Mineral Oil Market Report 2026

Mineral Oil Market Overview

• Mineral Oil market size has reached to $4.39 billion in 2025 • Expected to grow to $6.27 billion in 2030 at a compound annual growth rate (CAGR) of 7.3% • Growth Driver: Surging Demand For Personal Care Products Fuels Growth In The Mineral Oil Market • Market Trend: Advancements In Mineral Oil Formulations For Enhanced Engine Performance And Longevity • North America was the largest region in 2025 and Asia-Pacific is the fastest growing region.

What Is Covered Under Mineral Oil Market?

Mineral oil refers to a kind of oil produced from petroleum that contains a mixture of oily liquids. It is a colorless, transparent liquid that is odorless and tasteless. Mineral oil is insoluble in water and ethanol. Mineral oils are used in the manufacture of various products such as bulk drugs, cosmetics, textile auxiliaries, and plant spray oil, agrochemicals, aerosols, dye intermediates, and the paper industry. The mineral oils main types of mineral oil are paraffinic oil, naphthenic oil, and aromatic oil. Paraffin oil refers to a hydrocarbon-based liquid from the fractional distillation of crude oil. It is used as a corrosion prevention element when applied as a lubricant. The different grades include technical oil and white oil that are used in personal care, food and beverages, industrial, pharmaceutical and other end users.

What Is The Mineral Oil Market Growth Forecast?

The mineral oil market size is expected to see strong growth in the next few years. It will grow to $6.27 billion in 2030 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising demand for white oil in food processing, growth of pharmaceutical manufacturing, increasing agrochemical production, expanding industrial lubrication requirements, rising demand for high purity oils. Major trends in the forecast period include growing demand for pharmaceutical grade white oils, rising use of mineral oil in personal care formulations, increasing application of mineral oil as textile auxiliaries, expansion of mineral oil usage in agrochemical spray oils, rising consumption of process oils in paper and dye manufacturing.

Global Mineral Oil Market Segmentation

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

What Is The Driver Of The Mineral Oil Market?

Rising demand for personal care products such as skin care is expected to propel the growth of the mineral oil market going forward. Personal care products refer to creams and lotions that are used to protect the skin. This may involve activities specific to users, such as dressing, taking a shower, applying creams and lotions, and bathing. Personal care and skin care products use mineral oils because of their moisturizing, emollient, and soothing properties. For instance, in December 2024, according to the Bureau of Labor Statistics, a US-based government agency, in 2023, expenditure on personal care products and services rose by 9.7%, while spending on personal insurance and pensions grew by 9.3%. Therefore, rising demand for personal care products such as skin care is driving the growth of the mineral oil industry.

What Is The Driver Of The Mineral Oil Market?

Rising demand for personal care products such as skin care is expected to propel the growth of the mineral oil market going forward. Personal care products refer to creams and lotions that are used to protect the skin. This may involve activities specific to users, such as dressing, taking a shower, applying creams and lotions, and bathing. Personal care and skin care products use mineral oils because of their moisturizing, emollient, and soothing properties. For instance, in December 2024, according to the Bureau of Labor Statistics, a US-based government agency, in 2023, expenditure on personal care products and services rose by 9.7%, while spending on personal insurance and pensions grew by 9.3%. Therefore, rising demand for personal care products such as skin care is driving the growth of the mineral oil industry.

Global Mineral Oil Market Trends and Insights

Major companies operating in the mineral oil market are focusing on developing innovative solutions such as synthetic engine oil and advanced coolant formulation to enhance engine performance, improve fuel efficiency, and extend machinery lifespan. Synthetic engine oil and advanced coolant formulation refers to high-performance lubricants and heat-transfer fluids designed to reduce friction, protect engines from wear, manage temperature efficiently, and improve overall vehicle or machinery reliability. For instance, in May 2023, Lumax Auto Technologies, an India-based automotive components manufacturer, launched a new range of high-performance lubricants and coolants. These products are designed to enhance engine efficiency, reduce wear and tear, improve thermal stability, and support sustainability initiatives in automotive applications, catering to both passenger and commercial vehicles.

What Are Latest Mergers And Acquisitions In The Mineral Oil Market?

In February 2025, Oil and Natural Gas Corporation (ONGC), an India-based state-owned oil and gas company, formed a collaboration with bp Plc, to explore opportunities in exploration and production, trading, and other energy vectors in India and internationally. The partnership aims to enhance energy security, optimize resource utilization, and drive innovation across upstream and downstream operations while fostering growth in the global energy market. Bp Plc is a UK-based multinational energy company engaged in the production, trading, and development of conventional and renewable energy solutions.

Regional Insights

North America was the largest region in the mineral oil market in 2025. North America was the second-largest region in the mineral oil market share. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain

What Defines the Mineral Oil Market?

The mineral oil market consists of sales of petrolatum, microcrystalline wax and ozokerite. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Mineral Oil Market Report 2026?

The mineral oil market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the mineral oil industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.