The survival of the oil industry is the key to revive global economy, since the COVID-19 (coronavirus) outbreak has caused a delay in supply chains. Although the supply side has not been materially impacted, manufacturers are witnessing a catastrophic mineral oil demand destruction. Oil storage facilities are brimming with supply but a slowdown in global economic activities has lowered the prices of oil. Thus, companies in the mineral oil & mineral spirit market are relying on COVID-19 vaccines to bring business activities to normal. Travel and trade restrictions are found to lower the demand for mineral oil.
Potential outcomes and ramifications of the COVID-19 pandemic are extending in the sector of mineral spirits. The staggered growth of economic activities in the construction, energy, and automotive sectors is driving the mineral oil & mineral spirit market.
Are Acetone and Mineral Spirits Same?
Acetone and mineral spirits are used interchangeably. However, their differences are necessary to understand in order to enhance their application. For instance, mineral spirits are versatile and being extensively used in dry cleaning applications. However, these spirits need to be carefully disposed and can be recycled instead of discarding after single use. Acetone, on the other hand, is commonly used in cosmetics and plastic manufacturing industries. However, acetone is highly flammable in nature, and needs to be taken at the local hazardous waste treatment site for disposal.
Companies in the mineral oil & mineral spirit market need to create more awareness about the distinction between acetone and mineral spirits to effectively bolster sales. Brenntag AG— a Germany-based chemical distribution company is increasing efforts to create awareness about the same through knowledge sharing on its website.
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Alternative Mineral Oil Products for Power Transmission Inhibiting Market Growth
Substitute products to mineral oil are causing an impediment in market growth. For instance, Cargill’s FR3 dielectric fluid— derived from 100% renewable vegetable oils, helps to overcome the drawbacks of devastating pool fires and dielectric failure during power transmission processes. Hence, companies in the mineral oil & mineral spirit market are increasing their focus in alternate end-use cases such as in biomedicines and textile to expand market growth.
Mineral oil is gaining increased popularity in hair care products. However, customers are becoming aware about its pros and cons. Hence, companies in the mineral oil & mineral spirit market are increasing awareness about cosmetic grade mineral oil to overcome the misconception that mineral oil is toxic. Rigorous purification of mineral oil is being conducted to increase the uptake of hair care products.
Oil-based Paints Used in Construction Create Value-grab Opportunities for Manufacturers
The mineral oil & mineral spirit market is estimated to reach the valuation of US$ 8 Bn by the end of 2030, as manufacturers are establishing stable revenue streams via increased sales of paint thinners. In domestic and commercial construction applications, mineral spirits play a vital role to increase the durability of natural wood balcony bars. This has triggered the demand for mineral spirit, also known as white spirit or mineral turpentine, in oil coatings.
Companies in the mineral oil & mineral spirit market are increasing their production capabilities in paints. For instance, JSW Group— an Indian multinational conglomerate, is gaining strong business grounds via sales of oil-based paints involving mineral turpentine. However, water-based paints are affecting the sales of oil-based paints, owing to the former’s advantages of being recyclable and consisting of low volatile organic compounds (VOCs).
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Adhesives, Coatings, Degreasers Help Expand Revenue Streams
Manufacturers in the mineral oil & mineral spirit market are extending the application of white turpentine as a lighter fluid component, degreaser, and a cleaning compound. Univar Solutions— a global chemical and ingredients distributor company is boosting its output and distribution capacities with the help of technical experts to meet the demanding needs of end users. Mineral spirits are being extensively used along with adhesives, coatings, degreasers, charcoal lighter fluids, and the likes.