Gum Turpentine Oil Market Scope
The Gum Turpentine Oil is mainly obtained from trees of the genus Pinus, Pine resins. The remaining residual after distillation is known as rosin. It is used as paint thinner and solvent and medicinally. There are mainly two types of turpentine gum oil found on the basic appearance. The packaging done according to industrial purpose other packaging is normal which is used in small industries and educational institutes for a practical purpose.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Ashland (United States), Eastman Chemical Company (United States), Harima Chemicals (Japan), Arakawa Chemical Industries (Japan), DRT: Best for nature (France), Arizona Chemical Company (United States), Georgia-Pacific Chemicals (Georgia), Meadwestvaco Corporation (United States), Sinobio chemistry Co., Ltd. (China) and Jian Borui Spice Oil Co., Ltd. (China) |
CAGR | 6.6% |
The competition is increasing due to the high demand for a product in the market, top leading firms wanted to take these benefits and earn more profit but there is a rivalry between top leading firms for penetration in the market. They are also trying mergers and acquisitions with potential firms as well with local firms to rule over the market for a long time. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Gum Turpentine Oil market throughout the predicted period.
Ashland (United States), Eastman Chemical Company (United States), Harima Chemicals (Japan), Arakawa Chemical Industries (Japan), DRT: Best for nature (France), Arizona Chemical Company (United States), Georgia-Pacific Chemicals (Georgia), Meadwestvaco Corporation (United States), Sinobio chemistry Co., Ltd. (China) and Jian Borui Spice Oil Co., Ltd. (China) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Gum Turpentine Oil market by Type , by Application (Paints, Medicines and Chemicals) and Region with country level break-up.
On the basis of geography, the market of Gum Turpentine Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In March 2018, Ingevity completes acquisition of Georgia-Pacific’s pine chemicals business and Ingevity Corporation announced it has completed the acquisition of Georgia-Pacific’s pine chemicals business for a cash purchase price of USD 310 million. Ingevity expects to derive approximately USD 11 million in net synergies as a result of the acquisition, which are expected to be attained through lower logistics costs, manufacturing optimization among the combined three chemical plants and leveraged procurement costs.
In January 2018Eastman Launches Redesigned Saflex Automotive Website which is New Design More Accessible and Mobile Friendly. Eastman Chemical Company, the manufacturer of Saflex PVB Interlayers, has launched a completely redesigned website dedicated solely to Saflex automotive glazing. The new format features a fresh, open look that's both user and mobile-friendly. There are two ways to access the website: www.saflex.com, where a pop-up will appear on the first visit to ask the user to select between "Automotive" and "Architectural," or directly at automotive.saflrx.com.
U.S. Department of Health and Human Services, FDA ‘s Code of federal regulations responsible for regulations regarding plant parts, fluid, and solid extracts, concentrates, absolutes, oils, gums, balsams, resins, oleoresins, waxes. Natural flavoring substances and natural adjuvant may be safely used in food by the following conditions. They are used in the minimum quantity required to produce their intended physical or technical effect and following all the principles of the good manufacturing practice. In the appropriate forms plant parts, fluid and solid extracts, concentrates, absolutes, oils, gums, balsams, resins, oleoresins, waxes, and distillates they consist of one or more of the following, used alone or in combination with flavoring substances and adjuvant generally recognized as safe in food, previously sanctioned for such use, or regulated in any section of this part.
Influencing Trend:
Increasing Demand In Medicinal Applications Due To Various Features
Market Growth Drivers:
Growing Use In Paints And Chemical Industries As It Is Entirely Biodegradable and Highly Demanded In Manufacturing Of Soap
Challenges:
Gum Turpentine Oil Causes Poisoning When Someone Swallows Or Breathes In The Fumes and Some Product Containing Turpentine Oil Are Banned In Few Countries
Restraints:
Hazardous For Eyes and Highly Reactive With Heat And Flame
Opportunities:
Growing Paint, Chemical Market
Key Target Audience
Manufacturers, Paint manufacturers, Educational Institutes, Research Firms, Distributors/Traders/Wholesalers, Industry Association and Downstream Vendors