Turpentine Price Trend and Forecast

Turpentine Regional Price Overview

Get the latest insights on price movement and trend analysis of Turpentine in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Turpentine Price Trend for the First Half of 2024

The global turpentine market experienced a mix of rising and dipping trends in the first two quarters of 2024, influenced by various regional factors. In North America, a robust performance in the construction sector, marked by increased house completions and heightened commercial activities, drove demand in February and March despite a January slowdown due to challenging weather conditions. This was compounded by rising crude oil prices in the first quarter which increased production costs, moving ahead even though the crude oil prices slowed down in the second quarter, the demand trajectory kept the turpentine market supported in the states.
 

Turpentine Price Chart

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In contrast, Asia, particularly India, faced significant price declines due to reduced demand from the paint and coating industry, and a slowdown in construction during the winter season in the early months. As time progressed the demands started redeeming and did provide some cost support to the Indian turpentine markets, however, the oversupply situation of inventories quickly made up for the esteemed growth. Overall, mixed market sentiments were observed for turpentine.

Analyst Insight

According to Procurement Resource, given the current supply and demand dynamics, Turpentine prices are likely to remain hinged in the coming months as well.
 

Turpentine Price Trend for the Second Half of 2023

The turpentine market is primarily driven by its usage as a solvent in paints, varnishes, and coatings. It makes it a vital component in the construction and manufacturing sectors. Additionally, turpentine finds extensive use in the production of fragrances, flavorings, and pharmaceuticals, further bolstering demand.

In the chemical industry, it serves as a raw material for the synthesis of resins, adhesives, and synthetic rubber. Its growing popularity of eco-friendly and bio-based products enhances the market prospects for turpentine as a renewable and sustainable resource.

In the third quarter, the turpentine price trend bore a bullish trend as the global textile and construction industries shared a suitable outlook. Also, the positive performance of the paint and coatings industries became exponential in the consecutive quarter, which positively influenced the market. In Asia, the traders also noted a relief in inflationary pressure and a remarkable rebound of the economic parameters that led to the surge in the turpentine price trend. This bullish run was further carried forward in the fourth quarter, too, as the global renovation projects and purchasing activities pushed the market to the upper side.

In the European and North American regions, the trend remained mild throughout the H2 of 2023 as the manufacturers and housing industries crumbled under the pressure of rising interest rates and inflation. Additionally, the disruption of the Red Sea route and drought in the Panama Canal lowered the export volumes from Europe and North America, respectively.

Analyst Insight

According to Procurement Resource, the price trend of Turpentine is expected to oscillate in the upcoming quarters as the outlook of the downstream industries looks negative.
 

Turpentine Price Trend for the First Half of 2023

Turpentine prices observed wavering price trend throughout the first half of the year 2023. Turpentine market trend were fundamentally driven by the downstream demands from the chemical and construction sectors. In the Asian market, the industrial recovery in China and infrastructure development in India fueled the demands for Turpentine, so the price trend inclined at the beginning, but sufficient supplies soon plateaued the price curve.

The domestic situation was better for the Asian Turpentine market; however, the export queries took a serious hit. Further, high inflation in Europe and America affected the construction sector negatively, and the Turpentine consumption got bearish. This caused an oversupply in the Asian market, although moderate demands kept the Turpentine market afloat. Overall, mixed market sentiments were experienced.

Analyst Insight

According to Procurement Resource, the demand outlook suggests a similar consumption pattern for the coming months as well. However, the situation is anticipated to improve for the American and European Turpentine markets moving forward.

Procurement Resource provides latest prices of Turpentine. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.