DUBLIN–(BUSINESS WIRE)–The “Mineral Oil Market – Global Outlook & Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global mineral oil market to grow at a CAGR of 3.9% during 2021-2027.
MINERAL OIL MARKET SEGMENTATION
In 2021, pharmaceutical was estimated as the largest end-use industry with 40.50% market share. Mineral oil is increasingly being used as laxatives, IVF procedures, nasal sprays, vaccines, antibiotics, etc. in the pharmaceutical sector.
Mineral oil is a highly refined, moisture retaining, and lightweight component. In the personal care industry, these are used in infant lotions, cold creams, ointments, and a variety of other cosmetic products. The personal care industry is the fastest growing segment projected at a CAGR of 4.25% during the forecast period.
White mineral oils accounted for 66.77% of the market share in 2021. These are highly used in formulations such as antibiotics, sunscreens, and baby oils etc. due to good lubrication property, moisture repelling property, and desirable skin affects.
The market is primarily driven by the rising demand for effective pharmaceutical products and multifunctional personal care components such as hair shampoos, skin care creams, sunscreens, hair conditioners, and other similar products.
GEOGRAPHICAL ANALYSIS
Emerging economies such as India, China, Indonesia, Malaysia, Thailand, Brazil, Argentina, and others are the major markets for mineral oil. Growing population, developing infrastructure, rising disposable incomes, growing middle class, and growing prevalence of chronic diseases are major factors for growth in the region.
MINERAL OIL MARKET TRENDS AND OPPORTUNITIES
Growing demand from the pharmaceutical industry
Mineral oil is used in the pharmaceutical industry for specific formulations such as bulk drugs, lotions, ointments, laxatives, etc. In 2020, the pharmaceutical industry witnessed massive disruptions. The sector experienced a rise in demand for OTC medicines, antibiotics, flu-related medicines, and others.
The major strategy undertaken by pharmaceutical drug companies was developing innovative products to meet varied consumer requirements. The industry is projected to witness significant growth in 2022 owing to diverse consumer needs and fluctuating industry demand.
The rapid growth in the emerging market such as China, India, and Brazil, leading migration of R&D activities of various pharmaceutical companies to these fast-growing markets, is also expected to boost industry growth in the coming years.
Increasing demand for white oil
White oils are used in cosmetic and personal care products, from emulsions such as lip balm, baby oil, haircare, creams, and emollients. Diaper rash and eczema irritation can be relieved with white oil. Liquid paraffin is also widely used in the cosmetics business.
White oil is utilized in hand and body care cosmetics at concentrations ranging from 1% to 99%, depending on the product quality required. White oil is also used in cosmetic lip care products. Growth in the personal care industry in Europe and North America provides an opportunity to increase the consumption of white mineral oil.
COMPETITIVE LANDSCAPE
Mineral oil is amongst the major segments of the lubricants industry. Major players in the segment, including BP, ExxonMobil, Shell, Sinopec, Petro-Canada, and others operate through strategies such as expansion, acquisition and new product launches to further their reach in the market.
In 2021, pharmaceutical was estimated as the largest end-use industry with 40.50% market share. Mineral oil is increasingly being used as laxative, IVF procedures, nasal sprays, vaccines, antibiotics, etc.in the pharmaceutical sector.
Key Vendors
- British Petroleum
- ExxonMobil
- Petro-Canada
- Shell
- Sinopec
Other Prominent Vendors
- Addinol
- Amalie Oil
- BASF
- Chevron
- Clariant
- DOW
- Eastman
- Eneos
- Eni
- Fuchs
- Opet
- Radco
- Renkert Oil
- Rosneft
- Sasol
- Sonneborn
- Seojin Chemicals
- Suncor Energy
- Total Energies
- Unicorn Petroleum
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.1.1 Production Process
7.1.2 Key Insights by End-Use
7.1.3 Regulatory Landscape
7.1.4 Supply Chain
7.1.5 Impact of Covid-19
8 Market Opportunities & Trends
8.1 Growing Demand from the Personal Care Industry
8.2 Increasing Demand from the Pharmaceutical Industry
9 Market Growth Enablers
9.1 Increasing Prevalence of Chronic Diseases
9.2 Increasing Demand for White Oil
9.3 Increasing Use of Technical Oil
10 Market Restraints
10.1 Environmental Concerns Regarding Mineral Oil
10.2 Price Uncertainty of Mineral Oil
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.2.1 Value & Volume
11.3 Five Forces Analysis
11.3.1 Threat of New Entrants
11.3.2 Bargaining Power of Suppliers
11.3.3 Bargaining Power of Buyers
11.3.4 Threat of Substitutes
11.3.5 Competitive Rivalry
11.4 Macroeconomic Parameters Affecting the Mineral Oil Market
11.4.1 Pharmaceutical Industry
11.4.2 Food & Beverage
11.4.3 Personal Care Industry
12 Mineral Oil Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Paraffinic Oils
12.3.1 Market Overview
12.3.2 Market Size & Forecast (Value & Volume)
12.3.3 Market by Geography (Value & Volume)
12.4 Naphthenic Oil
12.5 Aromatic Oil
13 Grade
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Technical Oil
13.3.1 Market Overview
13.3.2 Market Size & Forecast (Value & Volume)
13.3.3 Market by Geography (Value & Volume)
13.4 White Oil
14 End-Use
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Personal Care
14.3.1 Market Overview
14.3.2 Market Size & Forecast (Value & Volume)
14.3.3 Market by Geography (Value & Volume)
14.4 Food & Beverage
14.5 Industrial
14.6 Pharmaceutical
14.7 Others
15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/5vtyb8
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900