Mineral oil is a chemical substance which has made from naturally occurring crude petroleum oil. Mineral oils are also known as baby oils, base oils, mineral base oils, or lubricant base oils. Mineral oils are transparent, colorless, oily liquids that are tasteless and odorless liquids. They are insoluble in ethanol and water but soluble in petroleum ether, carbon disulfide, benzene, and volatile oils.
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Data Bridge Market Research analyses that the Global Mineral Oils Market is expected to grow at a CAGR of 4.6% in the forecast period of 2023 to 2030 and is expected to reach USD 7,352,184.11 thousand by 2030. Novel applications of mineral oils in advanced battery system manufacturing is expected to create an opportunity for the global mineral oils market.
Key Findings of the Study
Rising adoption in pharmaceutical markets is expected to drive the market
Mineral oil serves as an essential pharmaceutical additive, which refers to inactive ingredients used in the formulation of medications. It is commonly used as a lubricant, binder, emollient, and coating agent in various pharmaceutical products such as tablets, capsules, ointments, and creams. Its inert nature, stability, and compatibility with a wide range of active pharmaceutical ingredients (APIs) make it a preferred choice for formulations in the pharmaceutical industry. The increasing demand for pharmaceutical products, including over-the-counter drugs, prescription medications, and topical treatments, directly contributes to the demand for mineral oil.
Mineral oil possesses excellent moisturizing and protective properties, making it suitable for various dermatological applications in the pharmaceutical industry. It helps moisturize and soothe dry or irritated skin conditions and acts as a barrier to excessive water loss. Mineral oil-based ointments and creams are commonly used in the treatment of conditions such as eczema, psoriasis, and other skin disorders.
Mineral oil finds applications in oral healthcare products such as mouthwashes, dental gels, and oral lubricants. It helps lubricate oral tissues, relieving dry mouth symptoms and reducing discomfort caused by oral conditions or procedures.
For instance,
- According to CONCAWE, pharmaceutical white oils are colorless oils derived from technical white oils, which are highly refined in a second hydrogenation or acid treatment to achieve extremely low levels of aromatics to ensure they comply with the levels and specifications stipulated by international pharmacopeia monographs
- According to European Heart Journal, mineral oil is often used as a clinical trial placebo. Pharmaceutical-grade mineral oil consists of a mixture of saturated hydrocarbons with a purity and chemical structure that differs from food-grade or industrial-grade mineral oils. Based on available evidence, mineral oil does not appear to impact medication absorption or efficacy or any other related clinical outcomes
The pharmaceutical industry is strongly influenced by global healthcare expenditure. As healthcare spending increases worldwide, particularly in emerging economies, the demand for pharmaceutical products expands. The growing middle-class population, improved access to healthcare services, and increasing prevalence of chronic diseases are key factors contributing to rising healthcare expenditures is expected to drive the market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Tons
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Segments Covered
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Class (Paraffinic Oil, Aromatic Oil And Naphthenic Oil), By Grade (Industrial Grade, Pharmaceutical Grade, Cosmetic Grade And Food Grade), By Application (Lubricants, Pharmaceuticals, Cosmetics & Personal Care, Food Industry, Electrical And Industrial, Tires/Rubbers, Agriculture, Polymers, Packaging, Textile, Adhesives, Coatings/Inks, Others)
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Countries Covered
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U.S., Canada, Mexico, Austria, Belgium, France, Germany, Liechtenstein, Luxembourg, Monaco, Netherlands, Switzerland, Belarus, Bulgaria, Czech Republic, Hungary, Moldova, Poland, Romania, Russia, Slovakia, Ukraine, Denmark, Estonia, Finland, Latvia, Norway, Iceland, Sweden, United Kingdom, Albania, Andora, Bosnia and Herzegovina, Croatia, Greece in Europe, China, Japan, Australia, India, South Korea, Malaysia, Singapore, Indonesia, Thailand, Philippines, New Zealand, Vietnam, Taiwan, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Kuwait, Oman, Saudi Arabia, Qatar, Saudi Arabia, U.A.E., Egypt, and rest of the Middle East and Africa
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Market Players Covered
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Eastern Petroleum (India), Shanghai Bojing Chemical Industry Co., Ltd (China), ALLWIN TRADE SOLUTIONS (India), Petro‐Canada Lubricants Inc. (Canada), NANDAN PETROCHEM LTD (India), AP SAIGON PETRO (Vietnam), Gandhar Oil Refinery (India) Limited (India), Eni Benelux B.V. (Netherlands), APAR Industries Limited (India), Exxon Mobil Corporation (U.S.), Calumet Specialty Products Partners (U.S.), L.P., LODHA Petro (India), RENKERT OIL (U.S.), Cepsa (Spain), LANXESS (Germany), The International Group, Inc. (Canada), CARMEL Industries (Canada), H&R GROUP (Germany), Indian Oil Corporation Ltd (India), Unicorn (India), Adinath Chemicals (India), savita.com (India), Repsol (Spain) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The global mineral oils market is segmented into six notable segments based on category, type, shape, packaging, application, and end user.
- On the basis of class, the global mineral oil market is segmented into paraffinic oil, aromatic oil and naphthenic oil.
In 2023, the paraffinic oil segment is expected to dominate the global mineral oils market
In 2023, the paraffinic oil segment is expected to dominate the global mineral oils market with a 69.59% market share and is expected to reach USD 5,146,503.96 thousand by 2030 growing with the CAGR of 4.7% in the forecast period of 2023 to 2030. In 2023, the paraffinic oil segment is expected to dominate the global mineral oils market due to increasing awareness regarding many types of personal care products.
- On the basis of grade, the global mineral oils market is segmented into industrial grade, pharmaceutical grade, cosmetic grade and food grade
In 2023, the industrial grade segment is expected to dominate the global mineral oils market
In 2023, the industrial grade segment is expected to dominate the global mineral oils market with a 55.94% market share and is expected to reach USD 4,161,558.24 thousand by 2030 growing with a CAGR of 4.8% in the forecast period of 2023 to 2030. In 2023, the industrial grade segment is expected to dominate the global mineral oils market due to its refined colorless & odorless property.
- On the basis of application, the global mineral oil market is segmented into lubricants, pharmaceuticals, cosmetics & personal care, food industry, electrical and industrial, tires/rubbers, agriculture, polymers, packaging, textile, adhesives, coatings/inks, and others
In 2023, the lubricants segment is expected to dominate the global mineral oil market
In 2023, the lubricants segment is expected to dominate the market with a market share of 25.30% and is expected to reach USD 1,931,992.13 thousand in 2030, growing with the highest CAGR of 5.2% in the forecast period of 2023 to 2030. In 2023, the lubricants segment is expected to dominate the market due to the wide range of applications in the automobile and electronics industry.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players in global mineral oil market are Eastern Petroleum (India), Shanghai Bojing Chemical Industry Co., Ltd (China), ALLWIN TRADE SOLUTIONS (India), Petro‐Canada Lubricants Inc. (Canada), NANDAN PETROCHEM LTD (India), AP SAIGON PETRO (Vietnam), Gandhar Oil Refinery (India) Limited (India), Eni Benelux B.V. (Netherlands), APAR Industries Limited (India), Exxon Mobil Corporation (U.S.), Calumet Specialty Products Partners (U.S.), L.P., LODHA Petro (India), RENKERT OIL (U.S.), Cepsa (Spain), LANXESS (Germany), The International Group, Inc. (Canada), CARMEL Industries (Canada), H&R GROUP (Germany), Indian Oil Corporation Ltd (India), Unicorn (India), Adinath Chemicals (India), savita.com (India), Repsol (Spain) among others.
Recent Developments
- In June 2023, Cepsa announced to use 70% of recycled plastics in its lubricant containers. With this advancement, the company will avoid the use of 350 tons of plastics annually and reduce CO2 emissions by 430 tons. It is the development of sustainable packaging. It will help the company to set forth a new eco-friendly path and give a specific position in the market
- In January 2022, Specialty chemicals company LANXESS and Matrìca partnered to produce sustainable biocide preservatives from renewable raw materials. The Matrìca plant at Porto Torres (Sardinia, Italy) will supply LANXESS with bio-based raw materials from vegetable oils, which LANXESS will use to manufacture a new series of industrial preservatives broadening its Preventol range
Regional Analysis
Geographically, the countries covered in the global mineral oils market are U.S., Canada, Mexico, Austria, Belgium, France, Germany, Liechtenstein, Luxembourg, Monaco, Netherlands, Switzerland, Belarus, Bulgaria, Czech Republic, Hungary, Moldova, Poland, Romania, Russia, Slovakia, Ukraine, Denmark, Estonia, Finland, Latvia, Norway, Iceland, Sweden, United Kingdom, Albania, Andora, Bosnia and Herzegovina, Croatia, Greece in Europe, China, Japan, Australia, India, South Korea, Malaysia, Singapore, Indonesia, Thailand, Philippines, New Zealand, Vietnam, Taiwan rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Kuwait, Oman, Saudi Arabia, Qatar, Saudi Arabia, U.A.E., Egypt, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant and fastest growing region in global mineral oils market during the forecast period 2023-2030
In 2023, the Asia-Pacific is expected to dominate the global mineral oil market with a significant growth rate and the highest market share due to the presence of a large number of operating major players in the region and the increase in initiatives such as acquisitions, collaborations and product launch by manufacturers to distribute their products efficiently to the consumer.
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