Gum Or Wood Oils Market

The global market for gum, wood or sulphate turpentine oils, pine oil, and similar products is projected to continue growing steadily over the next eight years. Consumption, production, and export trends are closely examined in the article. The consumption volume is expected to reach 330K tons by 2030, with a forecasted CAGR of +0.9%. In terms of value, the market is anticipated to reach $876M by the end of 2030, with an estimated CAGR of +2.0%. The article provides detailed insights into the top consuming and producing countries, as well as import and export trends in the industry.

Market Forecast

Driven by increasing demand for gum, wood or sulphate turpentine oils, pine oil and other alike worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 330K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market value to $876M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

In 2022, the amount of gum, wood or sulphate turpentine oils, pine oil and other alike consumed worldwide expanded significantly to 308K tons, surging by 11% on the previous year's figure. The total consumption volume increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs in 2022 and is likely to continue growth in years to come.

The global gum or wood oils market value expanded slightly to $748M in 2022, increasing by 4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +38.7% against 2020 indices. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (72K tons), France (44K tons) and China (30K tons), with a combined 48% share of global consumption. The United States, Finland, Zimbabwe, Nigeria, South Africa and Spain lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Zimbabwe (with a CAGR of +51.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest gum or wood oils markets worldwide were India ($189M), China ($96M) and France ($87M), together accounting for 50% of the global market. The United States, Spain, Nigeria, Zimbabwe, Finland and South Africa lagged somewhat behind, together accounting for a further 22%.

In terms of the main consuming countries, Zimbabwe, with a CAGR of +42.3%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of gum or wood oils per capita consumption was registered in Finland (4,158 kg per 1000 persons), followed by Zimbabwe (812 kg per 1000 persons), France (655 kg per 1000 persons) and South Africa (168 kg per 1000 persons), while the world average per capita consumption of gum or wood oils was estimated at 39 kg per 1000 persons.

In Finland, gum or wood oils per capita consumption decreased by an average annual rate of -3.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Zimbabwe (+49.1% per year) and France (-0.6% per year).

Production

World Production of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

In 2022, global gum or wood oils production expanded to 306K tons, picking up by 3.5% against the year before. The total output volume increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 13% against the previous year. Global production peaked at 313K tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, gum or wood oils production shrank to $638M in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 25%. Over the period under review, global production hit record highs at $744M in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Finland (40K tons), Brazil (37K tons) and China (31K tons), together accounting for 35% of global production. The United States, Indonesia, Sweden, Vietnam, South Africa, Nigeria, Spain, Portugal, Russia and Argentina lagged somewhat behind, together comprising a further 45%.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +18.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

In 2022, global gum or wood oils imports expanded sharply to 176K tons, growing by 9.6% on 2021. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +91.9% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, gum or wood oils imports expanded notably to $483M in 2022. Overall, imports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2018 when imports increased by 57%. Over the period under review, global imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, India (76K tons) represented the largest importer of gum, wood or sulphate turpentine oils, pine oil and other alike, mixing up 43% of total imports. France (43K tons) took the second position in the ranking, distantly followed by Zimbabwe (12K tons) and the United States (12K tons). All these countries together held approx. 38% share of total imports. The following importers - Japan (3.9K tons), Finland (3.7K tons) and China (3.3K tons) - each reached a 6.2% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Zimbabwe (with a CAGR of +50.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, India ($226M) constitutes the largest market for imported gum, wood or sulphate turpentine oils, pine oil and other alike worldwide, comprising 47% of global imports. The second position in the ranking was taken by France ($90M), with a 19% share of global imports. It was followed by the United States, with a 10% share.

In India, gum or wood oils imports expanded at an average annual rate of +29.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: France (+5.1% per year) and the United States (+8.5% per year).

Import Prices By Country

In 2022, the average gum or wood oils import price amounted to $2,744 per ton, waning by -2.3% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gum or wood oils import price increased by +14.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 an increase of 46%. As a result, import price attained the peak level of $3,084 per ton. From 2019 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($4,171 per ton), while Zimbabwe ($334 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

In 2022, approx. 174K tons of gum, wood or sulphate turpentine oils, pine oil and other alike were exported worldwide; with a decrease of -2% on the year before. In general, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +1.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 19% against the previous year. Over the period under review, the global exports reached the peak figure at 207K tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, gum or wood oils exports contracted modestly to $464M in 2022. Over the period under review, exports, however, showed a strong increase. The growth pace was the most rapid in 2018 when exports increased by 53%. Over the period under review, the global exports reached the maximum at $489M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, Brazil (34K tons), followed by Indonesia (22K tons), Finland (21K tons), Sweden (17K tons), the United States (14K tons) and Vietnam (13K tons) were the main exporters of gum, wood or sulphate turpentine oils, pine oil and other alike, together comprising 69% of total exports. Portugal (6.7K tons), Argentina (6.2K tons), South Africa (5.5K tons), Russia (4.3K tons), China (3.7K tons), Poland (3.6K tons) and India (3.5K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +25.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest gum or wood oils supplying countries worldwide were Brazil ($109M), Indonesia ($80M) and Vietnam ($40M), together comprising 49% of global exports. The United States, Finland, Portugal, Sweden, India, Argentina, China, Russia, South Africa and Poland lagged somewhat behind, together comprising a further 38%.

India, with a CAGR of +34.4%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average gum or wood oils export price stood at $2,664 per ton in 2022, picking up by 2% against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gum or wood oils export price increased by +33.3% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 35%. The global export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($5,415 per ton), while Sweden ($1,146 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform