Turpentine Market Expected to Reach USD 0.99 Billion by 2032 | Growing at a CAGR of 5.6%

Market Research Future (MRFR) has published a cooked research report on the “Global Turpentine Market” that contains information from 2018 to 2032. The Turpentine market is estimated to register a CAGR of 5.60% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Turpentine market— Dujodwala Resins and Terpenes Limited, Arakawa Chemical Industries, Ltd., Mentha & Allied Products Pvt. Ltd., Lawter Inc., Harting SpA, International Flavors & Fragrances Inc. (IFF), Symrise AG, DRT (Dérivés Résiniques et Terpéniques), Georgia-Pacific Chemicals LLC and Kraton Corporation.

Market Highlights

The global Turpentine market is accounted to register a CAGR of 5.60% during the forecast period and is estimated to reach USD 0.99 billion by 2032.

The turpentine market is growing due to its versatile applications in industries such as paints and coatings, pharmaceuticals, and fragrance. Turpentine's use as a solvent and its natural origin contribute to its demand. Increasing construction activities, rising demand for eco-friendly products, and the expanding pharmaceutical sector further drive market growth. Ongoing research and development initiatives to explore new applications and sustainable extraction methods also play a role in sustaining the growth of the turpentine market.

Segment Analysis

The global Turpentine market has been segmented based on application.

Based on gasifier application, the global Turpentine market has been segmented into Cosmetics, Fragrance, Food, Paints & Coatings and Others. The cosmetics segment was expected to hold the largest market share in 2022 because fragrance formulas are using it more often. When creating perfumes and scents, turpentine is used as a natural solvent and carrier. Turpentine is becoming more and more well-known as a vital component in the fragrance business as a result of consumers' increased desire for natural and sustainable components in cosmetic goods.

Regional Analysis

The global Turpentine market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Turpentine market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Turpentine market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Turpentine market comprises of Middle East, Africa, and Latin America.

The largest market share for Turpentine was maintained by the North American regional sector. North America has captured the largest market share in the turpentine industry due to several factors. The region exhibits significant demand for turpentine, driven by the thriving construction, paints and coatings, and adhesive industries. Additionally, the presence of key market players, well-established infrastructure, and a robust industrial sector contribute to the dominance of North America in the turpentine market. The region's emphasis on sustainable and bio-based products further supports the demand for turpentine, solidifying its position as a key market player in North America.

Moreover, the Europe market has been persistently growing over the forecast period. Europe has secured the second-largest market share in the turpentine industry due to its thriving chemical and coatings sector. The region's well-established industrial infrastructure, stringent environmental regulations promoting the use of eco-friendly raw materials, and the growing demand for sustainable solutions contribute to the increased adoption of turpentine. Additionally, the focus on bio-based products aligns with the natural and renewable characteristics of turpentine, bolstering its prominence in various applications. Europe's commitment to eco-friendly practices and the versatility of turpentine contribute to its position as a key player in the turpentine market.

The Asia Pacific region is experiencing the highest Compound Annual Growth Rate (CAGR) in the turpentine market due to expanding industrialization, a burgeoning population, and increased demand for turpentine in various applications. The region's growing construction, paints and coatings, and adhesives industries, along with the rise in consumer awareness of sustainable products, contribute to the surging demand for turpentine. Additionally, the economic development and infrastructure projects in countries within the Asia Pacific further drive the market's growth, leading to the highest CAGR in the turpentine industry.

Furthermore, the rest of the world's Turpentine market is divided into the Middle East, Africa, and Latin America. The rest of the world is experiencing growth in the turpentine market due to expanding industrial activities, particularly in regions with a significant focus on construction and manufacturing. Rising demand for eco-friendly and natural products, coupled with diverse applications of turpentine, contributes to its increasing popularity across different regions globally.

Key Findings of the Study

• The global Turpentine market is expected to reach USD 0.99 billion by 2032, at a CAGR of 5.60% during the forecast period.


• The Asia Pacific region is the fastest-growing in the turpentine market due to increasing industrialization, a booming construction sector, and growing awareness of sustainable and natural products. The region's dynamic economic growth fosters heightened demand for turpentine.


• Based on application, the cosmetics segment was attributed to holding the largest market in 2022, with an approximate market share of 25–30%.


• Dujodwala Resins and Terpenes Limited, Arakawa Chemical Industries, Ltd., Mentha & Allied Products Pvt. Ltd., Lawter Inc., Harting SpA, International Flavors & Fragrances Inc. (IFF), Symrise AG, DRT (Dérivés Résiniques et Terpéniques), Georgia-Pacific Chemicals LLC and Kraton Corporation