Published by TMR Research Insights
Posted on September 28, 2021
Mineral Oil & Mineral Spirit Market: Introduction
In terms of value, the global mineral oil & mineral spirit market is anticipated to expand at a CAGR of 4.5% from 2020 to 2030. Mineral oil and mineral spirit are primarily used in pharmaceutical, textile, and building & construction applications. Mineral oils such as propylene, ethylene, and benzene are widely employed in various end-use industries such as rubber, electronics, plastics, and packaging. Mineral spirit is a transparent-liquid extracted from petroleum due to its solvency characteristics. Mineral spirit is highly used as a paint thinner, as it is insoluble in water. It is also utilized as extraction, cleaning, and degreasing solvent. Different grades of solvents are available. They are segmented based on their production and modification process. Four types of mineral spirits are produced as fractional distillation fractions obtained from kerosene cut of crude oil and naphtha. The composition of these types varies within some specific limits due to difference in raw materials used during the production process.
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Hazardous Effects of Mineral Spirit to Hamper Mineral Oil & Mineral Spirit Market
Concerns regarding the emission of volatile organic compounds (VOCs) from mineral oil and mineral spirit are projected to hamper the global mineral oil & mineral spirit market. Regulations regarding solvents have become stringent over the past few years in Asia Pacific. However, these regulations are not as stringent as those in the U.S. or Europe.
Extraction Solvent to Offer Lucrative Opportunities for Mineral Oil Market
In terms of application, the global mineral oil market has been segregated into paint thinner, extraction solvent, cleaning, degreasing, fuel, and others. The extraction solvent segment is expected to dominate the global mineral oil market during the forecast period. The extraction solvent segment accounted for major share of the global mineral oil market in 2019. In terms of volume, the segment is estimated to expand significantly during the forecast period.
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Mineral oils are extensively used in the personal care industry. The demand for mineral oil is expected to remain strong throughout the forecast period. Rise in consumer spending on personal care products including skincare, cosmetics and make-up, and hair care products, particularly in developing countries such as Brazil, India, and countries in Southeast Asia, is anticipated to boost the mineral oil market during the forecast period.
High Use of Mineral Spirit in Textile
The textile segment is anticipated to dominate the global mineral spirit market during the forecast period. In terms of volume, the segment is estimated to expand significantly during the forecast period. Expansion in the paints & coatings industry is a major factor driving the global mineral spirits market. The paints & coatings industry is a key consumer of solvents, which are mostly obtained from petrochemical feedstock and refinery operations. The mineral spirit market for paint thinners is projected to expand during the forecast period due to the rapid growth of the paint & coatings industry and rise in usage of paint thinners as solvents to thin oil-based paints.
Explore Transparency Market Research’s award-winning coverage of the global Industry:https://www.prnewswire.com/news-releases/increasing-demand-from-end-use-industries-to-drive-growth-of-metal-fabrication-market-to-valuation-worth-us23-05-bn-by-2027-tmr-301076688.html
Competition Landscape of Mineral Oil & Mineral Spirit Market
The global mineral oil & mineral spirit market is highly fragmented. Jil NewAge Industrial Oil Pvt. Ltd, Eagle Petrochem, and Tavoil cumulatively held more than 40% share of the global mineral oil & mineral spirit market in 2019. Leading players have taken initiatives to expand their presence in the global mineral oil & mineral spirit market through acquisitions, increase in production capacities, and strategic partnerships.
Other key manufacturers operating in the global mineral oil & mineral spirit market are Royal Dutch Shell plc., Pon Pure Chemicals Group, Total SE, Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd, Ganga Rasayanie Private, NewAge Industrial Oil Pvt. Ltd., PETRO-CANADA LUBRICANTS, and BP Global.
Global Mineral Oil & Mineral Spirit Market: Segmentation
Mineral Oil & Mineral Spirit Market, by Application
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
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Mineral Oil & Mineral Spirit Market: Introduction
In terms of value, the global mineral oil & mineral spirit market is anticipated to expand at a CAGR of 4.5% from 2020 to 2030. Mineral oil and mineral spirit are primarily used in pharmaceutical, textile, and building & construction applications. Mineral oils such as propylene, ethylene, and benzene are widely employed in various end-use industries such as rubber, electronics, plastics, and packaging. Mineral spirit is a transparent-liquid extracted from petroleum due to its solvency characteristics. Mineral spirit is highly used as a paint thinner, as it is insoluble in water. It is also utilized as extraction, cleaning, and degreasing solvent. Different grades of solvents are available. They are segmented based on their production and modification process. Four types of mineral spirits are produced as fractional distillation fractions obtained from kerosene cut of crude oil and naphtha. The composition of these types varies within some specific limits due to difference in raw materials used during the production process.
Request a Sample –https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=80805
Hazardous Effects of Mineral Spirit to Hamper Mineral Oil & Mineral Spirit Market
Concerns regarding the emission of volatile organic compounds (VOCs) from mineral oil and mineral spirit are projected to hamper the global mineral oil & mineral spirit market. Regulations regarding solvents have become stringent over the past few years in Asia Pacific. However, these regulations are not as stringent as those in the U.S. or Europe.
Extraction Solvent to Offer Lucrative Opportunities for Mineral Oil Market
In terms of application, the global mineral oil market has been segregated into paint thinner, extraction solvent, cleaning, degreasing, fuel, and others. The extraction solvent segment is expected to dominate the global mineral oil market during the forecast period. The extraction solvent segment accounted for major share of the global mineral oil market in 2019. In terms of volume, the segment is estimated to expand significantly during the forecast period.
Buy Premium Research Report@https://www.transparencymarketresearch.com/checkout.php?rep_id=80805<ype=S
Mineral oils are extensively used in the personal care industry. The demand for mineral oil is expected to remain strong throughout the forecast period. Rise in consumer spending on personal care products including skincare, cosmetics and make-up, and hair care products, particularly in developing countries such as Brazil, India, and countries in Southeast Asia, is anticipated to boost the mineral oil market during the forecast period.
High Use of Mineral Spirit in Textile
The textile segment is anticipated to dominate the global mineral spirit market during the forecast period. In terms of volume, the segment is estimated to expand significantly during the forecast period. Expansion in the paints & coatings industry is a major factor driving the global mineral spirits market. The paints & coatings industry is a key consumer of solvents, which are mostly obtained from petrochemical feedstock and refinery operations. The mineral spirit market for paint thinners is projected to expand during the forecast period due to the rapid growth of the paint & coatings industry and rise in usage of paint thinners as solvents to thin oil-based paints.
Explore Transparency Market Research’s award-winning coverage of the global Industry:https://www.prnewswire.com/news-releases/increasing-demand-from-end-use-industries-to-drive-growth-of-metal-fabrication-market-to-valuation-worth-us23-05-bn-by-2027-tmr-301076688.html
Competition Landscape of Mineral Oil & Mineral Spirit Market
The global mineral oil & mineral spirit market is highly fragmented. Jil NewAge Industrial Oil Pvt. Ltd, Eagle Petrochem, and Tavoil cumulatively held more than 40% share of the global mineral oil & mineral spirit market in 2019. Leading players have taken initiatives to expand their presence in the global mineral oil & mineral spirit market through acquisitions, increase in production capacities, and strategic partnerships.
Other key manufacturers operating in the global mineral oil & mineral spirit market are Royal Dutch Shell plc., Pon Pure Chemicals Group, Total SE, Exxon Mobil Corporation, Idemitsu Kosan Co., Ltd, Ganga Rasayanie Private, NewAge Industrial Oil Pvt. Ltd., PETRO-CANADA LUBRICANTS, and BP Global.
Global Mineral Oil & Mineral Spirit Market: Segmentation
Mineral Oil & Mineral Spirit Market, by Application
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Contact
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Blog: https://tmrblog.com/
Follow Us: Twitter | LinkedIn
