Global Mineral oil Market, By Class (Paraffinic Oils, Naphthenic Oils, Aromatic Oils), Grade (Technical Oil, White Oil), Application (Cosmetic and Personal Care, Food and Beverage, Electrical and Industrial, Agriculture, Textile, Polymers, Biomedicine, Mechanical, Others),– Industry Trends and Forecast to 2029
Market Analysis and Size
Mineral oil is a very useful substance that enables an array of manufacturing applications due to its chemical and physical properties, which are tailored through manufacturing. One can find mineral oils in the thermoplastic elastomers, rubber industry, and polymer uses, printing inks, adhesives, cosmetics and pharmaceuticals, processing aids for leather and antifoam agents, textiles and binders for fertilisers, agriculture in plant protection formulations and other uses such as cleaning agents, coatings, lubricants, water treatment, and many others. Increasing the use of mineral oil in industries as a thermic fluid is the other factor anticipated to increase the growth of the global mineral oil market in the future.
Data Bridge Market Research analyses that the mineral oil market was valued at USD 3.39 billion in 2021 and is expected to reach USD 4.63 billion by 2029, registering a CAGR of 3.97 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
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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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Class (Paraffinic Oils, Naphthenic Oils, Aromatic Oils), Grade (Technical Oil, White Oil), Application (Cosmetic and Personal Care, Food and Beverage, Electrical and Industrial, Agriculture, Textile, Polymers, Biomedicine, Mechanical, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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ChemCeed (US), RENKERT OIL(US), SEOJIN CHEMICAL CO.,LTD. (South Korea), Sonneborn LLC (US), Shell Plc (UK), Suncor Energy Inc. (Canada), Exxon Mobil Corporation (US), SINOPEC (China), Sasol (South Africa), BP p.l.c. (UK), Unicorn Petroleum (India), Star West (US), BASF SE (Germany), Dow (US), Applied Thermal Control ltd (UK), Clariant (Switzerland), Eastman Chemical Company (US), Flowserve Corporation (US), Radco Industries (US), Huntsman International L.L.C (US)
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Market Opportunities
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Market Definition
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, colourless, oily liquids which are tasteless and odourless. They are insoluble in ethanol and water but soluble in petroleum ether, carbon disulfide, benzene, and volatile oils.
Mineral Oil Market Dynamics
Drivers
- Rising demand from the pharmaceutical sector
Mineral oil is widely used in the pharmaceutical industry for specific formulations for example bulk ointments, drugs, lotions, laxatives, etc. In 2020, the pharmaceutical sector has witnessed for the massive disruptions. This industry has experienced an increase in demand for OTC medicines, flu-related medicines, antibiotics, and others. This industry is expected to witness substantial growth due to fluctuating industry demand and diverse consumer needs, which has also boosted the demand for mineral oil.
- Growing demand for white oil
White oils are used in personal and cosmetic products, from emulsions for instance, haircare, creams, lip balm, baby oil and emollients. Eczema and Diaper rash eczema irritation can be relieved with white oil. Liquid paraffin is also extensively used in the cosmetics industry. White oil is applied in body and hand care cosmetics at concentrations from 1% to 98%, which is depending on the demand of the product quality. White oil is also used in the cosmetic lip care products.
- Rise the demand in rubber industry
Mineral oils can be used as plasticizers aids during the production of the elastomer compound. The demand of mineral oil in the rubber industry can be very different which is depending on the type of polymer used. For example, Styrene-Butadiene-Rubber (SBR) used in the tyre of passenger car which requires high aromatic content to expand wet grip, rolling resistance, and abrasion. Instead, non-polar rubbers such as the use of mineral oil in Ethylene-Propylene-Diene-Monomer (EPDM) with a low aromatic content are also expected to increase the growth of the mineral oil.
Opportunities
The increasing demand for mineral oil in the cosmetic and personal care industry will bring huge development opportunities for the mineral oil market. The usage in cosmetic products is similar to that of pharmaceuticals. This serves special quality such as high temperature resistance in tropical regions or sun protection. Furthermore, the rising urbanization land the increasing disposable income of various individuals over all the globe which have led to an rise in the sales of personal and cosmetics care products. Hence, these factors will significantly shape the growth of the mineral oil market.
Restraints/ Challenges
However, the changing costs of crude oil may obstruct the growth of the global mineral oil market. Furthermore, the toxicity caused by the prolonged use of mineral oil, for example, stinging, irritation, redness, etc. are other factors that could affect the growth of the main market. Growing use of high grade mineral oil for biomedicines and aromatherapy is important trend witnessed in the mineral oil market.
COVID-19 Impact on Mineral Oil Market
The outbreak of the COVID-19 epidemic has severally affected the growth of the global mineral market. Due to COVID-19, the mineral oil market saw a decline in the economic growth in almost several major countries, thus affecting customer spending patterns. Due to the lockdown which has imposed by the government in many countries, national and international transport have been significantly disrupted the supply chain of many industries overall the globe. Thus, insufficiency in raw material supply is anticipated to obstruct the manufacturing rate of mineral oils, which has negatively impacted the growth of the mineral oil market.
Global Mineral oil Market Scope
The mineral oil market is segmented on the basis of class, grade and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Class
- Paraffinic Oils
- Naphthenic Oils
- Aromatic Oils
Grade
- Technical Oil
- White Oil
Application
- Cosmetic and Personal Care
- Food and Beverage
- Electrical and Industrial
- Agriculture
- Textile
- Polymers
- Biomedicine
- Mechanical
- Others
Mineral Oil Market Regional Analysis/Insights
The mineral oil market is analysed and market size insights and trends are provided by country, products, class, grade and application as referenced above.
The countries covered in the mineral oil market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
During the forecast period, North America dominates the mineral oil market in terms of revenue and market share. This is due to the increasing demand for mineral oil in this region. The Asia-Pacific region leads the mineral oil market due to the increasing popularity of aromatherapy and high use of mineral oil in food industry amongst customers in this region
During the projected period, Asia Pacific is anticipated to be the fastest developing region due to increasing disposable income and the increasing awareness regarding many types of personal care products in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Mineral Oil Market Share Analysis
The mineral oil market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to mineral oil market.
Some of the major players operating in the mineral oil market are:
- ChemCeed (US)
- RENKERT OIL (US)
- SEOJIN CHEMICAL CO., LTD. (South Korea)
- Sonneborn LLC (US)
- Shell Plc (UK)
- Suncor Energy Inc. (Canada)
- Exxon Mobil Corporation (US)
- SINOPEC (China)
- Sasol (South Africa)
- BP p.l.c. (UK)
- Unicorn Petroleum. (India)
- Star West (US)
- BASF SE (Germany)
- Dow (US)
- Applied Thermal Control ltd (UK)
- Clariant (Switzerland)
- Eastman Chemical Company (US)
- Flowserve Corporation (US)
- Radco Industries (US)
- Huntsman International L.L.C (US)
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