22-July-2019: 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.
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.
In
depth research report on Mineral Oil Market
Further key findings from the report suggest:
·
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.
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
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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