Mineral Oils Market to Reach USD 7.1 Billion by 2030 | CAGR 4.2% | North America Leads with 35% Share | Key Players: ExxonMobil, Royal Dutch Shell, Chevron, Total Energies, BP, Sinopec

Market Overview

The global mineral oils market reached US$ 5.1 billion in 2022 and is projected to grow to US$ 7.1 billion by 2030, registering a CAGR of 4.2% during the forecast period 2024-2031. Growing environmental concerns are driving a shift toward more eco-friendly formulations, with low-viscosity mineral oils gaining traction for their ability to enhance fuel efficiency and reduce carbon emissions. Sustainability and eco-certifications are becoming increasingly important factors influencing industry growth. Additionally, soybean oils are emerging as a versatile alternative for industrial applications, including asphalt for road construction, rubber for all-weather tires, and, most notably, as base stocks in the lubricants sector. The United States alone produces approximately 4 million metric tons of soybean oil annually for industrial purposes, accounting for over 80% of the regional market share, highlighting its dominance in the North American mineral oils landscape.

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Recent Developments:

✅ January 2026: A leading U.S.-based lubricant manufacturer launched a new line of eco-friendly low-viscosity mineral oils designed to improve fuel efficiency and reduce carbon emissions in commercial vehicles.

✅ November 2025: ExxonMobil introduced a bio-based mineral oil product in North America, partially derived from soybean oil, targeting industrial and automotive applications with improved sustainability credentials.

✅ August 2025: Shell announced the expansion of its mineral oil production capacity in Europe, integrating renewable feedstocks to meet rising demand for environmentally friendly lubricants and compliance with stricter EU regulations.

✅ June 2025: TotalEnergies rolled out a series of high-performance mineral oils for heavy machinery in Asia-Pacific, emphasizing energy efficiency and extended operational life to reduce maintenance costs.

✅ On September 6, 2022, Sitio Royalties Corp. and Brigham Minerals, Inc. have announced a definitive agreement to combine in an all-stock merger, with an aggregate enterprise value of approximately US$ 4.8 billion based on the closing share prices of STR and MNRL on Friday, September 2, 2022). The merger brings together two of the largest public companies in the oil and gas mineral and royalty sector, as well as complementary high-quality assets in the Permian Basin and other oil-focused regions, resulting in an industry leader with a proven track record of consolidating oil and gas mineral and royalty interests held by a diverse set of E&P companies.

✅ January 2025: BP introduced a next-generation mineral oil blended with renewable feedstocks in the U.S., targeting automotive and industrial markets seeking sustainable alternatives without sacrificing performance.

Mergers & Acquisitions:

✅ December 2025: ExxonMobil completed the acquisition of a mid-sized U.S.-based specialty lubricant manufacturer to expand its portfolio of environmentally friendly mineral oils and strengthen its presence in industrial applications.

✅ October 2024: Shell acquired a European bio-lubricant startup specializing in low-viscosity mineral oils derived from renewable feedstocks, aiming to accelerate the development of sustainable lubricant solutions.

✅ July 2024: TotalEnergies merged with an Asian-based industrial oils producer to increase production capacity and distribution reach for mineral oils in emerging markets.

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Key Players:

ExxonMobil holds a leading share of around 15%, leveraging its strong global presence and extensive R&D in high-performance mineral oils.

Royal Dutch Shell accounts for approximately 14%, focusing on low-viscosity and eco-certified formulations.

Chevron Corporation maintains about 12% of the market, supported by its industrial and automotive lubricant portfolios.

Total Energies and BP hold 10% and 9% respectively, emphasizing sustainable mineral oil solutions and bio-blend initiatives.

Sinopec Group captures roughly 8% due to its dominance in the Asia-Pacific region, while Nynas AB commands 6% with specialty industrial oils.

Repsol, Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation Limited (IOCL) collectively hold 16% of the market, with a strong focus on emerging markets and local distribution networks. These players are investing in sustainable technologies, mergers, and regional expansions to strengthen their competitive positioning.

Market Segmentation:

By Class, Grade, and Application
In terms of Class, Paraffinic Oils dominate the market with around 45% share, widely used for lubricants and cosmetic formulations due to their stability and low reactivity. Aromatic Oils account for approximately 30%, primarily utilized in industrial applications and specialty formulations. Naphthenic Oils hold the remaining 25%, favored in rubber processing, electrical insulation, and certain automotive applications due to their excellent solvency properties.

By Grade, Industrial Grade mineral oils lead with about 50% share, catering to lubricants, machinery, and automotive needs. Pharmaceutical Grade represents around 20%, used in medicinal preparations and drug delivery systems. Cosmetic Grade holds 15%, commonly incorporated into skincare, personal care, and beauty products. Food Grade makes up roughly 15%, applied in food processing, machinery lubrication in the food industry, and edible oil blends.

Regarding Application, Lubricants remain the largest segment with 40% share, followed by Pharmaceuticals at 15%, Cosmetics and Personal Care at 12%, Electrical applications at 10%, Automotive at 13%, and Agriculture at 10%. The growth in sustainable and specialty formulations is expected to further diversify the application base over the forecast period.

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Regional Insights:

North America leads the global mineral oils market with an estimated 35% share, driven by the strong industrial base, high automotive production, and growing demand for lubricants and specialty oils. The United States is the largest contributor in the region, supported by well-established petrochemical infrastructure and ongoing innovation in sustainable mineral oil formulations.

Europe holds around 25% share, fueled by stringent environmental regulations, adoption of eco-friendly lubricants, and growth in cosmetics and pharmaceutical applications. Germany, France, and the UK are key contributors, with rising demand for high-performance industrial oils and certified pharmaceutical and cosmetic-grade mineral oils.

Asia-Pacific accounts for roughly 30% share, driven by rapid industrialization, expanding automotive and manufacturing sectors, and increasing awareness of sustainable and eco-certified mineral oils. China, India, and Japan are the dominant markets in this region, with investments in refining capacity and the production of specialty and food-grade oils.

Latin America and Middle East & Africa collectively contribute about 10% share, with growth driven by industrial expansion, energy production, and increased adoption of mineral oils in agriculture, automotive, and lubricants applications. Brazil, Mexico, Saudi Arabia, and UAE are leading markets, supported by government initiatives promoting industrial efficiency and sustainable practices.

Market Dynamics:

Drivers:
Mineral oils, particularly white oils, are extensively used across multiple industries, including chemical, pharmaceutical, cosmetics, and food processing. White oils are highly refined and flexible mineral oils derived from paraffinic or naphthenic base stocks. They are critical in the production of rubber, plastics, and polystyrene, as well as in softening rubber products. White oils are also widely utilized in plastic utensils, food packaging, toys, polishes, adhesives, and cleaning products. With a growing focus on public safety and industrial efficiency, the range of applications for white mineral oils is expected to expand further in the coming years.

Rising Demand for Personal Care and Pharmaceutical Products
The mineral oil market has benefited from surging demand in personal care and pharmaceutical sectors. Mineral oils are key ingredients in products like creams, ointments, cosmetics, and skin-hydrating solutions, produced by leading brands such as L'Oréal. Factors such as population growth, rising healthcare costs, and changing personal care routines are fueling this demand. White oil protects the skin from environmental damage and is widely used in anti-aging formulations, especially in East and North Asian markets. Investment in personal care and skincare continues to create significant growth opportunities for the mineral oils market.

Potential Health Concerns
Certain mineral oils may contain contaminants like heavy metals or sulfur compounds, which can pose health risks if they migrate into consumer products. While mineral oil saturated hydrocarbons (MOSH) are generally considered safe, mineral oil aromatic hydrocarbons (MOAH) may be potentially hazardous. Regulatory scrutiny and the need for high-purity oils in sensitive applications could influence market dynamics.

Environmental Concerns
The rise of bio-based and synthetic lubricants, which are more biodegradable and environmentally friendly, presents competition to traditional mineral oils. Companies are increasingly adopting sustainable practices, opting for lubricants with lower environmental impact. Additionally, the disposal and recycling of used mineral oils pose environmental challenges, necessitating effective waste management systems. Compliance with stringent environmental regulations increases operational complexity and costs, which could restrain market growth.

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