Mineral Oil Global Market Report 2025

Mineral oil is a type of oil produced from petroleum that contains a mixture of oily liquids. It is a colorless, transparent liquid that is odorless and tasteless, insoluble in water and ethanol. Mineral oils are used in the manufacture of various products such as bulk drugs, cosmetics, textile auxiliaries, plant spray oil, agrochemicals, aerosols, dye intermediates, and the paper industry.

The main types of mineral oil are paraffinic oil, naphthenic oil, and aromatic oil. Paraffinic oil is a hydrocarbon-based liquid derived from the fractional distillation of crude oil. It is commonly used as a lubricant and as a corrosion prevention element. Paraffinic oil comes in different grades such as technical oil and white oil, which find applications in various industries including personal care, food and beverages, industrial, pharmaceutical, and others.

The mineral oil market research report is one of a series of new reports from The Business Research Company that provides mineral oil market statistics, including mineral oil industry global market size, regional shares, competitors with a mineral oil market share, detailed mineral oil market segments, market trends and opportunities, and any further data you may need to thrive in the mineral oil industry. This mineral oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mineral oil market size has grown strongly in recent years. It will grow from $4.2 billion in 2024 to $4.46 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to industrialization & urbanization, medical device applications, electrical industry demand, agricultural use, petrochemical expansion, pharmaceutical applications.

The mineral oil market size is expected to see strong growth in the next few years. It will grow to $6.03 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to global economic growth, shifts in consumer preferences, industrial expansion, emerging market demand, rise in sustainable practices. Major trends in the forecast period include industrial applications, pharmaceutical industry demand, cosmetics & personal care use, automotive sector requirements, growing petrochemical industry, agricultural applications.

The anticipated surge in demand for personal care products, particularly in skincare, is poised to drive the growth of the mineral oil market in the foreseeable future. Personal care products encompass creams and lotions utilized for skin protection, involving various user-specific activities such as dressing, showering, applying skincare products, and bathing. Mineral oils find prominence in personal care and skincare items due to their moisturizing, emollient, and soothing properties. For instance, as reported by Forbes, the global cosmetic industry is projected to achieve a market value of $390 billion by 2024. This substantial growth underscores the increasing demand for personal care products, particularly skincare items. Hence, the escalating interest in personal care products, especially skincare, acts as a driving force behind the growth trajectory of the mineral oil market.

The anticipated expansion in the automobile industry is expected to drive the growth of the mineral oil market in the foreseeable future. The automobile industry encompasses various entities and activities involved in the creation, development, manufacturing, marketing, and sales of motor vehicles. Mineral oil serves as a fundamental base oil utilized in the production of lubricants within the automobile industry, including engine oils, transmission fluids, and hydraulic fluids. Its inherent lubricating properties play a crucial role in reducing friction and wear in diverse automotive components, ultimately enhancing overall engine and vehicle performance. For example, as reported by the European Automobile Manufacturers Association in February 2023, the global production of motor vehicles reached 85.4 million units in 2022, marking a notable 5.7% increase from 2021. Consequently, the burgeoning expansion of the automobile industry stands as a key driver propelling the growth of the mineral oil market.

Major players in the mineral oil market are indeed focused on introducing new products such as synthetic high-performance grease to gain a competitive edge. This type of grease is engineered as a lubricant specifically tailored for demanding applications that require exceptional performance characteristics. For instance, in May 2022, DuPont de Nemours Inc., a US-based chemicals company, launched the MOLYKOTE Multilub Synthetic High Performance Grease. This versatile lubricant holds certification from the National Lubricating Grease Institute (NLGI) with the HPM + LT designation. This designation signifies its status as a High-Performance Multiuse Grease with enhanced low-temperature performance, rendering it suitable for diverse applications such as gears, slides, pumps, agitators, spindles, gearboxes, bushings, actuators, and springs. The synthetic formulation of this grease ensures superior performance and durability in comparison to mineral-oil-based alternatives. Its capability to operate efficiently even in temperatures as low as -58°F (-50°C) adds significant flexibility to its range of applications, underscoring its reliability and adaptability across various demanding conditions.

Leading companies in the mineral oil market are innovating by developing new products such as base oil to gain a competitive edge. Base oil acts as the fundamental constituent of lubricating oils or greases, forming the primary foundation for these lubricants and providing essential properties such as viscosity, thermal stability, and lubricity. For example, in September 2022, OQ Chemicals, a Germany-based chemicals company, introduced a new ester base oil named Oxlube L7-NPG. This particular base oil is engineered to elevate the performance and efficiency of electric vehicles (EVs). The specialized base oil empowers lubricant manufacturers to create optimized e-driveline lubricants characterized by low viscosity, a high flash point, and biodegradability. Oxlube L7-NPG is tailored to meet the distinct requirements of contemporary EV fluids, offering exceptional thermal and dielectric properties specifically designed for cooling applications in electric motor cooling systems. Its low-friction attributes contribute to heightened energy efficiency and reduced wear and maintenance in electric vehicles. Additionally, this ester-based product offers environmental advantages compared to mineral oil-based alternatives, aligning with sustainability goals.

In September 2022, Sitio Royalties Corp, and Brigham Minerals Inc announced the merger worth around $4.8 billion. The merger will create the largest publicly traded mineral, royalty company in the USA. The merger aims to consolidate both companies' various operations and geographies. Sitio Royalties Corp is an American mineral and royalty company. Brigham Minerals Inc is an American firm that focuses on acquiring oil and gas mineral rights across the USA.

Major companies operating in the mineral oil market include Saudi Aramco, China National Petroleum Corporation, PetroChina Company Limited, Exxon Mobil Corporation, Shell plc, TotalEnergies SE, BP plc, Chevron Corporation, ENI S.p.A. Indian Oil Corporation Limited, Rosneft Oil Company, JXTG Holdings Inc., OMV AG, Idemitsu Kosan Co Ltd., Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Sasol Limited, Kuwait Petroleum Corporation, Civitas Resources Inc., Petro-Canada, Unicorn Petroleum Company Limited, Renkert Oil Inc., Nippon Oil Corporation, Phillips 66, EOG Resources Inc.

North America was the largest region in the mineral oil market in 2024. North America was the second-largest region in the mineral oil market share. The regions covered in the mineral oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the mineral oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The mineral oil market consists of sales of petrolatum, microcrystalline wax and ozokerite. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Mineral Oil Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on mineral oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for mineral oil ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mineral oil market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

• Markets Covered:1) By Type: Paraffinic Oil; Naphthenic Oil; Aromatic Oil
• 2) By Grade: Technical Oil; White Oil
• 3) By End User: Personal Care; Food and Beverages; Industrial; Pharmaceutical; Other End Users
• Subsegments:
• 1) By Paraffinic Oil: Light Paraffinic Oil; Heavy Paraffinic Oil; White Mineral Oil
• 2) By Naphthenic Oil: Light Naphthenic Oil; Heavy Naphthenic Oil
• 3) By Aromatic Oil: Light Aromatic Oil; Heavy Aromatic Oil; Process Oil
• Companies Mentioned: Saudi Aramco; China National Petroleum Corporation; PetroChina Company Limited; Exxon Mobil Corporation; Shell plc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.