Mineral Turpentine Oil Pricing Report

Mineral Turpentine Oil Prices December 2023

The price of mineral turpentine oil in India reached 1042 USD/MT (USP FDA) in December 2023. The market in the country observed a bullish surge, recording an approximate 20% increase in the initial months of the last quarter of 2023. On the other hand, prices experienced a depreciation of around 5% in December 2023. This price fluctuation was witnessed due to the surge in festive demand, compelling widespread renovation activities and exerting pressure on the downstream textile sector. Moreover, positive festive trends created an increased demand in the downstream paints and coating industry, surpassing the capacity of existing supplies. Apart from this, in December 2023, suppliers conducted destocking activities on account of the market's post-festive season sluggishness. This trend was further accentuated by improved weather conditions, leading to the sale of excessive inventories at negotiable prices to accommodate fresh orders.

Mineral Turpentine Oil Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Mineral Turpentine Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of mineral turpentine oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing mineral turpentine oil price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Mineral Turpentine Oil Market Analysis

The global mineral turpentine oil market size reached 1,478.5 Thousand Tons in 2023. By 2032, IMARC Group expects the market to reach 2,126.3 Thousand Tons, at a projected CAGR of 4.10% during 2023-2032.

• There is a rise in the adoption of mineral turpentine oil in the textile sector as a solvent for pigment-colored textile printing. It is a preferred choice in the formulation of textile auxiliaries, such as dye carriers and finishing agents. Moreover, the increasing textile production due to changing living patterns of individuals is catalyzing the demand for mineral turpentine oil. People are preferring high-quality clothing solutions, which is bolstering the market growth. According to the Textile Exchange, the global fiber production per person reached 14.6 kilograms in 2022.
• The growing adoption of mineral turpentine oil for woodwork is positively influencing the market. It is beneficial in gently cleaning the top layer of the surface and removing stains, particularly oil. It also dries quickly when rubbed over a wooden surface. Besides this, the increasing focus on aesthetically pleasing wooden products among individuals for decorative purposes is impelling the market growth. People are adopting solutions that aid in the easy cleaning of wooden items.   
• There is a rise in the need for distilled mineral turpentine oil in the food and beverage (F&B) sector as a flavoring ingredient in numerous food products. The growing consumption of food products among individuals worldwide is offering a positive market outlook.   
• The mineral turpentine oil demand is further propelled by its utilization in the paint sector as a paint thinner for diluting oil-based paint and cleaning brushes. It helps in dissolving pigments and resins and facilitating smooth application and drying.   
• Mineral turpentine oil is also becoming increasingly popular as a solvent for wax, rubber, and resins in the manufacture of electrical insulating compounds. It assists in the dispersion and blending of wax components to ensure uniformity in the final product.
• The increasing employment of mineral turpentine oil in automotive coatings and cleaning agents is bolstering the market growth. People are purchasing products that benefit in maintaining the enhanced appearance of their vehicles, thereby bolstering the demand for mineral turpentine oil in the automotive industry.

Mineral Turpentine Oil News

The report covers the latest developments, updates, and trends impacting the global mineral turpentine oil market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in mineral turpentine oil production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.

Latest developments in the mineral turpentine oil industry:

• In 17 May 2023, Bangladesh Petroleum Corporation (BPC) selected Indonesian energy company ‘PT Bumi Siak Pusako (BSP)’, to supply around 30,000 tons of diesel-rich condensate following an international tender. The privately-owned petrochemical and fractionation plants will also produce lighter kerosene - mineral turpentine or turpentine oil, specially treated for use as thinner and solvent in paints and varnishes.

Product Description

Mineral turpentine oil is a colorless petroleum naphtha mainly comprised of aliphatic hydrocarbons. It is manufactured from the resin of certain pine trees. It is chemically stable, noncorrosive, with medium evaporating qualities. It is sweet-smelling, does not leave behind any nonvolatile residue on evaporation, and has a low aromatic content.

Mineral turpentine oil is used as an organic solvent in various applications and as a paint thinner for diluting oil-based paint and cleaning brushes. It is a preferred choice for dry cleaning and other industrial cleaning purposes.

In addition to this, mineral turpentine oil is applied to the skin for joint pain, muscle pain, nerve pain, and toothaches. It is also beneficial in reducing chest congestion among individuals when inhaled.

Regional Coverage

The report provides a detailed analysis of the mineral turpentine oil market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends.

Global Mineral Turpentine Oil Price

The report offers a holistic view of the global mineral turpentine oil pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Mineral Turpentine Oil Price

The European region experienced a bearish trend in the mineral turpentine oil market. The demand from the paint and coating industry within the construction sector witnessed retrenchment, aligning with a decline in construction activities. The diminished influx of fresh work orders and lowering permits resulted in job shedding and inventory pushbacks, improving pressure on the downstream paints and coating sectors.

This analysis can be extended to include detailed mineral turpentine oil price information for a comprehensive list of countries.

North America Mineral Turpentine Oil Price

In North America, the mineral turpentine oil market demonstrated a predominant bearish trend, driven by a poor performance in demand from the textile and construction industries. The commencement of the Q4 witnessed a rise in mortgage rates in the United States, reaching approximately 8% for a 30-year fixed term and over 7% for a 15-year fixed term. This increase contributed to subdued demand in the paints and coating sector of the construction industry. In addition, high interest rates led to a notable slowdown in construction activities, affecting the waning demand from the housing sector.

Specific data on mineral turpentine oil prices within the United States and Canada can also be provided.

Middle East and Africa Mineral Turpentine Oil Price

The report explores the mineral turpentine oil pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on mineral turpentine oil prices for countries can also be provided.

Asia Pacific Mineral Turpentine Oil Price

The mineral turpentine oil pricing in the Asia Pacific region underwent a bullish surge, noting an approximate 20% increase in the initial months of Q4 of 2023. In December 2023, prices experienced a depreciation of approximately 5% on account of festive demand. The positive festive trends generated heightened demand in the downstream paints and coating industry, surpassing the capacity of existing supplies. Furthermore, frequent rains in the EX-Works locations across Southeast Asia contributed to extensive supply disruptions, hindering product circulation.

This analysis can be further extended to include detailed mineral turpentine oil prices for a comprehensive list of countries within the region.

Latin America Mineral Turpentine Oil Price

The analysis of mineral turpentine oil prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of mineral turpentine oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting mineral turpentine oil price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the mineral turpentine oil industry.