Mineral Oils Market to Reach US$7.1 Bn by 2030, CAGR 4.2% (2024-2031) Driven by Industrial Lubricant Demand | Market Players: ExxonMobil, Royal Dutch Shell, Chevron Corporation, Total Energies, BP, Sinopec Group

The Global Mineral Oils Market reached US$ 5.1 billion in 2022 and is expected to reach US$ 7.1 billion by 2030, growing with a CAGR of 4.2% during the forecast period 2024-2031.

The global Mineral Oils market has witnessed significant growth over the past few years, driven by increasing demand across multiple industries and advancements in technology. The market is characterized by rising adoption of innovative solutions, growing consumer awareness, and supportive government regulations in major economies. As industries continue to prioritize efficiency, sustainability, and cost optimization, Mineral Oils is becoming a critical enabler of business transformation.

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The mineral oil market is sustained by demand in cosmetics, pharmaceuticals, lubricants, and industrial applications. However, regulatory scrutiny and the shift toward bio-based alternatives are influencing growth.

Key Highlights from the Report

➤ The Mineral Oils market is projected to grow at a CAGR of 4.2% between 2024-2031.
➤ The industrial oils segment dominates consumption, while the cosmetic and personal care oils segment grows fastest with natural and refined formulations.
➤ Asia Pacific dominates and grows fastest in the mineral oils market, driven by automotive and industrial applications.
➤ Strategic collaborations and M&A activities are shaping the competitive landscape.
➤ Sustainability and digital transformation are creating new opportunities in the market.

Market Segmentation

By Class (Paraffinic Oil, Aromatic Oil, Naphthenic Oil) By Grade (Industrial Grade, Pharmaceutical Grade, Cosmetic Grade, Food Grade) By Application (Lubricants, Pharmaceuticals, Cosmetics and Personal Care, Electrical, Automotive, Agriculture, Others)

Company Insights

Key players operating in the Mineral Oils market include:
ExxonMobil, Royal Dutch Shell, Chevron Corporation, Total Energies, BP, Sinopec Group, Nynas AB, Repsol, Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL).

United States: Recent Industry Developments

✅ In July 2025, ExxonMobil introduced a new range of high-purity mineral oils for pharmaceutical and cosmetic applications. The products meet USP and FDA standards. They target rising demand for safe and sustainable formulations.

✅ In June 2025, Chevron invested $200 million to modernize its mineral oil refining operations in Mississippi. The upgrade focuses on improving efficiency and lowering sulfur content. Commercial output from the facility is scheduled for early 2026.

✅ In May 2025, Calumet Specialty Products expanded its white mineral oil capacity in Indiana. The move supports supply to the food processing, personal care, and agriculture industries. It enhances the U.S. role in the global specialty oils market.

Japan: Recent Industry Developments

✅ In July 2025, JX Nippon Oil & Energy launched an ultra-refined mineral oil line for electronics cooling. The products are designed for high-performance data centers. Early trials showed improved thermal stability and lower oxidation rates.

✅ In June 2025, Idemitsu Kosan invested in upgrading its Chiba refinery to expand food-grade mineral oil production. The initiative aligns with rising demand from Japan's food packaging sector. It also strengthens export capacity across Asia.

✅ In May 2025, Showa Shell Sekiyu partnered with a local chemical manufacturer to develop biodegradable mineral oil alternatives. The R&D project targets environmentally friendly lubricants. Pilot testing is scheduled for late 2025.

Recent Developments

✅ In October 2023, a panel of international experts informed the inaugural session of IMARC 2023 that Australia has a significant chance to contribute to the growing demand for key minerals by enhancing global supply chains and increasing strategic national collaboration.

✅ On May 23, 2023, Exxon acquired lithium rights as oil companies expanded into vital mineral extraction. The US$ 100 million transaction is the latest in a series of investments by oil majors in crucial resource mining.

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Regional Insights

The global Mineral Oils market demonstrates strong performance across multiple regions:
• North America leads the market due to high adoption rates, strong R&D activities, and the presence of key market players.
• Europe benefits from stringent regulations, increasing focus on sustainability, and government-backed innovation programs.
• Asia-Pacific is expected to witness the fastest growth during the forecast period, fueled by rapid industrialization, growing consumer base, and rising investment in infrastructure.
• Latin America and Middle East & Africa are also showing promising growth, supported by economic reforms and foreign direct investments.

Market Dynamics

Driver: Strong demand across automotive, industrial, and manufacturing applications sustains market.
Restraint: Rising environmental concerns and bio-based alternatives impact growth.
Opportunity: Expanding use in specialty lubricants and additives offers niche opportunities.
Challenge: Volatile crude oil prices affect profitability and supply stability.

The Report Includes:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Go-to-market Strategy.
➡ Neutral perspective on the market performance.
➡ Customized regional/country reports as per request and country level analysis.
➡ Potential & niche segments and regions exhibiting promising growth covered.

Reasons to Buy the Report
✔ Comprehensive market insights with accurate growth projections through 2032.
✔ In-depth segmentation analysis to identify high-growth areas.
✔ Regional breakdown highlighting key opportunities across global markets.
✔ Competitive landscape profiling leading players and recent strategic moves.
✔ Actionable insights for investors, policymakers, and industry stakeholders.

Frequently Asked Questions (FAQs)
◆ How Big is the Global Mineral Oils Market?
◆ Who are the Key Players in the Mineral Oils Industry?
◆ What is the Projected Growth Rate (CAGR) of the Market from 2025 to 2032?
◆ What is the Forecast Value of the Market by 2032?
◆ Which Region is Expected to Dominate the Market During the Forecast Period?

Conclusion

The global Mineral Oils market is positioned for significant growth, driven by strong demand across industries, technological innovation, and supportive regulatory environments. While challenges such as high costs and regulatory hurdles exist, emerging opportunities in digital transformation, sustainability, and new applications are expected to create profitable pathways for market players. Companies that invest in innovation and strategic collaborations will remain at the forefront of this evolving landscape.

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