The Mineral Oil Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mineral Oil Global Market Report 2024, The mineral oil market size has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to industrialization & urbanization, medical device applications, electrical industry demand, agricultural use, petrochemical expansion, pharmaceutical applications.
The mineral oil market size is expected to see strong growth in the next few years. It will grow to $5.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to global economic growth, shifts in consumer preferences, industrial expansion, emerging market demand, rise in sustainable practices. Major trends in the forecast period include industrial applications, pharmaceutical industry demand, cosmetics & personal care use, automotive sector requirements, growing petrochemical industry, agricultural applications.
Rising demand for personal care products such as skin care is expected to propel the growth of the mineral oil market going forward. Personal care products refer to creams and lotions that are used to protect the skin. This may involve activities specific to users, such as dressing, taking a shower, applying creams and lotions, and bathing. Personal care and skin care products use mineral oils because of their moisturizing, emollient, and soothing properties. For instance, according to Forbes, an American business magazine, the global cosmetic industry is expected to reach $390 billion by 2024. Therefore, rising demand for personal care products such as skin care is driving the growth of the mineral oil market.
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The mineral oils 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
Major companies operating in the mineral oil market are developing new products such base oil to gain a competitive edge in the market. Base oil refers to the primary component of a lubricating oil or grease formulation. It serves as the main foundation for the lubricant, providing the essential properties such as viscosity, thermal stability, and lubricity. For instance, in September 2022, OQ Chemicals, a Germany-based chemicals company, launched a new ester base oil, Oxlube L7-NPG, designed to enhance the performance and efficiency of electric vehicles (EVs). This specialized base oil enables lubricant manufacturers to formulate optimized e-driveline lubricants with low viscosity, a high flash point, and biodegradability. Oxlube L7-NPG is tailored to meet the unique requirements of modern EV fluids, including excellent thermal and dielectric properties for cooling applications such as e-motor cooling. Its low friction characteristics contribute to higher energy efficiency and reduced wear and maintenance in electric vehicles. The ester-based product also offers environmental advantages compared to mineral oil-based alternatives.
The mineral oil market report table of contents includes:
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