Market Trends of Crude Sulfate Turpentine Industry
This section covers the major market trends shaping the Crude Sulfate Turpentine Market according to our research experts:
High Aroma Chemicals Demand to Boost the Crude Sulfate Turpentine Market
- Aroma chemicals application represented the most significant volume share. As it is usually sourced, broad usage of these subordinates in producing 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 refining resin appearing in live trees, primarily pines. It is a combustible liquid insoluble in water but breaks up in specific solvents.
- Consumers' shift toward eco-friendly products is also one of the factors for the increasing growth of crude sulfate turpentines in aroma chemicals. In 2022, 59% of people consciously used green makeup products. 76% of consumers intend to purchase sustainable cosmetics.
- Products marketed with sustainable claims grew 7.1 times faster than those without such claims. The pandemic pushed sustainability to the forefront and is now a top priority for many cosmetic companies. 64% of global citizens are willing to pay more for sustainable products.
- In cosmetics, turpentine can be used as it is in solvents for thinning and cleaning purposes. The Brazilian Personal Hygiene, Perfumery, and Cosmetics (HPPC) sector reached USD 1.4 billion in 2021, an increase of 16.2% from the previous year. In 2021, the total value of exports accounted for USD 700 million.
- China is one of the significant cosmetics consumers, increasing turpentine oil consumption from the cosmetics segment of the country. In 2022, the retail sales of cosmetics by wholesale and retail companies in China totaled about USD 55 billion.
- All the major companies involved in the manufacturing and sales of perfumes incorporate turpentine in their fragrances for its natural aroma. For instance, the world's leading luxury goods group, LVMH, recorded a revenue of USD 84.21 billion in 2022, of which perfumes and cosmetics earned USD 8.20 billion.
- Raw sulfate turpentine is mainly used in the production of perfumes and flavors. According to Statista, in 2022, the global fragrances market was valued at USD 51 billion and is anticipated to reach USD 55.4 billion by 2025.
- All the factors above are expected to drive the global crude sulfate turpentine market during the forecast period.
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North America to Dominate the Market
- North America is expected to hold the largest market share globally in the crude sulfate turpentine market during the forecast period.
- The crude sulfate turpentine market increase correlates with the rising demand for products containing environmentally-friendly fragrance ingredients.
- Leading players are investing in companies that manufacture products from organic turpentine. For instance, a US-based baby and beauty products company, The Honest Company, raised USD 413 million and is now valued at USD 1.8 billion.
- Berkshire Partners invested in the natural hair company Mielle Organics. The company received over USD 100 million to help it expand internationally and reinforce its community development program.
- Thus, rising demand from various industries is expected to drive the market in the region during the forecast period.
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