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Evolving Market Trends In The Mineral Oil Industry: Product Innovations Transforming The Mineral Oil Market

05-16-2025 09:56 AM CET | Chemicals & Materials

Press release from: The Business Research Company

Mineral Oil

Mineral Oil

The Mineral Oil Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Mineral Oil Market Size and Its Estimated Growth Rate?
The market size of mineral oil has seen significant growth in the recent past. Anticipated growth forecasts a shift from a $4.2 billion market in 2024 to a $4.46 billion market in 2025, with a compound annual growth rate (CAGR) of 6.3%. Factors contributing to this historic growth include industrialization and urbanization, uses in medical devices, high demand from the electrical industry, applications in agriculture, the expansion of the petrochemical industry, and its use in pharmaceutical applications.

In the upcoming years, the mineral oil market is anticipated to witness significant growth. It is projected to expand to $6.03 billion in 2029, with a compound annual growth rate (CAGR) of 7.8%. This growth within the predicted timeframe can be linked to worldwide economic development, changes in consumer tastes, the expansion of industries, the demand from emerging markets, and the embrace of sustainable practices. Key trends during this forecast period are expected to be its industrial applications, demand from the pharmaceutical industry, usage in cosmetics and personal care, needs from the automotive sector, the burgeoning petrochemical industry, and agricultural applications.

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How Are Emerging Segments Shaping the Mineral Oil Market Landscape?
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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Which Growth Factors Are Influencing Mineral Oil Market Expansion?
The surge in the need for personal care items, including skin care products, is projected to boost the expansion of the mineral oil market. Personal care products encompass creams and lotions designed to safeguard the skin and may involve user-specific activities like dressing, showering, applying creams and lotions, and bathing. Mineral oils are incorporated in personal care and skin care products due to their moisturizing, emollient and comforting features. For example, as reported by Forbes, an American business journal, the worldwide cosmetic industry is set to hit $390 billion by 2024. Hence, the escalating demand for personal care items like skin care products is powering the rise of the mineral oil market.

Who Are the Dominant Players Across Different Mineral Oil Market Segments?
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.

What Are the Latest Developing Trends in the Mineral Oil Market?
Leading businesses in the mineral oil market are innovating by introducing products such as synthetic high-performance grease to bolster their market position. The term synthetic high -performance grease stands for a type of lubricant tailored for purposes necessitating exceptional performance traits. For example, in May 2022, Dupont de Nemours Inc., a firm based in the United States offering chemical solutions, introduced the MOLYKOTE Multilub Synthetic High Performance Grease, a multi-functional lubricant recognized by the National Lubricating Grease Institute's (NLGI) HPM + LT label. This accreditation implies it's a High-Performance Multiuse Grease providing enhanced low-temperature performance, making it adaptable to a spectrum of uses such as in gears, slides, pumps, agitators, spindles, gearboxes, bushings, actuators, and springs. The synthetic composition provides excellent durability and performance in comparison to greases based on mineral oil, and its compatibility with temperatures as low as -58°F (-50°C) increases its application versatility.

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Which Geographic Regions Are Expected to Dominate the Mineral Oil Market in the Coming Years?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Mineral Oil Market?
2. What is the CAGR expected in the Mineral Oil Market?
3. What Are the Key Innovations Transforming the Mineral Oil Industry?
4. Which Region Is Leading the Mineral Oil Market?

Why This Report Matters:

Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.

Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

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With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

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