Global Mineral Oil Market Overview
The Mineral Oil Market Size was estimated at 217.9 (USD Billion) in 2022. The Mineral Oil Industry is expected to grow from 235.66(USD Billion) in 2023 to 477.25 (USD Billion) by 2032. The Mineral Oil Market CAGR (growth rate) is expected to be around 8.15% during the forecast period (2024 - 2032).
Key Mineral Oil Market Trends Highlighted
High consumption of personal care products, increased industrial and commercial usage in industries such as pharmaceuticals, textiles, and automotive, and greater application in food processing are factors fuelling the market growth. A key development in this regard is the increasing use of mineral oil in the formulation of cosmetic and toiletry products because of its emollient and moisturizing properties, thus widening the scope of its usage in the personal care market.
There are opportunities for growth by venturing into developing countries with expanding consumer markets and searching for niches in different sectors, such as eco-friendly packing and bio-based grease. They also see a beneficial development in the trend towards using mineral oil from plant sources for cosmetic products, moving them into natural chains.
The primary usage of mineral oil in pharmaceutical and cosmetic products includes functionality as a carrier for fragrances and flavors, lubricants as a base oil and pharmaceutics. Its stable and thermally resilient nature makes it reliable when used in tough conditions and thus accounts for its continuous usage in the market despite the progress of other modern oils available.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mineral Oil Market Drivers
Rising Demand for Lubricants in Industrial Applications
Mineral oils are utilized in many industrial sectors, including automotive, manufacturing, and energy, as luxury oils. It is anticipated that the rising demand for lubricants in these industries will propel the growth of the mineral oils market. Due to the rise in industrial development and ization, it is also expected that the use of lubricant products will increase significantly as well. Lubricants are required by a lot of industries, with the automotive industry being one of the largest mineral oil consumers, and the improving trend in vehicle production and sales across the globe is likely to have a positive impact on the demand for lubricants.
Also, enhancing the utilization of machinery and tools in several industries, including construction, mining and agriculture, is pushing the need for mineral oils for lubrication to higher levels.
Increasing Use of Mineral Oils in Cosmetics and Personal Care Products
Mineral oils are used as ingredients in various cosmetics and personal care products, such as skincare creams, lotions, and hair care products. These products are widely used by consumers worldwide, and the growing demand for cosmetics and personal care products is expected to drive the growth of the mineral oil market. Mineral oils provide emollience, lubrication, and moisture retention properties, making them valuable ingredients in skincare products.The increasing consumer awareness about skin health and the rising demand for natural and organic personal care products are also contributing to the growth of the mineral oil market.
Growing Demand for Mineral Oils in Pharmaceuticals and Healthcare
Mineral oils are used in the manufacturing of various pharmaceutical and healthcare products, such as ointments, creams, and suppositories. The increasing demand for these products, particularly in emerging economies, is expected to drive the growth of the mineral oil market. Mineral oils are also used as excipients in drug formulations and provide properties such as viscosity, stability, and absorption enhancement. The growing prevalence of chronic diseases and the rising healthcare expenditure worldwide are expected to contribute to the increased demand for mineral oils in the pharmaceutical and healthcare sectors.
Mineral Oil Market Segment Insights
Mineral Oil Market Application Insights
The Mineral Oil Market is segmented into various applications, including Automotive, Industrial Machinery, Energy, Construction, Manufacturing, Pharmaceuticals, Cosmetics and Personal Care, Food and Beverages, and Agriculture. Each segment plays a significant role in driving the overall market growth. Automotive: The automotive industry is a major consumer of mineral oils, primarily used as lubricants for engines, transmissions, and other moving parts. The growing demand for automobiles, coupled with the increasing adoption of synthetic mineral oils that offer superior performance and extended drain intervals, is expected to drive the growth of this segment.Industrial Machinery: Mineral oils are extensively used as lubricants and coolants in industrial machinery, such as turbines, compressors, and hydraulic systems. The expansion of the manufacturing sector, particularly in emerging economies, is expected to fuel the demand for mineral oils in this segment. Energy: Mineral oils are used in the energy sector as transformer oils, insulating fluids, and lubricants for turbines and generators. The rising demand for electricity and the increasing capacity of power plants are expected to drive the growth of this segment.Construction: Mineral oils are used in the construction industry as waterproofing agents, release agents for concrete molds, and lubricants for heavy machinery. The growing construction activities, especially in emerging markets, are expected to stimulate the demand for mineral oils in this segment. Manufacturing: Mineral oils are used as lubricants, cutting fluids, and coolants in various manufacturing processes. The growth of the manufacturing sector, coupled with the increasing adoption of automation and robotics, is expected to boost the demand for mineral oils in this segment.Pharmaceuticals: Mineral oils are used in the pharmaceutical industry as excipients in ointments, creams, and other topical formulations. The growing demand for pharmaceuticals, particularly in emerging economies, is expected to support the growth of this segment. Cosmetics and Personal Care: Mineral oils are used in cosmetics and personal care products as emollients, moisturizers, and carriers for fragrances. The increasing demand for cosmetics and personal care products, especially in emerging markets, is expected to drive the growth of this segment.Food and Beverages: Mineral oils are used in the food and beverage industry as lubricants for machinery, anti-foaming agents, and release agents for molds. The growing demand for processed and packaged foods and beverages is expected to contribute to the growth of this segment. Agriculture: Mineral oils are used in the agriculture industry as lubricants for tractors and other farm machinery, as well as pesticides and herbicides. The increasing demand for agricultural products, coupled with the mechanization of farming practices, is expected to drive the growth of this segment.Overall, the Mineral Oil Market is expected to witness significant growth in the coming years, driven by the increasing demand from various applications across different industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mineral Oil Market Source Insights
The source segment of the mineral oil market is categorized into mineral oils derived from petroleum, natural gas condensates, coal tar, and synthetic mineral oils. Among these, mineral oils derived from petroleum held the largest market share in 2023, accounting for over 60% of the revenue. The demand for petroleum-based mineral oils is primarily driven by their extensive use in industrial applications such as lubricants, hydraulic fluids, and metalworking fluids. The mineral oils derived from natural gas condensates segment is projected to witness significant growth during the forecast period 2023-2032, owing to the increasing production and utilization of natural gas condensates in various industries.Synthetic mineral oils, which are chemically engineered to possess specific properties, are gaining traction in the market due to their superior performance characteristics and environmental benefits. Overall, the mineral oil market is expected to grow at a steady pace in the coming years, driven by the increasing demand from various end-use industries, particularly in the automotive, industrial, and construction sectors.
Mineral Oil Market Viscosity Grade Insights
The Viscosity Grade segment of the Mineral Oil Market is categorized into Low Viscosity Mineral Oils, Medium Viscosity Mineral Oils, and High Viscosity Mineral Oils. Low Viscosity Mineral Oils held the largest market share in 2023, accounting for around 42.5% of the Mineral Oil Market revenue. This is attributed to their extensive usage in various industrial applications, including metalworking fluids, hydraulic fluids, and lubricants. Medium Viscosity Mineral Oils are projected to exhibit a steady market growth during the forecast period, owing to their increasing demand in the automotive sector for engine oils and transmission fluids.On the other hand, Viscosity Mineral Oils are anticipated to witness moderate market growth, primarily driven by their application in heavy-duty industrial machinery and marine engines.
Mineral Oil Market Additives Insights
The additives segment is a significant part of the mineral oil market, contributing to its growth and diverse applications. The demand for mineral oils with anti-wear additives is increasing due to their ability to reduce friction and wear in industrial machinery, extending equipment life and reducing maintenance costs. Mineral oils with oxidation inhibitors are also gaining traction as they prevent oil degradation and prolong the lifespan of lubricants, leading to improved performance and efficiency in various industries. Rust protectors are essential in protecting metal surfaces from corrosion, making mineral oils with rust protectors highly sought after in industries like automotive, marine, and construction.Friction modifiers in mineral oils reduce friction between moving parts, improving energy efficiency and reducing noise levels in applications such as automotive engines and industrial machinery. Biocides in mineral oils inhibit the growth of bacteria and other microorganisms, ensuring product stability and preventing contamination in industries like food processing and pharmaceuticals. The mineral oil market segmentation provides valuable insights into the key trends, growth drivers, and challenges within the additives segment, helping stakeholders make informed decisions and target specific market opportunities.
Mineral Oil Market End-User Industry Insights
The end-user industry segment plays a crucial role in shaping the dynamics of the Mineral Oil Market. Among the key end-user industries, the automotive industry is projected to account for a significant share of the market in the coming years. The increasing demand for personal vehicles, coupled with the growing popularity of electric vehicles, is expected to drive the demand for mineral oil as a lubricant and coolant. The industrial machinery industry is another major end-user segment, with mineral oil being widely used for lubrication and maintenance of heavy equipment.The energy industry also represents a substantial market for mineral oil, particularly in the production and transportation of oil and gas. Furthermore, the construction industry utilizes mineral oil for waterproofing, sealing, and as a component in asphalt and roofing materials. The manufacturing industry, pharmaceutical industry, cosmetics and personal care industry, food and beverage industry, and agricultural industry are among other significant end-user segments that contribute to the overall Mineral Oil Market revenue.
Mineral Oil Market Regional Insights
The regional segmentation of the Mineral Oil Market presents distinct market dynamics and growth opportunities across various regions. North America holds a significant market share, driven by the presence of major mineral oil producers and end-use industries. Europe follows closely, with a well-established market and advanced technologies in mineral oil production and applications. The APAC region is projected to witness substantial growth in the coming years due to the rapidly expanding industrial sector and increasing demand from emerging economies.South America and MEA regions offer promising growth potential with growing demand from various industries and government initiatives to support domestic production.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mineral Oil Market Key Players And Competitive Insights
Major players in the Mineral Oil Market industry are constantly striving to gain a competitive edge by investing in research and development to introduce innovative products. Leading Mineral Oil Market players are focusing on expanding their presence through strategic partnerships, acquisitions, and joint ventures. The Mineral Oil Market development is driven by the increasing demand from various end-use industries, such as pharmaceuticals, cosmetics, and food and beverages. The competitive landscape is expected to remain fragmented, with a few key players holding a significant market share.ExxonMobil, a leading company in the Mineral Oil Market, is known for its extensive product portfolio, including a wide range of mineral oils for various applications. The company has a strong focus on innovation and sustainability, investing heavily in research and development to enhance its product offerings. ExxonMobil's reach and established distribution network provide a competitive advantage in the industry.BP, a competitor in the Mineral Oil Market, is recognized for its high-quality mineral oils and its commitment to meeting customer specifications. The company operates in over 80 countries and has a strong presence in key markets. BP's focus on operational efficiency and cost optimization has enabled it to maintain a competitive position in the industry. The company also emphasizes sustainability and has set targets to reduce its carbon footprint and promote responsible operations.
Key Companies in the Mineral Oil Market Include
- BP
- ENI
- TotalEnergies
- PetroChina
- Shell
- Reliance Industries
- ExxonMobil
- Chevron
- Saudi Aramco
- Lukoil
- Rosneft
- Equinor
- Sinopec
- ConocoPhillips
- China National Petroleum Corporation
Mineral Oil Market Industry Developments
The mineral oil market is poised for steady growth over the coming years, driven by increasing demand from various industries such as pharmaceuticals, cosmetics, and food processing. The market is expected to reach a valuation of USD 235.66 billion by 2023, with a projected CAGR of 8.15% from 2024 to 2032. This growth is attributed to the rising use of mineral oils in personal care products, lubricants, and industrial applications. Recent developments in the market include the launch of new products with improved performance and environmental sustainability, as well as strategic partnerships and acquisitions among key players.
Mineral Oil Market Segmentation Insights
Mineral Oil Market Application Outlook
- Automotive
- Industrial Machinery
- Energy
- Construction
- Manufacturing
- Pharmaceuticals
- Cosmetics and Personal Care
- Food and Beverages
- Agriculture
Mineral Oil Market Source Outlook
- Mineral Oils Derived from Petroleum
- Mineral Oils Derived from Natural Gas Condensates
- Mineral Oils Derived from Coal Tar
- Synthetic Mineral Oils
Mineral Oil Market Viscosity Grade Outlook
- Low Viscosity Mineral Oils
- Medium Viscosity Mineral Oils
- High Viscosity Mineral Oils
Mineral Oil Market Additives Outlook
- Mineral Oils with Anti-Wear Additives
- Mineral Oils with Oxidation Inhibitors
- Mineral Oils with Rust Protectors
- Mineral Oils with Friction Modifiers
- Mineral Oils with Biocides
Mineral Oil Market End-User Industry Outlook
- Automotive Industry
- Industrial Machinery Industry
- Energy Industry
- Construction Industry
- Manufacturing Industry
- Pharmaceutical Industry
- Cosmetics and Personal Care Industry
- Food and Beverage Industry
- Agricultural Industry
Mineral Oil Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
217.9(USD Billion) |
| Market Size 2023 |
235.66(USD Billion) |
| Market Size 2032 |
477.25(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
8.15% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
BP, ENI, TotalEnergies, PetroChina, Shell, Reliance Industries, ExxonMobil, Chevron, Saudi Aramco, Lukoil, Rosneft, Equinor, Sinopec, ConocoPhillips, China National Petroleum Corporation |
| Segments Covered |
Application, Source, Viscosity Grade, Additives, End-User Industry, Regional |
| Key Market Opportunities |
Higholeic oils Extraction of antioxidants Cosmetic applications Pharmaceuticals Construction |
| Key Market Dynamics |
Increasing demand from pharmaceuticals, growing transportation sector, rising consumption in plastics and coatings |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Mineral Oil Market is expected to reach USD 235.66 billion in 2023.
The Mineral Oil Market is projected to grow at a CAGR of 8.15% from 2024 to 2032.
The Mineral Oil Market is expected to reach USD 477.25 billion by 2032.
Asia Pacific is expected to hold the largest market share in the Mineral Oil Market in 2023.
Lubricants are expected to hold the largest market share in the Mineral Oil Market in 2023.
Some of the key competitors in the Mineral Oil Market include ExxonMobil, Royal Dutch Shell, BP, Chevron, and TotalEnergies.
The major factors driving the growth of the Mineral Oil Market include increasing demand for lubricants, rising industrialization, and growing population.
The major challenges faced by the Mineral Oil Market include volatility in crude oil prices, environmental regulations, and competition from synthetic oils.
The key trends shaping the Mineral Oil Market include the development of biodegradable lubricants, the adoption of advanced refining technologies, and the growing use of mineral oils in renewable energy applications.
The outlook for the Mineral Oil Market is positive, with growth expected to continue over the next decade.
