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Mineral Oil Market Analysis, Trends, Growth, Research And Forecast 2033
Mineral Oil Market Analysis
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According to The Business Research Company's, The mineral oil market size has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to industrialization & urbanization, medical device applications, electrical industry demand, agricultural use, petrochemical expansion, pharmaceutical applications.
The mineral oil market size is expected to see strong growth in the next few years. It will grow to $5.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to global economic growth, shifts in consumer preferences, industrial expansion, emerging market demand, rise in sustainable practices. Major trends in the forecast period include industrial applications, pharmaceutical industry demand, cosmetics & personal care use, automotive sector requirements, growing petrochemical industry, agricultural applications.
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Market Drivers and Trends:
Rising demand for personal care products such as skin care is expected to propel the growth of the mineral oil market going forward. Personal care products refer to creams and lotions that are used to protect the skin. This may involve activities specific to users, such as dressing, taking a shower, applying creams and lotions, and bathing. Personal care and skin care products use mineral oils because of their moisturizing, emollient, and soothing properties. For instance, according to Forbes, an American business magazine, the global cosmetic industry is expected to reach $390 billion by 2024. Therefore, rising demand for personal care products such as skin care is driving the growth of the mineral oil market.
Major companies operating in the mineral oil market are developing new products such as synthetic high performance grease to gain a competitive edge in the market. Synthetic high-performance grease refers to a lubricating substance designed for demanding applications that require superior performance characteristics. For instance, in May 2022, DuPont de Nemours Inc., a US-based chemicals company, launched the MOLYKOTE Multilub Synthetic High Performance Grease, a versatile lubricant certified with the National Lubricating Grease Institute's (NLGI) HPM + LT designation. This certification signifies High-Performance Multiuse Grease with enhanced low-temperature performance, making it suitable for a wide range of applications, including gears, slides, pumps, agitators, spindles, gearboxes, bushings, actuators, and springs. The synthetic formulation offers superior performance and durability compared to mineral-oil-based greases, and its ability to operate in temperatures as low as -58°F (-50°C) adds flexibility to its applications.
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Major Key Players of the Market:
Saudi Aramco, China National Petroleum Corporation, PetroChina Company Limited, Exxon Mobil Corporation, Shell plc, TotalEnergies SE, BP plc, Chevron Corporation, ENI S.p.A. Indian Oil Corporation Limited, Rosneft Oil Company, BASF SE, JXTG Holdings Inc., OMV AG, Idemitsu Kosan Co Ltd., Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Sasol Limited, Eastman Chemical Company, Kuwait Petroleum Corporation, Clariant International AG, FUCHS PETROLUB SE Civitas Resources Inc., Petro-Canada, Idemitsu Lubricants Co Ltd., Unicorn Petroleum Company Limited, Renkert Oil Inc., CKX Lands Inc., Seojin Chemical Co Ltd., Nippon Oil Corporation, Phillips 66, EOG Resources Inc.
Mineral Oil Market 2024 Key Insights:
• The mineral oil market size is expected to see strong growth in the next few years. It will grow to $5.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Surging Demand For Personal Care Products Fuels Growth In The Mineral Oil Market
• Product Innovations Transforming The Mineral Oil Market
• North America was the largest region in the mineral oil market in 2023
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