Mineral Oil Market Report 2026

The mineral oil market size has grown strongly in recent years. It will grow from $4.39 billion in 2025 to $4.73 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to expansion of petrochemical refining capacity, long standing use in cosmetics and personal care, widespread adoption in textile processing, consistent demand from paper manufacturing, established use in pharmaceutical formulations.

The mineral oil market size is expected to see strong growth in the next few years. It will grow to $6.27 billion in 2030 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising demand for white oil in food processing, growth of pharmaceutical manufacturing, increasing agrochemical production, expanding industrial lubrication requirements, rising demand for high purity oils. Major trends in the forecast period include growing demand for pharmaceutical grade white oils, rising use of mineral oil in personal care formulations, increasing application of mineral oil as textile auxiliaries, expansion of mineral oil usage in agrochemical spray oils, rising consumption of process oils in paper and dye manufacturing.

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 used to protect the skin, involving activities such as dressing, showering, applying creams, and bathing. These products incorporate mineral oils due to their moisturizing, emollient, and soothing properties. For instance, in December 2024, according to the Bureau of Labor Statistics, a US-based government agency, expenditure on personal care products and services increased by 9.7% in 2023, while spending on personal insurance and pensions rose by 9.3%. Therefore, rising demand for personal care products such as skin care is driving the growth of the mineral oil market.

Major companies operating in the mineral oil market are focusing on developing innovative solutions such as synthetic engine oil and advanced coolant formulations to enhance engine performance, improve fuel efficiency, and extend machinery lifespan. Synthetic engine oil and advanced coolant formulations refer to high-performance lubricants and heat-transfer fluids designed to reduce friction, protect engines from wear, manage temperature efficiently, and improve overall reliability in vehicles or machinery. For instance, in May 2023, Lumax Auto Technologies, an India-based automotive components manufacturer, introduced a new range of high-performance lubricants and coolants. These products are developed to boost engine efficiency, minimize wear and tear, enhance thermal stability, and support sustainability initiatives in automotive applications for both passenger and commercial vehicles.

In February 2025, Oil and Natural Gas Corporation (ONGC), an India-based state-owned oil and gas company, formed a collaboration with bp Plc to explore opportunities in exploration and production, trading, and other energy vectors in India and internationally. This partnership aims to strengthen energy security, optimize resource utilization, and foster innovation across upstream and downstream operations while supporting growth in the global energy market. Bp Plc is a UK-based multinational energy company involved in the production, trading, and development of conventional and renewable energy solutions.

Major companies operating in the mineral oil market 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, JXTG Holdings Inc., OMV AG, Idemitsu Kosan Co. Ltd., Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Sasol Limited, Kuwait Petroleum Corporation, Phillips 66, Nippon Oil Corporation, Petro-Canada.

North America was the largest region in the mineral oil market in 2025. 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, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mineral oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, 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.

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