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 during the historical period can be attributed to industrialization and urbanization, the increasing use of medical devices, the demand within the electrical industry, agricultural applications, the expansion of the petrochemical sector, and the various applications within the pharmaceutical industry.

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 anticipated growth in the forecast period is driven by various factors: global economic expansion, changes in consumer preferences, the expansion of industries, increased demand from emerging markets, and the growing adoption of sustainable practices. Major trends expected during this period encompass industrial applications across various sectors, rising demand within the pharmaceutical industry, increased use in cosmetics and personal care products, requirements within the automotive sector, growth in the petrochemical industry, and expanding applications within agriculture.

The anticipated surge in demand for personal care products, particularly in skincare, is poised to drive the growth of the mineral oil market in the foreseeable future. Personal care products encompass creams and lotions utilized for skin protection, involving various user-specific activities such as dressing, showering, applying skincare products, and bathing. Mineral oils find prominence in personal care and skincare items due to their moisturizing, emollient, and soothing properties. For instance, as reported by Forbes, the global cosmetic industry is projected to achieve a market value of $390 billion by 2024. This substantial growth underscores the increasing demand for personal care products, particularly skincare items. Hence, the escalating interest in personal care products, especially skincare, acts as a driving force behind the growth trajectory of the mineral oil market.

The anticipated expansion in the automobile industry is expected to drive the growth of the mineral oil market in the foreseeable future. The automobile industry encompasses various entities and activities involved in the creation, development, manufacturing, marketing, and sales of motor vehicles. Mineral oil serves as a fundamental base oil utilized in the production of lubricants within the automobile industry, including engine oils, transmission fluids, and hydraulic fluids. Its inherent lubricating properties play a crucial role in reducing friction and wear in diverse automotive components, ultimately enhancing overall engine and vehicle performance. For example, as reported by the European Automobile Manufacturers Association in February 2023, the global production of motor vehicles reached 85.4 million units in 2022, marking a notable 5.7% increase from 2021. Consequently, the burgeoning expansion of the automobile industry stands as a key driver propelling the growth of the mineral oil market.

Major players in the mineral oil market are indeed focused on introducing new products such as synthetic high-performance grease to gain a competitive edge. This type of grease is engineered as a lubricant specifically tailored for demanding applications that require exceptional performance characteristics.

For instance, in May 2022, DuPont de Nemours Inc., a US-based chemicals company, launched the MOLYKOTE Multilub Synthetic High Performance Grease. This versatile lubricant holds certification from the National Lubricating Grease Institute (NLGI) with the HPM + LT designation. This designation signifies its status as a High-Performance Multiuse Grease with enhanced low-temperature performance, rendering it suitable for diverse applications such as gears, slides, pumps, agitators, spindles, gearboxes, bushings, actuators, and springs. The synthetic formulation of this grease ensures superior performance and durability in comparison to mineral-oil-based alternatives. Its capability to operate efficiently even in temperatures as low as -58°F (-50°C) adds significant flexibility to its range of applications, underscoring its reliability and adaptability across various demanding conditions.

Leading companies in the mineral oil market are innovating by developing new products such as base oil to gain a competitive edge. Base oil acts as the fundamental constituent of lubricating oils or greases, forming the primary foundation for these lubricants and providing essential properties such as viscosity, thermal stability, and lubricity. For example, in September 2022, OQ Chemicals, a Germany-based chemicals company, introduced a new ester base oil named Oxlube L7-NPG. This particular base oil is engineered to elevate the performance and efficiency of electric vehicles (EVs). The specialized base oil empowers lubricant manufacturers to create optimized e-driveline lubricants characterized by low viscosity, a high flash point, and biodegradability. Oxlube L7-NPG is tailored to meet the distinct requirements of contemporary EV fluids, offering exceptional thermal and dielectric properties specifically designed for cooling applications in electric motor cooling systems. Its low-friction attributes contribute to heightened energy efficiency and reduced wear and maintenance in electric vehicles. Additionally, this ester-based product offers environmental advantages compared to mineral oil-based alternatives, aligning with sustainability goals.

In September 2022, Sitio Royalties Corp, and Brigham Minerals Inc announced the merger worth around $4.8 billion. The merger will create the largest publicly traded mineral, royalty company in the USA. The merger aims to consolidate both companies’ various operations and geographies. Sitio Royalties Corp is an American mineral and royalty company. Brigham Minerals Inc is an American firm that focuses on acquiring oil and gas mineral rights across the USA.

Major companies operating in the mineral oil market report are Saudi Aramco, China National Petroleum Corporation, PetroChina Company Limited, Exxon Mobil Corporation, Shell PLC, TotalEnergies SE, BP PLC, Chevron Corporation, ENI S.p.A., Indian Oil Corporation Limited, Rosneft Oil Company, BASF SE, JXTG Holdings Inc., OMV AG, Idemitsu Kosan Co Ltd., Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Sasol Limited, Eastman Chemical Company, Kuwait Petroleum Corporation, Clariant International AG, FUCHS PETROLUB SE, Civitas Resources Inc., Petro-Canada, Idemitsu Lubricants Co. Ltd., Unicorn Petroleum Company Limited, Renkert Oil Inc., CKX Lands Inc., Seojin Chemical Co. Ltd., Nippon Oil Corporation, Phillips 66, EOG Resources Inc. North America was the largest region in the mineral oil market in 2023. North America was the second-largest region in the mineral oil market share. The regions covered in the mineral oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The main types of mineral oil are paraffinic oil, naphthenic oil, and aromatic oil. Paraffinic oil is a hydrocarbon-based liquid derived from the fractional distillation of crude oil. It is commonly used as a lubricant and as a corrosion prevention element. Paraffinic oil comes in different grades such as technical oil and white oil, which find applications in various industries including personal care, food and beverages, industrial, pharmaceutical, and others.

The mineral oil market research report is one of a series of new reports that provides mineral oil market statistics, including mineral oil industry global market size, regional shares, competitors with a mineral oil market share, detailed mineral oil market segments, market trends and opportunities, and any further data you may need to thrive in the mineral oil industry. This mineral oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the mineral oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The mineral oil market consists of sales of petrolatum, microcrystalline wax and ozokerite. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.