The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The market for crude sulfate turpentine is expected to grow at a CAGR of over 3% during the forecast period of 2020–2025. The major factor driving the growth of the market is the growing utilization of household and personal care products. Moreover, other factors driving the growth of the market include high aroma chemicals application in the production of different fragrances and flavors. On the flip-side, the circumstance developing on account of the sudden outbreak of COVID-19 is predicted to foil the development of the market studied.
- Aroma chemicals application is anticipated to grow at fastest rate during the forecast timeframe.
- North America is anticipated to hold largest market share owing to the high consumption of home and personal care products in the region.
Key Market Trends
High Aroma Chemicals Demand to Boost the Crude Sulfate Turpentine Market
- Aroma chemicals application represented the most noteworthy volume share. Broad usage of these subordinates, as it is normally sourced, in the production of 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 means of the refining of resin appearing in live trees, especially pines. It is a combustible liquid that is insoluble in water however breaks up in specific solvents.
- Consumers’s shift toward eco-fiendly products is also one of the factor for the increasing growth of crude sulfate turpentines in aroma chemicals.
- In 2019, the global fragrances market is valued at USD 43.9 billion and is anticipated to reach USD 52.4 billion by 2025.
- All the aforementioned factors are expected to drive the global crude sulfate turpentine market during the forecast period.
North America to be Largest Market for Crude Sulfate Turpentine
- North America is expected to have the largest market share in the crude sulfate turpentine market globally during the forecast period.
- In 2019, the value of the United States flavor and fragrance market amounted to approximately USD 4.5 billion and is forecasted to reach USD 5.4 billion by 2025.
- Personal Care segment revenue in the United States is projected to be USD 32.14 billion in 2020. It is predicted to show an annual growth rate of 7.7%, resulting in a market volume of USD 43.19 billion by 2024.
- The United States industry revenue of adhesives manufacturers in 2019 is expected to be USD 15.98 billion and anticipated to reach a value of USD 17.71 billion by 2023.
- Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.
The crude sulfate turpentine market is consolidated. Some of the players operating in the business include KRATON CORPORATION, Pine Chemical Group, Torgoviy Dom Lesokhimik, and PInova, Inc.
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