NEWARK, DE /ACCESSWIRE/November 24, 2022/ The Indian Mineral Turpentine Oil (MTO) Retail 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 expected to experience a steady growth rate at a CAGR of 9.5% during the valuation period of 2022 to 2032. It is expected to exceed a valuation of US$113.2 million by 2032.
Future Market Insights in its latest market research reveals that the Indian mineral turpentine oil market is highly consolidated with the majority of shares held by a few prominent domestic players. The major players operating in the market mainly deal in bulk quantities of MTO. MTO’s retail packaging formats are generally repackaged by distributors or retailers. Hence, the Indian mineral turpentine oil retail market is fragmented and is expected to offer immense potential for major players operating in the market.
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MTO’s retail packaging has experienced high growth rates over the past few years. Key players can gain substantial momentum and capture majority of market share by launching MTO in retail sizes. They strive to introduce their house products with innovative and high quality brand names in the market to expand their customer base.
Mineral turpentine oil is expected to find its majority of applications in paints and coatings for the manufacture of products such as thinners and wood primers. Paint manufacturers are primarily 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.
Top Takeaways: Indian Mineral Turpentine Oil Market
From 2017 to 2021, India’s retail mineral turpentine oil market grew at a compound annual growth rate (CAGR) of 5.1%.
North India should represent 37.7% of the overall retail mineral turpentine oil market share in India over the assessment period.
The retail mineral turpentine oil market in Western India currently holds around 28.8% value share in the Indian market.
Depending on the applications, the wood primers segment would represent approximately 60.7% mineral turpentine oil sold at retail in India.
The 10.1 L to 20 L package size segment is expected to account for the majority share of the Indian mineral turpentine oil retail market over the next ten years.
Competitive Landscape: Mineral Turpentine Oil Retail 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 , Idemistsu Kosan Co. Ltd., Shell Plc., Exxonmobil Corporation Ltd., Witmans Industries Pvt. Ltd., and Labdhi Petrochem, among others, are identified as key manufacturers in India’s retail mineral turpentine oil market.
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Get more insights about India Retail Turpentine Oil Market report
In its latest report, Future Market Insights offers an unbiased analysis of the Indian Mineral Turpentine Oil Retail Market, providing historic data from 2017 to 2021 and forecast statistics from 2022 to 2032. To understand the potential, the growth and scope of the Indian market, the market is segmented on the basis of package size, application and region.
India Retail Turpentine Oil Market Outlook by Category
By packing size:
100mL – 499mL
1.1L – 5L
5.1L – 10L
10.1L – 20L
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1.1. India Retail Turpentine Oil Market Outlook
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 / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
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