Petroleum Jelly Market: Introduction
- Petroleum jelly is also known as mineral jelly or petrolatum, as it contains mixture of mineral waxes and oils. Petroleum jelly was discovered in 1859 on an oil rig.
- Petroleum jelly has a variety of applications ranging from metal protection and lubrication of machinery in the food & beverages industry to pharmaceutical applications as a component of ointments and barrier creams
- Petroleum jelly is odorless and inert. It has excellent hydrating characteristics and hence, it is employed in various industries such as pharmaceutical, paints, cosmetics, and telecommunications.
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Key Drivers of Global Petroleum Jelly Market
- Increase in the demand for pharmaceutical and cosmetic products is expected to drive the global petroleum jelly market in the near future. Petroleum jelly forms a sealing barrier on dry and damaged skin, which locks the moisture and helps in speeding up natural recovery process of the skin. This generates high demand for petroleum jelly in pharmaceutical and cosmetics industries.
- Petroleum jelly is an excellent anti-rusting agent and water repellant. It is odorless and inert. These properties of petroleum jelly is expected to drive the market during the forecast period. Since industries such as marine, leather, telecommunications, and manufacturing require petroleum jelly for several applications wherein rusting or water can cause severe damage to equipment and operations. Thus, use of petroleum jelly helps these industries to overcome challenges in an efficient manner.
Restraints of Global Petroleum Jelly Market
- Increase in the demand for natural pharmaceutical and cosmetic products across the world can be one of the major restraints of the global petroleum jelly market, due to increase in awareness about natural products and rise in the purchasing power of customers. Availability of substitutes for petroleum jelly with natural ingredients can be another restraint of the market.
Global Petroleum Jelly Market: Segmentation
- The global petroleum jelly market can be segmented in terms of grade and end-user industry
- Based on grade, the global market can be segmented into pharmaceutical grade, cosmetic grade, and industrial grade. The pharmaceutical grade segment dominated the global market, in terms of market share, in 2018. The segment is projected to expand at a significant CAGR during the forecast period, owing to rise in the demand for pharmaceutical-grade petroleum jelly in the pharmaceutical industry.
- In terms of end-user industry, the global petroleum jelly market can be classified into pharmaceutical, cosmetics & personal care, shipping, leather, telecommunications, and others. Among these, the pharmaceutical segment is projected to expand at the maximum CAGR during the forecast period. Petroleum jelly is chemically inert, due to which it does not react with chemicals in pharmaceutical products. Owing to this property, it is largely used in the pharmaceutical industry. This drives the pharmaceutical segment of the global market.
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Global Petroleum Jelly Market: Regional Segmentation
- Based on region, the global petroleum jelly market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global petroleum jelly market in 2018. The market in the region is expected to expand at a significant rate during the forecast period, as countries such as China, Japan, and India witness high demand for petroleum-jelly-based pharmaceutical and cosmetic products.
- North America is projected to make substantial contributions toward the growth of the overall market for petroleum jelly in the near future. Being one of the largest manufacturers of pharmaceutical and cosmetic products across the globe, the U.S. is expected to lead the North America petroleum jelly market during the forecast period.
- The market in Europe is expected to expand at a steady CAGR during the forecast period. France and Germany are leading producers of cosmetic products in the region and are expected to lead the market in Europe during the forecast period.
- In 2019, Godrej Consumer Products Limited acquired a majority stake in Canon Chemicals. Canon Chemicals is a major manufacturer and distributor of personal care and home care products based in Kenya. Its major brand for petroleum jelly is Valon.
- In February 2019, Holly Frontier Corporation acquired Sonneborn, a leading manufacturer and distributor of petroleum-jelly-based products in the Netherlands
- Brenntag AG, a Germany-based multinational chemical distribution company, acquired a major stake in Raj Petro in January 2018. Raj Petro is one of the leading manufacturers of petroleum jelly in the world.
Key Players Operating in Global Petroleum Jelly Market:
- Sonneborn LLC
- Raj Petro
- Eastern Petroleum
- Persia Paraffin
- Sovereign Chemicals & Cosmetics
- Unisynth Group
- Shimi Taghtiran Company
- ARK?MYA Her Hakk? Sakl?d?r
Global Petroleum Jelly Market: Research Scope
Global Petroleum Jelly Market, by Grade
- Pharmaceutical Grade
- Cosmetic Grade
- Industrial Grade
Global Petroleum Jelly Market, by End-user Industry
- Cosmetics & Personal Care
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.