Global Mineral Oil Market: Overview
Mineral oil is a distilled product of petroleum, which is characterized by colorlessness and odorlessness. It is a liquid by-product composed of alkanes and cycloalkanes, extracted from the refining of crude oil. Mineral oil is highly useful in making petroleum-based products such as biomedicine, pharmaceuticals, textile, food products, and cosmetics. These oils also find application various industrial and mechanical processes including thermic fluid, as it appropriately serves the purpose of a lubricant. In the recent past, research and development in this field has incremented the application of mineral oil in several other kinds of products, and consequently, the demand in the global mineral oil market is anticipated to expand at a healthy rate during the forecast period of 2016 to 2024.
This report on the global market for mineral oil examines all the micro and macro factors that may influence the demand until 2024, and aspires to serve as a credible document for the industry players in order to make most informed business decisions. Proven market research methodologies such as SWOT analysis and Porter’s five forces have been included in order to provide an insight into the strengths and weaknesses of the leading players as well as the threat of new entrants. The report also profiles some of the key prominent companies currently operational in this market, analyzing their geographical presence, product range, and shares in the overall market.
Global Mineral Oil Market: Drivers and Restraints
With the growing population across the world, the food sector is touching new heights. This factor is positively reflecting on global mineral oil market. The FDA and WHO have approved the usage of mineral oil in food products in the past decade, which has augmented the demand for the same in the recent times. Mineral oil offer a number of benefits over steam systems, which is leading to its use as thermic fluid across various mechanical and industrial purposes, and thereby escalating demand. However, factors such as toxicity caused by these oils and fluctuating prices of crude oil are expected to obstruct the market from reaching its full potential during the forecast period.
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Global Mineral Oil Market: Region-wise Outlook
As the market is in its current scenario, North America is the most lucrative region, owing to exceptionally high demand for cosmetics products as well as processed food. The demand is particularly driven by the country-wide market of the U.S. wherein restless lifestyle and disposable income are common. However, Asia Pacific is also projected for a healthy growth rate during the forecast period, with escalating demand coming from the emerging economies such as India, China, Singapore, Japan, and Australia. The region of Asia Pacific resides nearly half of the world’s population, and rapid urbanization in several countries is presenting a whole lot of untapped potential of the players in this market. Moreover, rising awareness of self case as well as increasing demand for baby oils and lotions will further fuel the demand from Asia Pacific. The region of Europe is also expected to grow during the forecast period, although moderately, due to strict regulations from food regulatory bodies.