SAN FRANCISCO, June 4, 2019 /PRNewswire/ -- The global mineral oil market size is projected to reach USD 4.29 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 4.0% during the forecast period. Increasing demand for benzene, ethylene, and propylene, among others from multiple end-user industries are among primary growth stimulants for the market. Major players in value chain of the market, include Shell, British Petroleum, Total, Sinopec, and Idemitsu. They are the key raw material suppliers to mineral oil formulators. Key lubricant manufacturers such as Valvoline; Fuchs Group; Amsoil, Inc.; and Kendall strategically venture into joint business operations with oil & gas giants to ensure long-term raw material procurement ease.
Key suggestions from the report:
- In terms of volume, the global mineral oil market is anticipated to exceed 3,700 kilotons by 2025 at a 3% CAGR
- White oil grade was the dominant segment in the market and accounted for approximately 82.0% of the overall volume in 2017, with its usage in pharmaceuticals being a high-demand prospect
- Major application scope for technical grades is in the textiles and food sector, whereas the counterpart grades are majorly utilized by the personal care, pharmaceuticals, textiles, and polymer industries among others
- Latin America offers immense opportunities to vendors looking for expansion into new regions. Apart from dominant countries such as Brazil and Argentina, growth across Chile, Uruguay, and Cuba is also projected to be high
- China is one of the crucial contributors to the global market. The country commanded more than 50.0% of the revenue in Asia Pacific in 2017. Presence of dominant manufacturing ecosystem is a key advantage China holds as compared to other countries in the region
- Some of the key participants are British Petroleum; Renkert Oil, Inc.; ExxonMobil; Sonneborn, Inc.; and Royal Dutch Shell.
Read 192 page research report with TOC on "Mineral Oil Market Size, Share & Trends Analysis Report By Grade (Technical Oil, White Oil), By Region (North America, Europe, APAC, LATAM, MEA), Competitive Landscape, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/mineral-oil-market
The market is also characterized by presence of a number of new entrants, who venture into the arena by tapping into lucrative opportunities available across the U.S. and other North American countries. Existing players aim to enter into strategic collaborations to increase capacities and expand their reach in emerging economies across the globe.
The U.S. FDA has formulated regulations in-line with white mineral grade products subjected to direct food contact, indirect food contact, animal feed, medication, and care application scopes. Furthermore, the European Food Safety Authority has announced that wax products made from mineral oils such as paraffin wax should meet European Directive 1935/2004/EG in order to be safely used in food applications, which also includes packaging.
Grand View Research has segmented the global mineral oil market on the basis of grades and region.
- Mineral Oil Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Technical Oil
- White Oil
- Mineral Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
Find more research reports on Petrochemicals Industry, by Grand View Research:
- Monoethylene Glycol (MEG) Market – Global MEG market is expected to witness significant growth over the forecast period on account of its widespread applications in numerous end-use industries including consumer goods, construction, automotive, pharmaceutical, textiles and chemical processing.
- Paraffins Market – Global paraffins market is expected to grow over the forecast period, owing to increasing application as a sizing agent within expanding construction and infrastructure industries in emerging nations.
- Viscosity Reducing Agents Market – Viscosity reducing agents are essential and assist the operators in order to increase flow in the pipeline. The major factor that propels the growth of the global Viscosity Reducing Agents market share includes the advantages from their use.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.