Press release
Key Trend Reshaping the Mineral Oil Market in 2025: Product Innovations Transforming The Mineral Oil Market
Mineral Oil Market Size
The mineral oil market is predicted to expand owing to the burgeoning demand for personal care items like skin care products. These products, including creams and lotions, are employed to safeguard the skin and may involve user-specific activities like dressing, taking a shower, applying these products, and bathing. Mineral oils are favored in personal and skin care items due to their moisturizing, emollient, and soothing characteristics. For example, Forbes, an American business publication, forecasts that the worldwide cosmetic industry will surge to $390 billion by 2024. As such, the escalating demand for personal care goods, specifically those for skin care, is fueling the growth of the mineral oil market.
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What is the future CAGR of the mineral oil market, and how will it impact industry expansion?
In the past few years, there has been a robust growth in the mineral oil market size. The market, presently valued at $4.2 billion in 2024, is projected to expand to $4.46 billion in 2025 with a compound annual growth rate (CAGR) of 6.3%. The historical growth can be linked to factors such as urbanization and industrialization, the application in medical devices, electrical industry demand, usage in agriculture, petrochemical advancement, and applications in the pharmaceutical sector.
In the coming years, the mineral oil market is projected to witness substantial growth, expanding to a value of $6.03 billion in 2029 with a compound annual growth rate (CAGR) of 7.8%. This projected growth during the forecast period can be ascribed to factors such as global economic growth, shifts in consumer preferences, industrial growth, increased demand from emerging markets, and the surge in sustainable practices. Dominant trends anticipated during the forecast period encompass industrial uses, demand from the pharmaceutical industry, requirements in cosmetics & personal care, needs of the automotive sector, the expansion of the petrochemical industry, and applications in the agricultural sector.
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What are the most significant trends transforming the mineral oil market today?
Major players in the mineral oil market, aiming to gain an advantage, are introducing innovative products such as synthetic high-performance grease. This high-performing lubricant is specifically designed for demanding uses that necessitate exceptional performance features. For instance, DuPont de Nemours Inc., a U.S. chemical corporation, unveiled the MOLYKOTE Multilub Synthetic High Performance Grease in May 2022. This multipurpose lubricant has received an HPM + LT accreditation from the National Lubricating Grease Institute (NLGI), implying it's a high-performance, multi-use grease with improved low-temperature efficiency. This makes it appropriate for a variety of uses, including use in gears, slides, pumps, agitators, spindles, gearboxes, bushings, actuators, and springs. Compared to mineral-oil-based greases, this synthetic form provides superior durability and functionality, and its capability to work in temperatures as low as -58°F (-50°C) increases its practical applications.
Which key market segments comprise the mineral oil market and drive its revenue growth?
The mineral oil market covered in this report is segmented -
1) By Type: Paraffinic Oil, Naphthenic Oil, Aromatic Oil
2) By Grade: Technical Oil, White Oil
3) By End User: Personal Care, Food and Beverages, Industrial, Pharmaceutical, Other End Users
Subsegments:
1) By Paraffinic Oil: Light Paraffinic Oil, Heavy Paraffinic Oil, White Mineral Oil
2) By Naphthenic Oil: Light Naphthenic Oil, Heavy Naphthenic Oil
3) By Aromatic Oil: Light Aromatic Oil, Heavy Aromatic Oil, Process Oil
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What regions are at the forefront of mineral oil market expansion?
North America was the largest region in the mineral oil market in 2024. North America was the second-largest region in the mineral oil market share. The regions covered in the mineral oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the mineral oil market?
Major companies operating in the mineral oil market include 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, JXTG Holdings Inc., OMV AG, Idemitsu Kosan Co Ltd., Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Sasol Limited, Kuwait Petroleum Corporation, Civitas Resources Inc., Petro-Canada, Unicorn Petroleum Company Limited, Renkert Oil Inc., Nippon Oil Corporation, Phillips 66, EOG Resources Inc.
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What Is Covered In The Mineral Oil Global Market Report?
•Market Size Forecast: Examine the mineral oil market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the mineral oil market for a structured understanding.
•Key Players Overview: Analyze major players in the mineral oil market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mineral oil market.
•Segment Contributions: Evaluate how different segments drive overall growth in the mineral oil market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mineral oil market.
•Industry Challenges: Identify potential risks and obstacles affecting the mineral oil market.
•Competitive Landscape: Review strategic developments in the mineral oil market, including expansions, agreements, and new product launches.
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