DUBLIN, April 22, 2022 /PRNewswire/ — The “Mineral Oil Market – Global Outlook & Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global mineral oil market to grow at a CAGR of 3.9% during 2021-2027.
MINERAL OIL MARKET SEGMENTATION
In 2021, pharmaceutical was estimated as the largest end-use industry with 40.50% market share. Mineral oil is increasingly being used as laxative, IVF procedures, nasal sprays, vaccines, antibiotics, etc.in the pharmaceutical sector.
Mineral oil is a highly refined, retains moisture, and lightweight component. In the personal care industry, these are used in infant lotions, cold creams, ointments, and a variety of other cosmetic products. Personal care industry is the fastest growing segment projected at a CAGR of 4.25% during the forecast period.
White mineral oils accounted for 66.77% of the market share in 2021. These are highly used in formulations such as antibiotics, sunscreens, and baby oils etc. due to good lubrication property, moisture repelling property, and desirable skin affects.
The market is primarily driven by the rising demand for effective pharmaceutical products and multifunctional personal care components such as hair shampoos, skin care creams, sunscreens, hair conditioners, and other similar products.
GEOGRAPHICAL ANALYSIS
Emerging economies such as India, China, Indonesia, Malaysia, Thailand, Brazil, Argentina, and others are the major markets for mineral oil. Growing population, developing infrastructure, rising disposable incomes, growing middle class, and growing prevalence of chronic diseases are major factors for growth in the region.
MINERAL OIL MARKET TRENDS AND OPPORTUNITIES
Growing demand from the pharmaceutical industry
Mineral oil is used in the pharmaceutical industry for specific formulations such as bulk drugs, lotions, ointments, laxatives, etc. In 2020, the pharmaceutical industry witnessed massive disruptions. The sector experienced a rise in demand for OTC medicines, antibiotics, flu-related medicines, and others.
The major strategy undertaken by pharmaceutical drug companies was developing innovative products to meet varied consumer requirements. The industry is projected to witness significant growth in 2022 owing to diverse consumer needs and fluctuating industry demand.
The rapid growth in the emerging market such as China, India, and Brazil, leading migration of R&D activities of various pharmaceutical companies to these fast-growing markets, is also expected to boost industry growth in the coming years.
Increasing demand for white oil
White oils are used in cosmetic and personal care products, from emulsions such as lip balm, baby oil, haircare, creams, and emollients. Diaper rash and eczema irritation can be relieved with white oil. Liquid paraffin is also widely used in the cosmetics business.
White oil is utilized in hand and body care cosmetics at concentrations ranging from 1% to 99%, depending on the product quality required. White oil is also used in cosmetic lip care products. Growth in the personal care industry in Europe and North America provides an opportunity to increase the consumption of white mineral oil.
COMPETITIVE LANDSCAPE
Mineral oil is amongst the major segments of the lubricants industry. Major players in the segment include BP, ExxonMobil, Shell, Sinopec, Petro-Canada, and others operate through strategies such as expansion, acquisition, new product launch to further their reach in the market.
In 2021, pharmaceutical was estimated as the largest end-use industry with 40.50% market share. Mineral oil is increasingly being used as laxative, IVF procedures, nasal sprays, vaccines, antibiotics, etc.in the pharmaceutical sector.