The research study conducted by Report Ocean on the “ Mineral Turpentine Market” spans over 100+ pages and delves into various facets of this market. It analyses the business strategies adopted by emerging industry players, examines the geographical scope, dissects market segments, evaluates the product landscape, and investigates price and cost structures. This research report facilitates market segmentation based on the latest Market trends, geographical market, and technological advancements. Each section of the report is meticulously prepared to scrutinize key aspects of the market. Moreover, it includes a detailed analysis of current applications, comparing them while focusing on opportunities, threats, and conducting a competitive analysis of major companies.
Global Mineral Turpentine Market is valued at approximately USD 7 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2023-2030. Mineral Turpentine is a type of machinery or a tool that has been used in the industry of manufacturing semiconductors to cut and process silicon wafers into single chips. The factor that drives the growth of the market is the rise in the usage of mineral turpentine in the sectors of end-use like inks & dyes, adhesives, paints & coatings. These sectors lead to an increase in demand in the market. The other factor that drives the growth of the market is the paint industry as it is the biggest consumer of the mineral turpentine market because of the high use of it as a paint thinner and it also helps in cleaning paint brushes. As per Statista, the paint and coatings industry globally are estimated around 160 billion dollars in 2021 which will increase YoY basis and it will increase the demand for the mineral turpentine market. However, the health risks that are associated with prolonged exposure hinder the growth of the market.
Request To Download Free Sample of This Strategic Report @https://reportocean.com/industry-verticals/sample-request?report_id=bw7302
The opportunity factor for the market is rising government regulations as there is an increasing demand for environment-friendly solvents if the comparison of mineral turpentine is done with other solvents, then it is less toxic to the environment so the demand for mineral turpentine will increase owing to concerns related to the environment. As per Statista, the green technology and sustainability market size is expected to reach around 417.35 billion USD by 2030 which will create opportunities for the mineral turpentine market because it is less toxic for the environment. The other factor for the opportunity of the market is the rising demand for degreasing and cleaning as mineral turpentine is commonly used for degreasing and cleaning in several industries and these industries are growing at a faster pace and will continue to grow in future which will create opportunities for mineral turpentine market.
The key regions considered for the Global Mineral Turpentine Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the reasons such as well-established petrochemical industry in the region and the dominance of the market due to the export-oriented production of mineral turpentine. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as there is rapid industrialization in the region which increases the demand for the paint industry and petrochemical industry and thus the mineral turpentine market.
Major market player included in this report are:
GSB Chemical Co. Pty. Ltd
Neste Oyj
Royal Dutch Shell Group
Total Energies Se
Idemitsu Kosan Co. Ltd.
Exxon Mobil Corporation
DHC Solvent Chemie GmbH
Al Sanea Chemical Products
Merck KGaA
Recochem Inc.
Recent Developments in the Market:
In December 2021, a subsidiary of Royal Dutch Shell which is Shell New Energies US LLC has done an acquisition of a large-scale energy and solar storage developer in the US, Savion LLC. Savion is involved in developing of energy storage and solar power projects for several customers.
In Feb 2021, Royal Dutch Shell plc agreed to sell its Duvernay shale light oil position in Alberta, Canada, to a publicly traded Canadian energy business Crescent Point Energy Corp for an overall price of USD 707 million via its affiliate Shell Canada Energy.
Global Mineral Turpentine Battery Market Report Scope:
Historical Data: 2020 – 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Application, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below.
By Type:
Hydrodesulfurized
Solvent Extracted
Hydrogenated
By Application:
Paint Thinner
Extraction Solvent
Cleaning Solvent
Degreasing Solvent
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Key Questions Answered in the Market Report:
• How did the COVID-19 pandemic have an impact on the adoption of via a range of pharmaceutical and existence sciences companies?
• What is the outlook for the affect market all through the forecast length 2023-2032?
• What are the key developments influencing the have an impact on market? How will they have an impact on the market in short-, mid-, and long-term duration?
• What is the give up person appreciation toward?
• What are the key elements impacting the have an effect on market? What will be there have an impact on in short-, mid-, and long-term duration?
• What are the key possibilities areas in the influence market? What is their workable in short-, mid-, and long-term duration?
• What are the key techniques adopted via groups in the have an effect on market?
• What are the key utility areas of the influence market? Which utility is predicted to keep the very best increase attainable all through the forecast duration 2023-2033?
• What is the favoured deployment mannequin for the impact? What is the boom conceivable of quite a number deployment fashions existing in the market?
• Who are the key cease customers of pharmaceutical quality? What is their respective share in the affect market?
• Which regional market is predicted to maintain the easiest boom possible in the have an impact on market at some stage in the forecast length 2023-2032?
• Which are the key gamers in the have an impact on market?
Growth Hampering Factors in the Market:
- Environmental regulations: Stricter environmental regulations on the production and use of fossil fuels can limit the availability and use of traditional market.
- Safety concerns: Safety concerns regarding the storage and transportation of can limit their use.
- Supply chain disruptions: Disruptions in the global supply chain due to natural disasters, pandemics, or other factors can impact the availability and cost of market.
- Security concerns: Security concerns regarding the transportation and storage of market can limit their use and availability.
- Technological obsolescence: Advances in technology can make existing systems obsolete, leading to reduced demand.
- Competition from alternative fuels: The development of alternative fuels such as biofuels and hydrogen-based fuels can compete with traditional market.
- Volatility in oil prices: Fluctuations in oil prices can affect the cost of market, making it difficult for industry players to predict and plan for costs.
- Economic downturns: Economic downturns can result in reduced demand for air travel and air cargo transportation, leading to a reduction in demand for market.
- Geopolitical tensions: Political instability and tensions between nations can impact the global supply chain for market, leading to supply disruptions and price fluctuations.
Request full Report
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean is the world’s leading research company, known for its informative research reports. We are committed to providing our clients with both quantitative and qualitative research results. As a part of our global network and comprehensive industry coverage, we offer in-depth knowledge, allowing informed and strategic business conclusions to report. We utilize the most recent technology and analysis tools along with our own unique research models and years of expertise, which assist us to create necessary details and facts that exceed expectations.