Mineral Oil Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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Mineral Oil Market Size Growth Forecast: What to Expect by 2025?
The market size of mineral oil has seen significant growth in the past few years. Its size will expand from $4.2 billion in 2024 to $4.46 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.3%. The robust growth witnessed in the historical period is due to factors like industrialization and urbanization, use in medical devices, demand in the electrical industry, agricultural utilization, expansion in the petrochemical industry, and applications in the pharmaceutical sector.

How Will the Mineral Oil Market Size Evolve and Grow by 2029?
Expectations are high for considerable expansion in the mineral oil market over the upcoming years, with the market projected to surge to a worth of $6.03 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 7.8%. The growth predicted during the forecast period can be credited to numerous factors, such as global economic growth, changing consumer preferences, industrial development, the demand from emerging markets, and the increase in eco-friendly practices. Key trends being observed during the forecast period encompass the use in industrial applications, demand from the pharmaceutical industry, its utility in cosmetics and personal care, requirements from the automotive sector, expansion in the petrochemical industry, and uses in agricultural applications.

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What Drivers Are Propelling the Growth of Mineral Oil Market Forward?
The growth of the mineral oil market is predicted to be fuelled by the escalating demand for personal care items like skin care products. This refers to solutions like creams and lotions utilized for protecting skin, which may involve user-specific activities like dressing up, showering, applying creams and lotions, and taking a bath. Due to their moisturizing, emollient, and calming properties, mineral oils are commonly used in personal and skin care products. As reported by Forbes, an American business magazine, the global cosmetic sector is anticipated to hit $390 billion by 2024. Hence, the burgeoning demand for personal care items, especially skin care products, is propelling the mineral oil market's expansion.

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Which Emerging Trends Are Transforming the Mineral Oil Market in 2025?
Leading enterprises in the mineral oil market are creating innovative products like synthetic high-performance grease to bolster their competitive position. Synthetic high-performance grease is a lubricant created for challenging applications, necessitating outstanding performance traits. For example, in May 2022, DuPont de Nemours Inc., a US-based chemicals firm, brought to market their MOLYKOTE Multilub Synthetic High Performance Grease. This versatile lubricant has received the National Lubricating Grease Institute's (NLGI) HPM + LT certification, symbolizing its high-performance multi-use nature and improved low-temperature functioning, making it fitting for a variety of uses, such as in gears, slides, pumps, agitators, spindles, gearboxes, bushings, actuators, and springs. This synthetic compound offers superior endurance and performance compared to greases based on mineral oil, and its capability to function in temperatures down to -58°F (-50°C) gives it versatile applicability.

What Are the Key Segments in the Mineral Oil Market?
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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Who Are the Key Players Shaping the Mineral Oil Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Mineral Oil Market?
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.

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