NEWARK, DE / ACCESSWIRE / November 24, 2022 / The Indian retail mineral oil turpentine (MTO) market is expected to reach a valuation of US$45.8 million by the end of 2022. Retail sales of mineral turpentine oil in the country are projected to experience a steady growth rate at a CAGR of 9.5% during the assessment period 2022 to 2032. Expected to pass an assessment of US$113.2 million by 2032.
Future Market Insights in its latest market study reveals that the Indian mineral oil turpentine market is highly established where most of the shares are held by few leading domestic players. The major players operating in the market are mainly dealing with large quantities of MTOs. MTO’s retail packaging sizes are usually repacked by distributors or retailers. Thus, the retail mineral turpentine oil market in India is fragmented and is expected to hold immense potential for the major players operating in the market.
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MTO’s retail packaging has experienced high growth rates in recent years. Major players can gain substantial momentum and capture the majority of market share by launching OMT in the retail scale. They are trying to introduce their domestic products with innovative brands and high quality in the market to expand their customer base.
The mineral oil of turpentine is expected to find most applications in paints and coatings for the manufacture of products such as wood thinners and primers. The paint manufacturers are mainly active in the retail sale of MTO through their authorized outlets. Paint manufacturers are also focusing on building strong sales networks with the presence of various authorized dealers and customer loyalty programs.
Key Takeaways: Mineral Turpentine Oil Market in India
From 2017 to 2021, the retail mineral oil market in India grew at a compound annual growth rate (CAGR) of 5.1%.
North India should take this into consideration 37.7% of the overall market share of retail mineral oil turpentine in India during the evaluation period.
The West Indian retail mineral oil market is currently holding up 28.8% of the value share in the Indian market.
Based on application, the wood primer segment is estimated to account for approx 60.7% of retail mineral turpentine oil produced in India.
The 10.1 L – 20 L package size segment is expected to account for the majority share in the Indian retail mineral oil turpentine market over the next ten years.
Competitive scenario: Retail mineral turpentine oil market in India
According to IMF analysis, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Limited, Nayara Energy Ltd., Mehta Petro-refineries Ltd., Jay Chemicals, Shambhoo Petrochem (p) Ltd., Paragon Chemicals, TotalEnergies SE, Idemitsu Kosan Co. Ltd., Shell Plc., Exxonmobil Corporation Ltd., Witmans Industries Pvt. Ltd. and Labdhi Petrochem, among others, are identified as key producers in the Indian retail mineral turpentine oil market.
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Get more insights into the Retail Mineral Turpentine Oil Market Report in India
In its latest report, Future Market Insights offers an unbiased analysis of the retail Mineral Oil Market in India, providing historical data from 2017 to 2021 and forward-looking statistics for the period 2022 to 2032. To understand the potential, the Growth and Scope of the Indian Market, the market is segmented on the basis of packaging size, application and region.
India Retail Mineral Turpentine Oil Market Outlook by Category
By packing size:
100ml – 499ml
5.1 liters – 10 liters
10.1 liters – 20 liters
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Table of contents
1. Executive Summary
1.1. Retail Mineral Oil Market Outlook in India
1.2. Demand-side trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Major market trends
3.1. Major trends impacting the market
3.2. Product Innovation/Development Trends
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