Global Mineral Oil Market: Overview
Mineral oil is a distilled product of petroleum, which is characterized by colorlessness and odorlessness. It is a liquid by-product composed of alkanes and cycloalkanes, extracted from the refining of crude oil. Mineral oil is highly useful in making petroleum-based products such as biomedicine, pharmaceuticals, textile, food products, and cosmetics. These oils also find application various industrial and mechanical processes including thermic fluid, as it appropriately serves the purpose of a lubricant. In the recent past, research and development in this field has incremented the application of mineral oil in several other kinds of products, and consequently, the demand in the global mineral oil market is anticipated to expand at a healthy rate during the forecast period of 2016 to 2024.
This report on the global market for mineral oil examines all the micro and macro factors that may influence the demand until 2024, and aspires to serve as a credible document for the industry players in order to make most informed business decisions. Proven market research methodologies such as SWOT analysis and Porter’s five forces have been included in order to provide an insight into the strengths and weaknesses of the leading players as well as the threat of new entrants. The report also profiles some of the key prominent companies currently operational in this market, analyzing their geographical presence, product range, and shares in the overall market.
Global Mineral Oil Market: Drivers and Restraints
With the growing population across the world, the food sector is touching new heights. This factor is positively reflecting on global mineral oil market. The FDA and WHO have approved the usage of mineral oil in food products in the past decade, which has augmented the demand for the same in the recent times. Mineral oil offer a number of benefits over steam systems, which is leading to its use as thermic fluid across various mechanical and industrial purposes, and thereby escalating demand. However, factors such as toxicity caused by these oils and fluctuating prices of crude oil are expected to obstruct the market from reaching its full potential during the forecast period.
Global Mineral Oil Market: Region-wise Outlook
As the market is in its current scenario, North America is the most lucrative region, owing to exceptionally high demand for cosmetics products as well as processed food. The demand is particularly driven by the country-wide market of the U.S. wherein restless lifestyle and disposable income are common. However, Asia Pacific is also projected for a healthy growth rate during the forecast period, with escalating demand coming from the emerging economies such as India, China, Singapore, Japan, and Australia. The region of Asia Pacific resides nearly half of the world’s population, and rapid urbanization in several countries is presenting a whole lot of untapped potential of the players in this market. Moreover, rising awareness of self case as well as increasing demand for baby oils and lotions will further fuel the demand from Asia Pacific. The region of Europe is also expected to grow during the forecast period, although moderately, due to strict regulations from food regulatory bodies.
Companies mentioned in the research report
BASF SE, Dow Chemical Company, Applied Thermal Control, Clariant AG, Solutia Inc., Petro Canada, Flowserve Corporation, Radco Industries, and Huntsman Corporation are some of the leading companies in the global mineral oil market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.