Mineral Oil Market To Witness Widespread Expansion During 2019 - 2025

06/apr/2021 12:17:33 Grand View Research Contatta l'autore

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.

Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/mineral-oil-market

Mineral Oil Market Report Highlights

·         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.

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