H1 2023: In H1 2023, Mineral Turpentine Oil (MTO) prices faced ups and downs fluctuated in the Asia Pacific region. The product's price rise in February 2023 as a result of strong demand from downstream sectors and India’s stronger economic performance in comparison to other major economies. In February and March, the market conditions were bullish and bearish, respectively in India with little supply and low demand. The prices of imported cargo were also impacted by the weak demand in the global market. The month of March 2023 saw a drop in the price of Mineral Turpentine Oil (MTO) in India, despite moderate demand from downstream sectors. In the Asian region, the market was generally pessimistic regarding mineral turpentine oil in the period of April-June. The primary causes of the product's price decrease were fluctuating upstream crude oil prices and declined demand from downstream paint and coatings industry demand. The construction industry, which is a prominent user of MTO for paints and coatings, had slow demand during this time. In the Indian market, prices declined significantly till June 2023. In China, due to weak real estate market, a decline in uptakes from China's building industry from April 2023 to June 2023 contributed to the poor pricing trend.
The global Mineral Turpentine Oil (MTO) market stood at approximately 1420 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 4.12% during the forecast period until 2032. It is anticipated that the world's manufacturing sectors would expand quickly, which will support the expansion of the construction paint and coatings industry.
Mineral turpentine oil is an inexpensive petroleum-based alternative to vegetable-based turpentine. Paraffin, naphthenic, and aromatic hydrocarbons in varying proportions make up the majority of MTO. It is widely used as an organic solvent in a range of applications and as a paint thinner to dilute oil-based paint and clean brushes. Distilling petroleum, a clear liquid, yields mineral turpentine oil, also referred to as mineral turpentine, petroleum spirit, and solvent naphtha. MTO finds primary usage as a raw ingredient in the paint industry. It is employed as a solvent for pigment-colored textile printing, Vacuum cleaning In the production of polish, solvent MTO/carrier for oil-soluble waxes and resins, as a thinner for rust-prevention agents soluble in oil, and for Industrial cleaning/degreasing solvent for metal and machinery. Also, Wax, rubber, and resin solvent used in the production of electrical insulating compounds. It is also used as a solvent or insecticidal compositions. Other uses includes as a diluents for many kinds of binding, sealing, waterproofing, and mothproofing chemicals.
Paints are utilized extensively in the construction industry. Paint thinners frequently employ mineral turpentine as a solvent. Growing demand for mineral turpentine in paint thinner products is being driven by an increase in construction projects for both residential and commercial buildings. The growing usage of MTO in paints & coatings for applications in infrastructure renovation and automotive manufacturing is the primary factor driving the global MTO market. Machinery and tools used in the manufacturing of their products must undergo considerable maintenance. To guarantee the effective operation of these operating equipment, regular cleaning is essential. To remove oil, grease, filth, and loose debris from the machinery, mineral turpentine is utilized as a solvent. Using premium paints and coatings has become commonplace in the global automotive industry. As a result, it is anticipated that demand for mineral turpentine oil would most likely increase, expanding the product's worldwide market. Owing to these reasons, the global Mineral Turpentine Oil (MTO) market is likely to reach approximately 2140 thousand tonnes in 2032.
The mineral turpentine oil market is dominated globally by Asia Pacific. The expansion of the automotive and manufacturing industries in developing nations is expected to fuel growth in the mineral turpentine oil market in the Asia Pacific region. The Middle East and Africa are expected to have a faster-growing turpentine oil industry because of significant population growth and economic development. It is anticipated that substantial investment in the building industry will lead to growth in the mineral turpentine market in the region. It is anticipated that the turpentine oil market in North America and Europe would expand slowly due to factors such as slower development in the construction and automobile industries, and the outsourcing of manufacturing to the Asia Pacific region.
Based on the end-user industry, the global Mineral Turpentine Oil (MTO) market is divided into Paints & Coatings, Industrial Cleaning, Cosmetic and Personal care, and Others. Among these sectors Paints & Coatings is the major segment and held about 68% of the global Mineral Turpentine Oil (MTO) market in 2022 and is anticipated to prevail the similar trend in the upcoming years. The paint and coating industry's demand for mineral turpentine is driven by the growth in the number of applications of paints and coatings in sectors like manufacturing, building, and automobiles.
Major players in the Global Mineral Turpentine Oil (MTO) market are Indian Oil Corporation Ltd, DHC Solvent Chemie GmbH, Powerzone Oil, Bharat Petroleum Corporation Limited, GSB Chemical Co. Pty. Ltd, Al Sanea, Alshall International Co., and Hindustan Petroleum Corporation Limited, and
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Mineral Turpentine Oil (MTO) which covers production, demand and supply of Mineral Turpentine Oil (MTO) market in the globe.
• To analyse and forecast the market size of Mineral Turpentine Oil (MTO)
• To classify and forecast Global Mineral Turpentine Oil (MTO) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Mineral Turpentine Oil (MTO) market in the globe.
To extract data for Global Mineral Turpentine Oil (MTO) market, primary research surveys were conducted with Mineral Turpentine Oil (MTO) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Mineral Turpentine Oil (MTO) market over the coming years.
ChemAnalyst calculated Mineral Turpentine Oil (MTO) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Mineral Turpentine Oil (MTO). ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Mineral Turpentine Oil (MTO) manufacturers and other stakeholders
• Organizations, forums and alliances related to Mineral Turpentine Oil (MTO) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Mineral Turpentine Oil (MTO) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Mineral Turpentine Oil (MTO) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
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Details
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Market size Volume in 2022
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1420 thousand tonnes
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Market size Volume in 2032
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2140 thousand tonnes
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Growth Rate
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CAGR of 4.12% from 2023 to 2032
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2032
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2032
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Report coverage
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Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
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Segments covered
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By End-Use: (Paints & Coatings, Industrial Cleaing, Cosmetic and Personal care, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
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