The Mineral Oil Market was valued at USD 3.67 Bn in 2021, at CAGR of 4.1% during the forecast period (2022-2030), and the Market is projected to be worth USD 5.27 Bn by 2030.
Mineral oil serves multiple applications especially in personal care and pharmaceutical industries for manufacturing emulsions used in haircare, emollients, lip balm, and treatment of eczema irritations. Thus, the high demand of such products among consumers boosts the market statistics. Furthermore, the mineral oils are highly used for expansion of wet grip, abrasion and rolling resistance of the passenger car tyre. Such factors support the market expansion during the forecast period.
Mineral oil is typically known by multiple names such as the base oil, mineral base oil, baby oil and lubricant base oil which work as the lubricants and laxatives. The mineral oil is a colorless, transparent, oily liquid that is derived from naturally occurring crude petroleum oil. They are frequently used as moisturizers to soften dry skin, treat rough, scaly, itchy skin and minor skin irritations, treatment of dandruff and ear wax removal. Additionally, the oil offers several health benefits like easing constipation, soothing eczema and treating the cradle cap (infant scalp rash).
Mineral Oil Market Research Report” was just released by Market Research Community. It is divided into several categories, including Application (Food and Beverage, Electrical and Industrial, Cosmetic and Personal Care, Agriculture, Textile, Polymers, Mechanical, Biomedicine, Others), By Class (Naphthenic Oils, Paraffinic Oils, Aromatic Oils), Grade (Technical Oil, White Oil), and companies (Petro-Canada, ExxonMobil, SINOPEC, Sasol, Renkert Oil Inc., Sonneborn, Royal Dutch Shell, British Petroleum and Seojin Chemical.), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 4.1%, over the forecast period of 2022–2030
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||5.27 Billion|
|By Class||Naphthenic Oils, Paraffinic Oils, Aromatic Oils|
|By Application||Food and Beverage, Mechanical, Biomedicine, Others|
|By Grade||Technical Oil, White Oil|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||Petro-Canada, ExxonMobil, SINOPEC, Sasol, Renkert Oil Inc., Sonneborn, Royal Dutch Shell, British Petroleum and Seojin Chemical.|
The COVID-19 pandemic has had a substantial negative influence on the Mineral Oil market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Petro-Canada, ExxonMobil, SINOPEC, Sasol, Renkert Oil Inc., Sonneborn, Royal Dutch Shell, British Petroleum and Seojin Chemical.
Market Segment Analysis:
- Skin Care Products
- Hair Care Products
- Baby Oil
- Consumer Goods
- Naphthenic Oils
- Aromatic Oils
- Paraffinic Oils
- White Oil
- Technical Oil
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Mineral Oil industries in the region.
Key Mineral Oil Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Mineral Oil Market segments.
– Largest Market Share Held by Industry to Industry for Mineral Oil
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Mineral Oil Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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