Mineral Oil Market Analysis
Mineral oil is a refined product of petroleum, extracted from refining of crude oil. Mineral oil is colorless, odorless, transparent liquid, and composed mainly of cycloalkanes and alkanes, related to petroleum jelly. Mineral oil is highly useful in industrial and mechanical processes plus thermic fluid, as it correctly serves the purpose of a lubricant. Moreover, it is also useful in production of petroleum-based products such as textile, food products biomedicine, pharmaceuticals, and cosmetics. Mineral oil has a density of 0.8–0.87 g/cm3
Baby oil is a fragranced mineral oil, just like this there is liquid paraffin which is a highly refined medical grade, paraffinum liquidum, white oil, paraffin oil, and liquid petroleum.
- The global market for mineral oil is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of mineral oils, which negatively impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends and Drivers
Mineral oil is used in a variety of industries, including automotive, textile, construction, industrial, medical, pharmaceutical, electronics, and consumer goods, as a result of which demand is constantly increasing. In addition, favorable government policies also help driving the demand for mineral oil in Asia Pacific, Latin America and the Middle East developing economies.FDA and WHO has approved the use of mineral oil in food products and with the increase in population around the world, the food sector is growing rapidly and thus creating opportunities in the mineral oil market.
White oil is used in various end products such as adhesives, animal vaccines, pharmaceuticals, and polystyrene. These are highly purified as well as cost effective, which makes them highly appealing and therefore creating great opportunities for revenue generation in the market.
Moreover, White oil is also highly used in personal care products such as make-up and cosmetics, skin care, and hair care products majorly in emerging nations like India, Brazil and South Africa, which is likely to drive market growth. Further, technological development, especially in the field of refining and ultra-purification, is anticipated to offer better growth prospects for white oil industry in the coming years.
Moreover, increasing emphasis of companies on creating new products in the cosmetic and personal care sectors has been positively affecting the growth of the regional market.
Rising demand for mineral oils all over India and China is predicted to stay a key trend boosting the market in the region. In addition, the continuous increase in demand from the food sector is leading to increased production of food grade lubricants and increased self-care awareness as well as increased demand for baby oils and lotions will further fuel Asia Pacific demand.
European market is anticipated to be driven by rising consumer inclination towards personal grooming and sun care products (because of exposure to harmful rays and increase in concern regarding skin cancer) i.e. cosmetics and other personal care products, majorly in countries such as Germany, Italy, France, Spain, and the U.K.
Key benefits of the report:
- This study presents the analytical depiction of the global mineral oil market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global mineral oil market share.
- The current market is quantitatively analyzed to highlight the global mineral oil market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global mineral oil market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Mineral Oil Market research report:
- What are the leading market players active in the mineral oil market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Mineral Oil Market Report Highlights
Key Market Players
Solutia Inc., Clariant AG, Flowserve Corporation, Radco Industries, Applied Thermal Control, Huntsman Corporation., Dow Chemical Company, Petro Canada, BASF SE, Renkert Oil Inc.