PUNE, India, April 18, 2016 /PRNewswire/ --
According to the new Market Research Report "Mineral Oils & Thinners Market: By Applications (paints & coatings, pharmaceutical, adhesives, printing inks, rubber & polymer, agricultural chemicals and others); Types (mineral spirits, varnish makers & paints, paraffinic solvent, solvent 140 and others); and Geography (Asia-Pacific, North America, Europe, Rest of the World (RoW))- Forecasts till 2020", the Global Mineral oils & thinners market was valued at USD 4,272.6 million in 2015, and is projected to reach USD 4,583.0 million by 2020, at a CAGR of 1.4% from 2015 to 2020.
Browse 75 market data Tables and 20 Statistical Figures in the report with an elaborate TOC Global Mineral Oils & Thinners Market for an in-depth analysis of the industry trends and segments
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Mineral oils and thinners are used across various industries for one or more applications. It is used as a carrier to dissolve pigments and other ingredients, as well as to enhance certain properties such as the density of solutions. Mineral oils and thinners find their usage in various industries for different applications. They are used as carrier to dissolve pigments and other ingredients and to enhance certain properties such as density of the solutions
Various factors like high growth in the paints & coatings and pharmaceutical industry, growing penetration in the Asia-Pacific region and mineral spirit being good substitute to the turpentine are the factors driving the growth of the market.
The Mineral oils and thinners market has been segmented based on application, type and geography. The application segment has been further segmented into paints & coatings, pharmaceuticals, adhesives, rubber & polymer, printing inks, agricultural and others.
The major application of Mineral oils and thinners is in paints & coatings industry. It is followed by the pharmaceuticals and adhesives industries. Apart from these, printing inks, rubber & polymers, and agricultural chemicals are some of the application segments that consume Mineral oils and thinners. The paints & coatings segment held the largest share of 48.3% in the global Mineral oils and thinners market in 2014 in terms of volume. This is due to continuously increasing demand for construction chemicals, which has led to increase in the usage of paints & coatings. This, in turn has led to the increased demand for Mineral oils and thinners, globally.
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In terms of types, the varnish makers & paints segment accounted for the largest share in the global Mineral oils and thinners market of around 55.0% in 2014 in terms of volume, followed by mineral spirits contributing a share of 17.6% in the same year.
The geography segment has been segmented into Asia-Pacific, North America, Europe, and Rest of the World (RoW). Asia-Pacific dominated the global Mineral oils and thinners market, and contributed a share of around 52.0%, by volume, to the market in 2014. The market in the region is projected to grow at a CAGR 2.3% during the forecast period of 2015 to 2020. High growth in the end user industries, such as pharmaceuticals, paints coatings, and cosmetics is expected to drive the growth of the market in Asia-Pacific.
New product launch and expansions are the key growth strategies adopted by the key players in this market. Manufacturing companies and end-product manufacturers infuse high investments for future advancements and technology modifications to match the ever growing demands coming from various end-user industries.
Key Players of Global Mineral Oils & Thinners Market includes:
The key participants operating in the Mineral oils and thinners market are Exxon Mobil Corporation (U.S.), Royal Dutch shell PC (Netherlands), Gulf chemicals and industrial oils & co. (Saudi Arabia), and CPC Corporation (Taiwan), among others.
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