-The rising influence in varied applications across diverse sectors and businesses are some vital factors that will have a profound impact on the growth of the mineral oil & mineral spirit market
-The mineral oil & mineral spirit market expects to expand at a CAGR of 4.5 percent between 2020 and 2030
ALBANY, N.Y., June 14, 2021 /PRNewswire/ -- The construction sector is observing a boom across many regions and countries. The expanding urbanization levels and an increase in rural-to-urban migration are laying a red carpet of growth for the construction industry. Mineral spirits are used extensively in paints as thinner. As paints are the essential components of any construction activity, the mineral oil & mineral spirit market will observe tremendous growth.
Mineral spirit, also known as white spirit, is a transparent liquid derived from petroleum. The solvency characteristics of mineral spirits make them an ideal fit among numerous applications. It is highly insoluble in water and is also used as an extraction, degreasing, and cleaning solvent. The overwhelming benefits of mineral spirits are deemed to be ideal for boosting growth prospects.
Mineral oil is an odorless and colorless liquid. It is a vital ingredient in many cosmetics and personal care products. It is derived from purified, highly refined, and processed petroleum. The rising use of mineral oil in a large number of applications will help in accelerating the growth cycle of the mineral oil & mineral spirit market during the tenure of 2002-2030
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Transparency Market Research (TMR) has conducted intense research on various aspects related to the growth of the mineral oil & mineral spirit market. The TMR experts project the global mineral oil & mineral spirit market to record a CAGR of 4.5 percent across the forecast period of 2020-2030. The global mineral oil & mineral spirit market is extrapolated to reach a valuation of US$ 8 bn by 2030, the end year of the forecast period.
The heightening demand for mineral oil in the personal care and cosmetic industry will bring immense growth opportunities for the mineral oil & mineral spirit market. In addition, the escalating urbanization levels and the rising disposable income of many individuals around the world have led to an increase in the sales of cosmetics and personal care products. Hence, these factors will substantially shape the growth of the mineral oil & mineral spirit market.
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Key Findings of the Report
Favorable Policies for Solvent Production will Bring Promising Growth for the Mineral Oil & Mineral Spirit Market
Industrialization is booming rapidly across the globe, especially in emerging economies like China and India. Policy frameworks are being discussed for the growth of numerous industries and sectors in these economies. Various countries in the Asia Pacific region have favorable rules for solvent production, which will prove to be beneficial for mineral spirits. Hence, this aspect will play a major role in the growth of the mineral oil & mineral spirit market.
Paints and Coatings Industry to Capture a Massive Growth Chunk of the Mineral Oil & Mineral Spirit Market
Mineral spirits are utilized on a large scale across the paints and coatings industry. It is one of the prime components for thinning oil-based paints or reducing the viscosity. Pure mineral spirits act as paint thinners. Hence, these factors will form the foundation of the growth of the mineral oil & mineral spirit market.
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Mineral Oil & Mineral Spirit Market: Significant Growth-Restraining Factors
- Concerns regarding emissions and VOCs from mineral spirit solvents will damage the growth of the mineral oil & mineral spirit market.
- Toxicity generated from mineral oils and the fluctuating raw material prices will obstruct the growth opportunities across the mineral oil & mineral spirit market.
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