Crude Sulfate Turpentine Market Is Likely To Reach $806.2 Million By 2025

The global crude sulfate turpentine market size is expected to reach at USD 806.2 million by 2025, according to a new report by Grand View Research, Inc. The market is projected to record a CAGR of 3.5% during the forecast period. Increasing product penetration in the aroma chemicals is anticipated to fuel the business growth. Product demand across varied applications including aroma chemicals, personal care, and home care products is expected to drive the market.

Increasing preference towards bio-based products owing to superior advantages over synthetically-derived products will further augment the demand over the estimated period. Major industry participants are focusing on procuring sustainable feed stock and implementing effective production process. They are shifting towards high bio renewable content products to ensure superior performance across end-use applications. Solvents manufacturer implementing carene as ingredient are targeting chemical processing, paints, adhesives industries to grab more opportunities by replacing chemical compounds like hydrocarbons, cement, and mineral spirits.

Carene is anticipated to be the fastest-growing segment in future owing to wide usage of the product in solvent production. Personal and home care application accounted for over 30% volume share in 2018. Increasing demand for flavors and fragrance with natural products will fuel the segment growth further. Rising product usage as a feedstock to manufacture polymer additives, turpentine oil, pine oil, and pinenes is also likely to contribute to the segment development.

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Further key findings from the study suggest:

• The global crude sulfate turpentine market is anticipated to reach 220.8 kilotons by 2025 expanding at an estimated CAGR of 2.1% from 2019 to 2025
• In terms of revenue, carene is projected to ascend at a CAGR of 4% over the forecast period
• Aroma chemicals application segment led the global market in 2018
• Asia Pacific is projected to witness the fastest CAGR over the next estimated time period owing to rising preference for naturally extracted products
• Some of the key companies in this market are DRT, Kraton Corportation, Pine Chemicals Group, and ORGKHIM Biochemical Holding
• Most of these firms are collaborating with distributors to improve their regional presence and industry share

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