes incorporate turpentine in their fragrances for its natural aroma. For instance, the world's leading luxury goods group, LVMH, recorded a revenue of USD 84.21 billion in 2022, of which perfumes and cosmetics earned USD 8.20 billion.
• Raw sulfate turpentine is mainly used in the production of perfumes and flavors. According to Statista, in 2022, the global fragrances market was valued at USD 51 billion and is anticipated to reach USD 55.4 billion by 2025.
• All the factors above are expected to drive the global crude sulfate turpentine market during the forecast period.

North America to Dominate the Market

• North America is expected to hold the largest market share globally in the crude sulfate turpentine market during the forecast period.
• The crude sulfate turpentine market increase correlates with the rising demand for products containing environmentally-friendly fragrance ingredients.
• Leading players are investing in companies that manufacture products from organic turpentine. For instance, a US-based baby and beauty products company, The Honest Company, raised USD 413 million and is now valued at USD 1.8 billion.
• Berkshire Partners invested in the natural hair company Mielle Organics. The company received over USD 100 million to help it expand internationally and reinforce its community development program.
• Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.

Crude Sulfate Turpentine Industry Overview

The crude sulfate turpentine market is consolidated in nature. Some of the players operating in the business include KRATON CORPORATION, Pine Chemical Group, Lawter, HARTING Technology Group, and Pinova, Inc.

Crude Sulfate Turpentine Market Leaders

Crude Sulfate Turpentine Market News

• May 2022: Weyerhaeuser Company completed its acquisition of 80,800 acres of high-quality timberlands containing multiple pine trees in North and South Carolina. They do it with the help of a fund managed by Campbell Global for approximately USD 265 million.
• May 2022: Kraton Corporation, a leading global sustainable producer of high-value biobased products derived from pine wood pulping co-products, collaborated Tree-Nation to plant thousands of pine trees in 2022, reflecting its continued focus on sustainability, fighting climate change and offsetting its CO2 emissions.