Global Mineral Spirits Market, By Product Type (Type 1, Type 2, Type 3, Type 0), Application (Paint Thinner, Extraction Solvent, Cleaning Solvent, Degreasing Solvent, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
The mineral spirits market is expected to witness market growth at a rate of 4.27% in the forecast period of 2021 to 2028. Data Bridge Market Research report on mineral spirits market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in the urbanization in the advancing countries is escalating the growth of mineral spirits market.
Mineral spirit can be defined as a transparent-liquid that is extracted from petroleum because of its solvency properties. Mineral spirit is universally utilized as paint thinner because it is insoluble in water. It is also used as cleaning, extraction, and degreasing solvent. Various grades of solvents are accessible. They are separated based on their manufacturing and modification procedure. There are four types of mineral spirits that are manufactured as fractional distillation fractions gained from kerosene cut of naphtha and crude oil.
Major factors that are expected to boost the growth of the mineral spirits market in the forecast period are the rise in the need for paints and coatings from the advancing countries. Furthermore, the increase in the inclination of low-manufacturing prices and suitable policies for solvent production is further anticipated to propel the growth of the mineral spirits market. Moreover, the growing development in its applications area as well as increasing demand for turpentine substitute products is further estimated to cushion the growth of the mineral spirits market.
On the other hand, the environmental guideline that is boosting the demand for VOC-Free products is further projected to impede the growth of the mineral spirits market in the timeline period. However, the handling and storage of mineral spirit might further challenge the growth of the mineral spirits market in the near future.
This mineral spirits market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on mineral spirits market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Mineral Spirits Market Scope and Market Size
The mineral spirits market is segmented on the basis of product type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of product type, the mineral spirits market is segmented into type 1, type 2, type 3, and type 0.
- On the basis of application, the mineral spirits market is segmented into paint thinner, extraction solvent, cleaning solvent, degreasing solvent, and others. Others are further sub segmented into including disinfectant.
Mineral Spirits Market Country Level Analysis
The mineral spirits market is analysed and market size, volume information is provided by country, product type and application as referenced above.
The countries covered in the mineral spirits market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia Pacific dominates the mineral spirits market due to the rise in the consumption of mineral spirit in the pharmaceutical and building and construction industries. South America is projected to observe significant amount of growth in the mineral spirits market due to the rise in the housing construction expenditure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Mineral Spirits Market Share Analysis
The mineral spirits market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to mineral spirits market.
The major players covered in the mineral spirits market report are Royal Dutch Shell plc, Exxon Mobil Corporation., Cepsa, GSB Chemical Co. Pty. Ltd, Neste, HCS Group GmbH, DHC SOLVENT CHEMIE GMBH, Al Sanea, Merck KGaA, Recochem Corporation., Total, Idemitsu Kosan Co., Ltd, Bharat Petroleum Corporation Limited, Indian Oil Corporation Ltd, Thai Oil Public Company Limited, NewAge Industrial Oil Pvt Ltd., bp p.l.c., Pon Pure Chemicals, Ganga Rasayanie (P) Ltd, Petro-Canada Lubricants Inc., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.