The global mineral oil market is expected to witness strong growth during the forecast period between 2021 and 2031.
Mineral oil is a distilled product, comprising petroleum, alkanes, and cycloalkanes which are obtained by the refining process of crude oil.
Mineral oils have been used in different mechanical and industrial processes as they have proven beneficial as a lubricant in these procedures.
The COVID-19 pandemic outbreak negatively impacted growth in global mineral oil market. Increasing number of cases worldwide led to governments imposing strict government restrictions in a bid to contain the spread of the virus.
This led to shutting down of production units for different products, which lowered the demand for mineral oil and affected market growth.
Rising demand for white oil in leading economies globally is the key growth driver of global mineral oil market.
Also, increasing demand from pharmaceutical industry is expected to help create revenue-generating opportunities for prominent players in global market, in the coming years.
In addition to this, increasing use of mineral oil as plasticizers in the rubber production process is anticipated to fuel the growth in mineral oil market, in the years ahead.
Furthermore, increasing mineral oil demand from cosmetics and pharmaceutical end-use industries is projected to trigger the growth in global market, in years to come.
Other factors such as rapid urbanization, especially in developing economies and rising disposable income could also contribute to market growth, in future.
Paraffin oil product segment is expected to account for a large share in overall market in future because of increasing product demand to treat consumers suffering from hair conditions such as dandruff in prominent countries worldwide.
The global mineral oil market is competitive, with the presence of numerous leading players. Many of these players are expected to hold a large share in the overall market, in years to come.
It is anticipated that entry of new players could further intensify the competition in global market, in the coming years.
New product launches could help prominent mineral oil market players in gaining a competitive edge over other players and in generating new revenue streams.
R&D undertakings could be key, revenue-generating growth strategy for well-established market players, in the coming years.
Other strategies such as signing of collaborative agreements with smaller players could help leading mineral oil market players in expanding their presence in global market and increasing their revenue shares.
Few prominent players in global market include Dow Chemical Company, BASF SE, Radco Industries, Hunstman Corporation, and Flowserve Corporation.
The global mineral oil market is classified into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America is expected to emerge as maximum revenue-generating region in global mineral oil market in future because of rising demand for processed food and cosmetic products in countries such as the U.S. and Canada.
Asia Pacific is projected to witness significant growth in overall market in the coming years owing to increasing mineral oil demand because of factors such as rapid urbanization in countries such as India and China.
Ease of availability of key resources such as land and labor could lead to leading players establishing R&D centers in Asia Pacific countries, which could help market growth in the region.
Europe is anticipated to witness strong growth in overall mineral oil market due to rising customer inclination towards sun care products and personal grooming in countries such as the U.K. and Germany.
Other regions of the world such as Middle East and Africa and Latin America are expected to witness moderate growth in global market, in the coming years.