Mineral Oil Industry to Achieve $5.86 Billion Growth by 2029

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How Will the Mineral Oil Market Grow by 2025 in Terms of Size and Growth?
In the past few years, the mineral oil market has witnessed a consistent growth. The market that was sized at $4.2 billion in 2024 is projected to increase to $4.39 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.7%. Factors driving the rise during the historical phase include industrialization & urbanization, use in medical devices, the requirement in the electrical industry, agricultural applications, expansion in the petrochemical sector, and usage in pharmaceutical applications.

What Are the Estimated Growth Rates for the Mineral Oil Industry Through 2029?
The market size of mineral oil is predicted to witness robust expansion in the coming years. By 2029, its value is anticipated to reach $5.86 billion, growing at a Compound Annual Growth Rate (CAGR) of 7.5%. The forecasted period's growth is credited to global economic development, changes in consumer tastes, industrial growth, demand from emerging markets, and increase in sustainable practices. The projected timespan will likely see trends such as usage in industrial applications, demand from the pharmaceutical industry, use in cosmetics and personal care, automotive sector needs, a burgeoning petrochemical industry, and applications in agriculture.

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What Are the Strategic Drivers Boosting Mineral Oil Market Performance?
The growth of the mineral oil market is anticipated to be driven by the increasing demand for personal care products like skin care. These personal care products include creams and lotions that aid in skin protection. They are utilized in varying personal activities, which may include dressing, showering, applying of creams and lotions, as well as bathing. Mineral oils are used in personal care and skin care products for their moisturizing, emollient, and soothing properties. A projection by Forbes, an American business magazine, indicates that the global cosmetic industry might reach a staggering $390 billion by 2024. Hence, the growing demand for skin care and other personal care products is contributing to the expansion of the mineral oil market.

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What Are the 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

What Are the Key Adoption Trends in the Mineral Oil Market?
Major firms active in the mineral oil market are creating new items such as synthetic high performance grease to strengthen their competitive position. Synthetic high-performance grease is a lubricant created for demanding applications that necessitate outstanding performance properties. For example, the US chemicals company DuPont de Nemours Inc. introduced the MOLYKOTE Multilub Synthetic High Performance Grease in May 2022. This versatile lubricant holds a HPM + LT certification from the National Lubricating Grease Institute's (NLGI), signifying its High-Performance Multiuse Grease with enhanced low-temperature performance. This makes it suitable for a diverse range of applications including gears, slides, pumps, agitators, spindles, gearboxes, bushings, actuators, and springs. The synthetic formulation provides enhanced performance and durability compared to greases based on mineral oil, and its capacity to function at temperatures as low as -58°F (-50°C) increases its application flexibility.

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Which Companies Lead the Competitive Landscape of the Mineral Oil Industry?
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.

Where Are the Key Mineral Oil Market Opportunities by Region?
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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