What Fueled Mineral Oil Market?
The mineral oil market has seen considerable growth due to a variety of factors.
• The market size of mineral oil has seen a significant expansion over the last few years. The market, estimated at $4.2 billion in 2024, is projected to reach $4.46 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.3%.
The surge during the historical period can be credited to factors such as industrial and urban development, application in medical devices, demand in the electrical sector, utilization in agriculture, growth in the petrochemical sector, and its use in the pharmaceutical industry.
What Are The Predictions for The Mineral Oil Market Size In The Coming Years?
The mineral oil market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, robust expansion is predicted for the mineral oil market, which is set to reach $6.03 billion by 2029, experiencing a compound annual growth rate (CAGR) of 7.8%.
Factors contributing to this growth during the anticipated period include global economic development, changing consumer tastes, industrial acceleration, demand from emerging markets, and an increase in sustainable approaches. Significant trends that will define this forecast period encompass industrial uses, demand from the pharmaceutical sector, application in cosmetics and personal care, automotive industry needs, the expanding petrochemical sector, and uses in agriculture.
What Are the Critical Driver Fuelling the Mineral Oil Market's Growth?
The surge in the demand for self-care products like skincare is anticipated to fuel the expansion of the mineral oil market in the future. These personal care products include creams and lotions designed to shield the skin and may involve activities unique to users, such as getting dressed, showering, using creams and lotions, and taking a bath. Mineral oils are preferred in personal care and skincare products due to their moisturizing, emollient, and calming properties. For instance, Forbes, a prominent business magazine in the United States, predicts that the worldwide cosmetic industry will be valued at $390 billion by 2024. Hence, the escalating demand for self-care products like skincare is promoting the growth of the mineral oil market.
What Are The Core Segments Of The Globa Mineral Oil Market?
The mineral oil market covered in this report is segmented –
1) By Type: Paraffinic Oil, Naphthenic Oil, Aromatic Oil
2) By Grade: Technical Oil, White Oil
3) By End User: Personal Care, Food and Beverages, Industrial, Pharmaceutical, Other End Users
Subsegments:
1) By Paraffinic Oil: Light Paraffinic Oil, Heavy Paraffinic Oil, White Mineral Oil
2) By Naphthenic Oil: Light Naphthenic Oil, Heavy Naphthenic Oil
3) By Aromatic Oil: Light Aromatic Oil, Heavy Aromatic Oil, Process Oil
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Which Emerging Trends Are Reshaping The Mineral Oil Market Size?
The mineral oil market is witnessing innovation as key players are introducing novel products like synthetic high-performance grease, to maintain their competitive edge. This particular substance is a lubricant specifically engineered to provide exceptional performance in demanding scenarios. Take, for instance, the unveiling in May 2022 of MOLYKOTE Multilub Synthetic High Performance Grease by DuPont de Nemours Inc., a US chemical firm. The lubricant has been certified by the National Lubricating Grease Institute with its HPM + LT designation, denoting High-Performance Multiuse Grease superior in low-temperature performance. This makes it an excellent choice for various applications such as gears, slides, pumps, spindles, gearboxes, bushings, actuators, agitators, and springs. Being synthetic, it offers better durability and performance than its mineral-oil-based counterparts, and is functional even at temperatures as low as -58°F (-50°C), adding to its versatility.
Who Are the Key Players in the Mineral Oil Market?
Major companies operating in the mineral oil market include:
• Saudi Aramco
• China National Petroleum Corporation
• PetroChina Company Limited
• Exxon Mobil Corporation
• Shell plc
• TotalEnergies SE
• BP plc
• Chevron Corporation
• ENI S.p.A. Indian Oil Corporation Limited
• Rosneft Oil Company
• JXTG Holdings Inc.
• OMV AG
• Idemitsu Kosan Co Ltd.
• Bharat Petroleum Corporation Limited
• Hindustan Petroleum Corporation Limited
• Sasol Limited
• Kuwait Petroleum Corporation
• Civitas Resources Inc.
• Petro-Canada
• Unicorn Petroleum Company Limited
• Renkert Oil Inc.
• Nippon Oil Corporation
• Phillips 66
• EOG Resources Inc.
What are the Regional Insights into the Mineral Oil Market?
North America was the largest region in the mineral oil market in 2024. North America was the second-largest region in the mineral oil market share. The regions covered in the mineral oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
