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.
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.
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.
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Asia Pacific to be Lucrative Region of Mineral Oil & Mineral Spirit Market
Based on region, the global mineral oil & mineral spirit market has been split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global mineral oil & mineral spirit market in 2019. This trend is likely to continue during the forecast period. The demand for mineral oil & mineral spirit is high in Asia Pacific, particularly in China and India, owing to increase in consumption of mineral oil & mineral spirit in pharmaceutical and building & construction industries in these countries.
Asia Pacific is a prominent producer and consumer of hydrocarbon solvents across the globe. The region accounted for more than 45% volume share of the global aliphatic solvents market in 2019. The region is also anticipated to be a rapidly growing consumer of mineral oil and mineral spirit compared to other regions. This can be ascribed to increase in demand for mineral oil and mineral spirit in developing countries such as China and India.
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.
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