Global Mineral Oil Market Size Study, By Application (Automotive, Industrial Machinery, Energy, Construction, Manufacturing, Pharmaceuticals, Cosmetics and Personal Care, Food and Beverages, Agriculture), By Source (Mineral Oils Derived from Petroleum, Mi

The Global Mineral Oil Market is valued at approximately USD 0.25 billion in 2023 and is anticipated to grow at a healthy CAGR of 8.20% over the forecast period 2024-2032. Mineral oil, a highly refined petroleum product, finds extensive applications across various industries, including automotive, pharmaceuticals, food and beverages, and cosmetics, due to its lubricating, preservative, and conditioning properties. With the continuous expansion of industrialization and increasing demand for high-performance lubricants, the market for mineral oil is witnessing steady growth. Additionally, advancements in refining technology and an increasing shift toward synthetic mineral oils have further fueled the market expansion.

The market is experiencing robust growth, driven by an increasing demand for industrial lubricants and process oils. The growing automotive sector, combined with rapid industrialization in emerging economies, is a key driver of market growth. Additionally, the rising adoption of mineral oil-based personal care products and pharmaceutical applications has created lucrative opportunities in the industry. Regulatory compliance and environmental concerns have led manufacturers to innovate in refining techniques, ensuring that mineral oils meet stringent safety and quality standards. However, fluctuating crude oil prices and increasing competition from bio-based and synthetic lubricants pose challenges to market expansion.

The Global Mineral Oil Market is categorized into key regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe holds a dominant position in the market due to its well-established industrial and pharmaceutical sectors. The presence of major market players and advancements in refining processes contribute to the region’s stronghold in the global landscape. On the other hand, Asia Pacific is anticipated to witness the fastest growth over the forecast period, propelled by rapid industrialization, increasing automobile production, and growing investments in manufacturing sectors across China, India, and Southeast Asian countries. Meanwhile, North America continues to be a significant contributor, driven by technological advancements and high demand for specialty mineral oils in pharmaceutical and cosmetics applications.

Major market players included in this report are:
• 3M Company
• BP p.l.c.
• ExxonMobil Corporation
• Royal Dutch Shell plc
• Chevron Corporation
• TotalEnergies SE
• Sinopec Group
• Lukoil
• Fuchs Petrolub SE
• Idemitsu Kosan Co., Ltd.
• Petro-Canada Lubricants Inc.
• Sasol Limited
• Valvoline Inc.
• SK Lubricants Co., Ltd.
• Indian Oil Corporation Ltd.

The detailed segments and sub-segments of the market are explained below:

By Application:
• Automotive
• Industrial Machinery
• Energy
• Construction
• Manufacturing
• Pharmaceuticals
• Cosmetics and Personal Care
• Food and Beverages
• Agriculture

By Source:
• Mineral Oils Derived from Petroleum
• Mineral Oils Derived from Natural Gas Condensates
• Mineral Oils Derived from Coal Tar
• Synthetic Mineral Oils

By Viscosity Grade:
• Low Viscosity Mineral Oils
• Medium Viscosity Mineral Oils
• High Viscosity Mineral Oils

By Additives:
• Mineral Oils with Anti-Wear Additives
• Mineral Oils with Oxidation Inhibitors
• Mineral Oils with Rust Protectors
• Mineral Oils With Friction Modifiers
• Mineral Oils With Biocides

By Region:

North America:
• U.S.
• Canada

Europe:
• UK
• Germany
• France
• Spain
• Italy
• ROE (Rest of Europe)

Asia Pacific:
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC (Rest of Asia Pacific)

Latin America:
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa:
• Saudi Arabia
• South Africa
• RoMEA (Rest of Middle East & Africa)

Key Takeaways:
• Market estimates & forecasts for 10 years from 2022 to 2032.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of the geographical landscape with country-level assessments.
• Competitive landscape with insights into major players in the market.
• Evaluation of key business strategies and recommendations on future market approaches.
• Demand-side and supply-side analysis of the market.