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Mineral Oil Global Market Report 2023
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.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mineral Oil Global Market Report 2023" - https://www.reportlinker.com/p06424008/?utm_source=GNW
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.
Read the full report: https://www.reportlinker.com/p06424008/?utm_source=GNW
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