Mineral oil is a mixture characterized by no color or odor. This liquid by-product is a result of refining crude oil that is used for making gasoline and other petroleum-related products. Mineral oil is composed of cycloalkanes and alkanes. It is mainly used in cosmetics, biomedicine, food preparations, and mechanical and industrial processes such as thermic fluid. It serves the purpose of a lubricant, raw material for a wide range of industries, and an illuminant. The byproducts of mineral oil are mainly used in the chemical, pharmaceutical, and textile industries along with being used as a feed-stock for several important petrochemicals. Over the years, industrialization and research and development for various kinds of products has given a strong impetus to the global mineral oil market.
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The global mineral oil market has been examined and evaluated by industry experts with an aim to provide readers a credible document that can be used as a framework to make important business decisions. The global mineral oil market has also been analyzed using a SWOT analysis to identify the strengths, weaknesses, opportunities, and threats of key players. The report also includes a Porter’s five forces analysis for identifying the threat of new entrants, threat of substitute products or services, bargaining power of customers, bargaining power of suppliers, and intensity of competitive rivalry.
Overview of the Global Mineral Oil Market
The global mineral oil market is expected to grow due to increasing demand for mineral oil in the ever-expanding food and cosmetic industries. The undercurrent for the relentless demand in the cosmetics industry is the growing young population and their changing lifestyles. In the case of the food industry, the FDA’s approval for the usage of food-grade mineral oil in food preparation is anticipated to propel the demand for mineral oil in the food industry. Furthermore, the global mineral oil market is also witnessing growth as mineral oil is used as a thermic fluid in a wide range of industrial and mechanical applications as it offers several benefits when compared to steam systems.
However, the market faces certain challenges such as fluctuating crude oil prices and toxicity that is released into mildly treated mineral oils. These restricting factors can be overcome with an increasing demand from end-user industries in Asia Pacific region and the rising usage of high-grade oils in biomedicine.
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North America was the biggest consumer of mineral oil in the recent past due to an exceptionally high demand for cosmetics and food in the region. Asia Pacific is expected to trail this growth rate due to the rise in the population here and the subsequent rise in the demand for mineral oil from the end-user industries. Furthermore, the mineral oil market in Europe is likely to grow at a medium pace due to strict regulations set by food agency authorities pertaining to the toxicity of mineral oil in food items.
Companies Mentioned in the Global Mineral Oil Market
Some of the important players profiled in the global mineral oil market are the Dow Chemical Company, Petro Canada, Clariant AG, BASF SE, Solutia Inc., Applied Thermal Control, Flowserve Corporation, Huntsman Corporation, and Radco Industries.
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