Press release
The global petroleum jelly market is estimated to increase by 4.39% (2022-2029) to reach USD 644.38 million by 2029: Cognitive Market Research
The global petroleum jelly market is estimated to increase by 4.39% (2022-2029) to reach USD 644.38 million by 2029: Cognitive Mar
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@https://www.cognitivemarketresearch.com/petroleum-jellies-market-report
Petroleum Jelly Market Overview:
Petroleum jelly is also known as petrolatum and mineral jelly which is a semi-solid mixture of mineral oils and natural waxes. It is originally promoted as a topical ointment for its healing properties. Petroleum jelly is translucent, yellowish to amber or white, odourless, and unctuous substance that is derived from petroleum. Petroleum jellies are primarily used in pharmaceutical, medical and cosmetic industries which is driving the demand for petroleum jelly in the market.
Market Dynamics:
• Increasing demand for petroleum Jelly from personal care products
The increasing population and awareness associated with skincare and personal grooming stimulate the demand for personal care products. Petroleum jelly is widely used in personal care products such as lip balms, lotions, and baby care products as moisturizers and skin protectants which drives the growth of the petroleum Jelly market.
• Increasing demand for petroleum jelly from cosmetics & pharmaceuticals and food industry.
Petroleum jelly is chemically inert and has excellent corrosion protection properties which boost its application as a machinery lubricant in industries including food beverages and pharmaceutical industries.
Moreover, petroleum jelly is also been used in several cosmetics & pharmaceutical formulations such as ointments and creams to deal with several skins associated problems. Thus, with increasing sales of cosmetics & pharmaceuticals, the demand for raw materials including petroleum jelly also increases simultaneously which enhances the growth of the market.
• Increasing demand for petroleum jelly from developing countries and emerging markets
The increasing population, rising disposable incomes, and awareness of cosmetic and personal care products in developing and emerging markets are expected to offer significant growth opportunities for the growth of the petroleum jelly market.
• The growing popularity of petroleum Jelly as a multipurpose product is expected to offer significant growth opportunities
- Petroleum jelly can be used to serve multiple applications including personal hygiene, and skin care, and also to get relief from several skin problems (eczema). Thus, people tend to buy products that have multipurpose use which can enhance the demand for petroleum jelly.
- Fluctuations in oil and natural gas prices and supply chain disruption that occurred due to the COVID-19 pandemic have significantly impacted the growth of the petroleum jelly market
Regional Analysis of the Petroleum Jelly Market:
• North America and Europe have significant contributions to the growth of the petroleum jelly market
Based on Region, the market is fragmented into North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa. North America is estimated with highest market share followed by Europe. Well-established cosmetics and personal care industry, high standard of living, and significant awareness of personal grooming and skin care are a few factors that drive the growth of the petroleum jelly market in this region.
• Asia Pacific is expected to witness the highest growth rate during the forecast period
Asia-Pacific region is estimated to grow with a significantly higher CAGR owing to a rapidly growing population, rapid urbanization, increasing disposable incomes, and rising awareness of personal grooming and skin care.
Top players involved in the Petroleum Jelly market:
• Royal Dutch Shell
• Sonneborn LLC
• Sasol
• ExxonMobil
• Raj Petro Specialities Pvt. Ltd.
• Eastern Petroleum
• Sovereign Chemicals & Cosmetics
• Unisynth Group
• Shimi Taghtiran Co.
• Nippon Siero Co. Ltd.
• International Group, Inc
• Repsol.
Current Trends of Manufacturers:
• Jan 2022
50-50 joint venture formed between Shell Oil Company and P.M.I. Norteamerica, S.A. De C.V. with completion of the sale of a partnership interest in Deer Park Refining Limited
Shell Oil Company, a subsidiary of Royal Dutch Shell plc has completed the sale of Shell's 50.005% interest in the partnership and handed over full ownership of the Deer Park Refining Limited to Pemex for $596 million, a combination of cash and debt.
Segment Analysis:
The Petroleum Jelly Market report is segmented on the basis of grade, product type, end industry, distribution channel, and region.
• Based on Grade, the market is segmented as pharma/medical grade and industrial grade. Pharma-grade petroleum jelly is increasingly used for cosmetic and medical preparations, intended for moisturizing, conditioning, wound healing, burn treatment, etc. It is also used as a lubricant for medical instruments which results in increasing demand for pharma-grade petroleum jelly.
• Based on End-Use Industries, the market is fragmented into cosmetics and pharmaceuticals, the food industry, telecommunication, and others. The cosmetics and pharmaceutical industries are expected to show significant market share owing to a wide range of applications in these industries.
• Based on product type, the market is fragmented into refined petroleum jelly and unrefined petroleum jelly. Refined petroleum jelly contributes the major share as it is used in almost all the applications industries. Unrefined petroleum jelly is claimed to be harmful and carcinogenic which is a prime reason for the low demand for unrefined petroleum jelly
Related Report:
• Personal Care Ingredients Market - https://www.cognitivemarketresearch.com/personal-care-ingredients-market-report
• Beauty And Personal Care Products Market - https://www.cognitivemarketresearch.com/beauty-and-personal-care-products-market-report
• Refined Petroleum Products Market - https://www.cognitivemarketresearch.com/refined-petroleum-product-market-report
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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Illinois, 60602
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About Cognitive Market Research Company:
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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