Petroleum Jelly Petroleum Jelly Market Innovative Strategy by 2031 | Major Giant Eastern Petroleum, Eastern Petroleum, etc
Transparency Market Research delivers key insights on the global petroleum jelly market. In terms of value, the global petroleum jelly market is expected to expand at a CAGR of 4.26% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global petroleum jelly market.
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Petroleum jelly is used in the treatment of epistaxis. It is also used in skin care and hair care products. Petroleum jelly is also used in hair pomades, which keep the hair shiny. In industrial appliances, petroleum jelly is used as an anticorrosion coat on metallic trinkets, non-stainless steel blades, and gun barrels. Petroleum jelly can be used as a finishing coat on wood and smooth leather products, owing to its water repellent properties. In industrial production processes, petroleum jelly is utilized as a release agent for plaster molds and castings. It can also be used as a waterproofing cream in the leather industry. Furthermore, petroleum jelly is utilized as a tack reducer additive in paper printing inks.
Petroleum Jelly Market: Dynamics
Petroleum jelly can be used in various applications that serve the purpose of metal protection as well as lubrication for machinery used in food preparation. Thus, petroleum jelly enhances food production standards. Petroleum jelly can be used as a release agent for plaster molds and castings. It can be used as a mold release agent for simple molds without fine details. The jelly can be directly applied by the hand. Thus, petroleum jelly can be a cost effective alternative to other traditional mold release agents.
Petroleum jelly can be used as a battery terminal compound. It protects battery terminals from corrosion when applied on the cable clamps and battery terminals. The hydrophobic nature of petroleum jelly enables it to act as a barrier to moisture. It also keeps battery terminals free from dirt, thus helping retain battery in good condition. The emergence of electric vehicles to reduce the global carbon footprint and encouragement by governments in the form of incentives for the purchase of e-vehicles are anticipated to boost the demand for batteries, thus propelling the petroleum jelly market during the forecast period.
Petroleum Jelly Market: Prominent Regions
North America is a key region of the global petroleum jelly market. The U.S. held large share of the petroleum jelly market in North America in 2020. The growth of the market in the country can be ascribed to the expansion of the cosmetic industry. The increase in the use of personal care and skincare products in the U.S. is driving cosmetics industry. According to the Forbes magazine, the U.S. was the world's largest beauty market in 2020. Women in the U.S. spend around US$ 3,756 on cosmetics annually. Petroleum jelly is a vital ingredient used in the manufacture of skincare, personal care and hair care products. Petroleum jelly keeps the skin hydrated and enhances its health. Thus, the rise in the demand for cosmetics products is expected to boost the consumption of petroleum jelly.
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The rapid growth of the petroleum jelly market in Europe is driven by the expansion of the electronic vehicles market. The implementation of stringent regulations on reduction of carbon footprint has driven the purchase of electronic vehicles. Electronic vehicles use batteries to store energy. This helps eliminate the need of traditional gasoline fuel, thus eliminating the emission of hydrocarbons. As battery terminal compound, petroleum jelly protects battery terminals from corrosion, dirt, and moisture, thus increasing the service life of batteries.
According to the IBEF (Indian Brand Equity Foundation), in the 2021-2022 Union Budget, the Government of India allocated US$ 1.9 Bn for the development of telecom infrastructure, which includes completion of optical fiber cable-based network for defense services. Thus, increase in investment in the telecom infrastructure in Asia Pacific is anticipated to boost the petroleum jelly market in the region during the forecast period.
Petroleum Jelly Market: Key Players
Key players operating in the global petroleum jelly market are Royal Dutch Shell, Sonneborn LLC, Sasol, Raj Petro Specialities Pvt. Ltd., Eastern Petroleum, Eastern Petroleum, Sovereign Chemicals & Cosmetics, Unisynth Group, Shimi Taghtiran Co., Nippon Siero Co., Ltd., and Petrobras.
Global Petroleum Jelly Market: Segmentation
Petroleum Jelly Market, by Grade
Petroleum Jelly Market, by End User
Cosmetic & Personal Care
Others (including Paints & Coatings, Adhesives, and Telecommunications)
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Petroleum Jelly Market: Overview
According to Transparency Market Research's latest research report on the global petroleum jelly market for the historical period of 2020 and the forecast period of 2021 to 2031, rise in demand for petroleum jelly, owing to its application in pharmaceutical, personal care, and manufacturing industries is expected to boost the global petroleum jelly market during the forecast period. Approved by the U.S. Food and Drug Administration (FDA), petroleum jelly is widely used as over-the-counter (OTC) skin protectant for treating ailments such as toenail fungus, genital rashes, nose bleeds, diaper rashes, and common colds.
In terms of revenue, the global petroleum jelly market is expected to exceed US$ 716.9 Mn by 2031, expanding at a CAGR of 4.26% during the forecast period. Petroleum jelly, also known as petrolatum, white petrolatum, soft paraffin, and mineral jelly, is a semi-solid mixture of hydrocarbons derived from a waxy petroleum material obtained from oil rigs. Petroleum jelly is widely used in various ointments. It is also used as a lubricant. Petroleum jelly is also used as a stabilizer in the manufacture of propellant cordite (smokeless propellant used as an alternative for gun powder in military applications) and surface cleanser (erasing tar stain from leather products). In marine applications, petroleum jelly is used as an underwater antifouling coat for motorboats and sailing yachts.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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