There are a variety of mineral oils and thinners which are being consumed globally, of which the preference of these solvents depends on various factors such as solvency, evaporation rate, boiling point, viscosity, and surface tension. Mineral oils and thinners can be used to dissolve a substance (solute) in it, thereby forming a solution. Apart from this, it is also used widely to suspend and carry a particular material.
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Currently, mineral spirits and varnish makers & paints are widely used globally. Mineral oil and thinners are used across various industries such as paints, pharmaceutics, pesticides, agriculture, printing and domestic cleaning, and others. The varnish makers & paints segment accounted for the largest share in the global Mineral oils & 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 consumption of each of the solvent of the mineral oils and thinners is high in Asia-Pacific and this region is projected to witness significant growth in the coming years, especially due to the growing consumption of solvents in China and Korea.
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The paints & coatings segment held the largest share of 48.3% in the global Mineral oils & 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.
Asia-Pacific dominated the global Mineral oils & 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.
In-depth profiling of the key players has been conducted, along with the recent developments (including new product launches, expansion and so on), and strategies adopted by them to sustain and strengthen their position in the Mineral oils & thinners market.
The key participants operating in the Mineral oils & 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.
