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Mineral Oil Global Market Report 2023

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    Report

  • 200 Pages
  • February 2023
  • Region: Global
  • The Business Research Company
  • ID: 5741438

Quick Summary:

As the demand for mineral oil escalates across multiple industries, the global mineral oil market is perpetuating an upward growth trajectory. Despite encountering economic disturbances and supply chain disruptions, the market projects promising advancement. This is primarily driven by a surge in demand for personal care products, particularly skincare items, which actively utilise mineral oils for their moisturising and soothing properties. Additionally, the increasing innovation of new products within the mineral oil market highlights its evolution and adaptability, ensuring its relevance and longevity in the global marketplace.

Our extensive mineral oil market research report is your comprehensive guide to understanding market trends, industry insights, regional shares and competitive dynamics. With an in-depth analysis of the current and future market scenarios, this report empowers you with essential information to ensure your enterprise thrives in the continuously evolving mineral oil industry. Make an informed and strategic decision for your company by leveraging our meticulous research and findings.

The global mineral oil market grew from $3.72 billion in 2022 to $3.97 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The mineral oil market is expected to grow to $4.9 billion in 2027 at a CAGR of 5.4%.

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.

Mineral oil refers to a kind of oil produced from petroleum that contains a mixture of oily liquids. It is a colorless, transparent liquid that is odorless and tasteless. Mineral oil is insoluble in water and ethanol. Mineral oils are used in the manufacture of various products such as bulk drugs, cosmetics, textile auxiliaries, and plant spray oil, agrochemicals, aerosols, dye intermediates, and the paper industry.

North America was the largest region in the mineral oil market in 2022. North America was the second-largest region in the mineral oil market. The regions covered in the mineral oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of mineral oil are paraffinic oil, naphthenic oil, and aromatic oil. Paraffin oil refers to a hydrocarbon-based liquid from the fractional distillation of crude oil. It is used as a corrosion prevention element when applied as a lubricant. The different grades include technical oil and white oil that are used in personal care, food and beverages, industrial, pharmaceutical and other end users.

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.

New product innovations are a key trend gaining popularity in the mineral oil market. Major companies operating in the mineral oil sector are focused on introducing innovative products to sustain their position in the market. For instance, in September 2020, Petro-Canada, the Canada-based white mineral oil producer in the world, launched ENVIRON TM MV R, which is manufactured by using ultra-pure severely hydrotreated base oils. It is the first hydraulic fluid made with ultra-pure, severely hydrotreated base oils to meet the OECD 301B requirements for ready biodegradability. Environ MV R combines select, ultra-pure, severely hydrotreated base oils with the performance benefits of a premium mineral oil-based product.

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.

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

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.

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.

Major players in the mineral oil market are Shell, Renkert Oil Inc., British Petroleum, Petro-Canada, Sinopec, BASF, Chevron Corporation, Clariant, Seojin Chemical, Exxon Mobil Corporation, Fuchs, Eastman, Eni Oil Products, Sasol Limited, and Unicorn Petroleum.



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Frequently Asked Questions about the Global Mineral Oil Market

What is the estimated value of the Global Mineral Oil Market?

The Global Mineral Oil Market was estimated to be valued at $3.97 billion in 2023.

What is the growth rate of the Global Mineral Oil Market?

The growth rate of the Global Mineral Oil Market is 5.4%, with an estimated value of $4.9 billion by 2027.

What is the forecasted size of the Global Mineral Oil Market?

The Global Mineral Oil Market is estimated to be worth $4.9 billion by 2027.

Who are the key companies in the Global Mineral Oil Market?

Key companies in the Global Mineral Oil Market include Shell, Renkert Oil Inc., British Petroleum, Petro, Canada, Sinopec, BASF, Chevron Corporation, Clariant and Seojin Chemical.

Table of Contents

1. Executive Summary

2. Mineral Oil Market Characteristics

3. Mineral Oil Market Trends And Strategies

4. Mineral Oil Market - Macro Economic Scenario
4.1. COVID-19 Impact On Mineral Oil Market
4.2. Ukraine-Russia War Impact On Mineral Oil Market
4.3. Impact Of High Inflation On Mineral Oil Market

5. Mineral Oil Market Size And Growth
5.1. Global Mineral Oil Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Mineral Oil Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Mineral Oil Market Segmentation
6.1. Global Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
  • Paraffinic Oil
  • Naphthenic Oil
  • Aromatic Oil
6.2. Global Mineral Oil Market, Segmentation By Grade, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
  • Technical Oil
  • White Oil
6.3. Global Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
  • Personal Care
  • Food and Beverages
  • Industrial
  • Pharmaceutical
  • Other End Users
7. Mineral Oil Market Regional And Country Analysis
7.1. Global Mineral Oil Market, Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
7.2. Global Mineral Oil Market, Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

8. Asia-Pacific Mineral Oil Market
8.1. Asia-Pacific Mineral Oil Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
8.3. Asia-Pacific Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

9. China Mineral Oil Market
9.1. China Mineral Oil Market Overview
9.2. China Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F,$ Billion
9.3. China Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F,$ Billion

10. India Mineral Oil Market
10.1. India Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
10.2. India Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

11. Japan Mineral Oil Market
11.1. Japan Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
11.2. Japan Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

12. Australia Mineral Oil Market
12.1. Australia Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
12.2. Australia Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

13. Indonesia Mineral Oil Market
13.1. Indonesia Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
13.2. Indonesia Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

14. South Korea Mineral Oil Market
14.1. South Korea Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
14.2. South Korea Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

15. Western Europe Mineral Oil Market
15.1. Western Europe Mineral Oil Market Overview
15.2. Western Europe Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
15.3. Western Europe Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

16. UK Mineral Oil Market
16.1. UK Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
16.2. UK Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

17. Germany Mineral Oil Market
17.1. Germany Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
17.2. Germany Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

18. France Mineral Oil Market
18.1. France Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
18.2. France Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

19. Eastern Europe Mineral Oil Market
19.1. Eastern Europe Mineral Oil Market Overview
19.2. Eastern Europe Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
19.3. Eastern Europe Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

20. Russia Mineral Oil Market
20.1. Russia Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
20.2. Russia Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

21. North America Mineral Oil Market
21.1. North America Mineral Oil Market Overview
21.2. North America Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
21.3. North America Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

22. USA Mineral Oil Market
22.1. USA Mineral Oil Market Overview
22.2. USA Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
22.3. USA Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

23. South America Mineral Oil Market
23.1. South America Mineral Oil Market Overview
23.2. South America Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
23.3. South America Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

24. Brazil Mineral Oil Market
24.1. Brazil Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
24.2. Brazil Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

25. Middle East Mineral Oil Market
25.1. Middle East Mineral Oil Market Overview
25.2. Middle East Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
25.3. Middle East Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

26. Africa Mineral Oil Market
26.1. Africa Mineral Oil Market Overview
26.2. Africa Mineral Oil Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
26.3. Africa Mineral Oil Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

27. Mineral Oil Market Competitive Landscape And Company Profiles
27.1. Mineral Oil Market Competitive Landscape
27.2. Mineral Oil Market Company Profiles
27.2.1. Shell
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Renkert Oil Inc.
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. British Petroleum
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Petro-Canada
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Sinopec
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance

28. Key Mergers And Acquisitions In The Mineral Oil Market

29. Mineral Oil Market Future Outlook and Potential Analysis

30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. About the Publisher
30.6. Copyright And Disclaimer

Executive Summary

Mineral Oil Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on mineral oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Where is the largest and fastest growing market for mineral oil? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mineral oil market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of COVID-19 on supply chains and consumption patterns.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered

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

Companies Mentioned: Shell; Renkert Oil Inc.; British Petroleum; Petro-Canada; Sinopec

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery Format: PDF, Word and Excel Data Dashboard.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Shell
  • Renkert Oil Inc.
  • British Petroleum
  • Petro-Canada
  • Sinopec
  • BASF
  • Chevron Corporation
  • Clariant
  • Seojin Chemical
  • Exxon Mobil Corporation
  • Fuchs
  • Eastman
  • Eni Oil Products
  • Sasol Limited
  • Unicorn Petroleum

Methodology

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