Demand for crude sulfate turpentine will soar, with the market surpassing US$ 600 million by 2027.
Rockville, United States – January 9, 2020 /MarketersMedia/ —
The global crude sulfate turpentine market is projected to be valued at more than US$ 600 million by the end of the forecast period (2019- 2027). The growth of the crude sulfate turpentine market can be attributed to its evolution from a subsistence-based model to an agribusiness model encompassing farming and farming related commercial activities. Several nations such as Brazil and Argentina have business owners leasing land to grow plantation forests for the production of crude sulfate turpentine. The global production of crude sulfate turpentine rose to over 200,000 tons in 2019 owing to its product penetration in aroma chemicals, flavor chemicals, personal care and home care products. Moreover, the crude sulfate turpentine market is built upon the utilization of biomass resources to produce sustainable and value added products. On this backdrop, the crude sulphate turpentine market is pegged at a moderate CAGR of ~4% during the forecast period 2019 – 2027
Key Takeaways of the Crude Sulfate Turpentine Market Study
– Crude sulfate turpentine accounts for over 90% of the overall production of turpentine in North America
– Alpha-Pinene is the leading segment with over 60% market share due to its higher volume after the kraft pulping process
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– Currently, Europe leads in the global imports of crude sulfate turpentine with China emerging as the leading supplier across the globe
– North America dominates the overall crude sulfate turpentine industry with more than 55% market share. Sectors like paints and aromatic chemicals can be accredited with high growth as these are the major utilizers of crude sulfate turpentine
– Asia Pacific is projected to grow at a CAGR of over 6.0% during the forecast period owing to increased preference for natural products in the region
– Availability of less expensive petroleum-based products and reduced production of paper mills are some of the restrictive factors that hamper the global crude sulfate turpentine market to some degree
“With downstream applications spreading towards fragrance chemicals and adhesives, the global crude sulfate turpentine market is witnessing maximum traction, despite the high cost involved in the distillation process,” says the Fact.MR analyst
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New Competitors Utilizing Forest Management Techniques to Gain Substantial Market Share
The crude sulfate turpentine market is consolidated in nature with tier-1 players accounting for more than 50% of the market share worldwide. Presently, the prominent producers of crude sulfate turpentine are DRT, Pine Chemical Corporation, Kraton Corporation, Arizona Chemicals and Stora Enso OYJ. New competitors are concentrating on obtaining renewable raw materials and are relying on witnessing technological evolution through the use of biotechnology that has developed hybrid trees and improved forest management techniques for the production of crude sulfate turpentine.
Find More Valuable Insights on the Crude Sulfate Turpentine Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global crude sulfate turpentine market, presenting historical demand data (2013-2018) and forecast statistics for the period, 2019-2027. The study divulges compelling insights on the crude sulfate turpentine market on the basis of derivatives (alpha-pinene, beta-pinene, delta-3-carene, camphene, limonene), application (fragrances, camphor, resins, others) across several major regions.
To Get more insights on crude sulfate turpentine market, visit- https://www.factmr.com/report/4435/crude-sulfate-turpentine-market
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This news is published on Reuters.