Mineral Oil Market Demand, Size Analysis and Outlook 2034
Mineral Oil Market Growth, Size, Trends Analysis - By Grade, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Nov-2025 | Report ID: CHEM25191 | Pages: 1 - 221 | Formats*: |
| Category : Chemical & Materials | |||
Mineral Oil Market Introduction and Overview
According to SPER Market Research, the Global Mineral Oil Market is estimated to reach USD 10.31 billion by 2034 with a CAGR of 4.83%.
The report includes an in-depth analysis of the Global Mineral Oil Market, including market size and trends, product mix, Applications, and supplier analysis.The global mineral oil market was valued at approximately USD 6.43 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 4.83% from 2025 to 2034. The rise in industrialization in both developed and developing nations has contributed to the expansion of the mineral oil market, as these oils are favored for use as lubricants, solvents, and additives across a variety of applications. The increasing demand for white oil has been instrumental in propelling the overall market forward. This oil is extensively utilized in the personal care and pharmaceutical sectors.
By Grade Insights
The white oil market led the global mineral oil market and had the largest revenue share in 2024 due to its unique properties and versatility. White oils are used in various fields, including adhesives, animal vaccines, pharmaceuticals, and polystyrene. They are made from paraffinic sources and are known for their low odor, high purity, and affordability, driving their demand across many industries. The technical oil market is expected to grow the fastest due to its use in the aerospace industry. Additionally, forestry and agriculture use this oil for pesticides, and it is also popular in the textile industry for its anti-rust and anti-tear properties.
Regional Insights
The Asia Pacific region led the global mineral oil market, capturing the largest share of revenue in 2024. Countries within this region that are developing are witnessing considerable growth in both industrial and agricultural sectors, which is further driving the demand for mineral oil across multiple industries. Moreover, the agricultural sector plays a crucial role in the economies of several nations, thereby enhancing the utilization of mineral oils, particularly as carriers in pesticide formulations.
Market Competitive Landscape
Key players in the mineral oil market are consistently working to secure a competitive advantage by investing in research and development to launch innovative products. Prominent companies in the mineral oil market are concentrating on broadening their presence through strategic partnerships, acquisitions, and joint ventures. The growth of the mineral oil market is primarily fueled by the rising demand from various end-use sectors, including pharmaceuticals, cosmetics, and food and beverages.
Recent Developments:
February 2024 - CLG has inaugurated a white oil processing unit in China, thereby broadening its footprint in the Global Mineral Oil Market. This new facility will bolster the company's capacity to satisfy the increasing demand for high-quality mineral oils, especially in the lubricants and industrial sectors.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Grade, By Application |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, Middle East & Africa |
| Companies Covered | British Petroleum, RENKERT OIL, Exxon Mobil Corporation, Sonneborn LLC, Royal Dutch Shell PLC, Petro-Canada, ENEOS Xplora Inc, SINOPEC Group, Seojin Chemical, Sasol. |
Key Topics Covered in the Report
- Global Mineral Oil Market Size (FY’2021-FY’2034)
- Overview of Global Mineral Oil Market
- Segmentation of Global Mineral Oil Market by Grade (Technical Oil, White Oil)
- Segmentation of Global Mineral Oil Market by Application (Baby Oil, Cosmetics, Skin Care Products, Hair Care Products, Consumer Goods, Others)
- Statistical Snap of Global Mineral Oil Market
- Expansion Analysis of Global Mineral Oil Market
- Problems and Obstacles in Global Mineral Oil Market
- Competitive Landscape in the Global Mineral Oil Market
- Details on Current Investment in Global Mineral Oil Market
- Competitive Analysis of Global Mineral Oil Market
- Prominent Players in the Global Mineral Oil Market
- SWOT Analysis of Global Mineral Oil Market
- Global Mineral Oil Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
- 1.1. Scope of the report
- 1.2. Market segment analysis
2. Research Methodology
- 2.1. Research data source
- 2.1.1. Secondary Data
- 2.1.2. Primary Data
- 2.1.3. SPERs internal database
- 2.1.4. Premium insight from KOLs
- 2.2. Market size estimation
- 2.2.1. Top-down and Bottom-up approach
- 2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
- 4.1. Driver, Restraint, Opportunity and Challenges analysis
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunities
- 4.1.4. Challenges
5. Market variable and outlook
- 5.1. SWOT Analysis
- 5.1.1. Strengths
- 5.1.2. Weaknesses
- 5.1.3. Opportunities
- 5.1.4. Threats
- 5.2. PESTEL Analysis
- 5.2.1. Political Landscape
- 5.2.2. Economic Landscape
- 5.2.3. Social Landscape
- 5.2.4. Technological Landscape
- 5.2.5. Environmental Landscape
- 5.2.6. Legal Landscape
- 5.3. PORTERs Five Forces
- 5.3.1. Bargaining power of suppliers
- 5.3.2. Bargaining power of buyers
- 5.3.3. Threat of Substitute
- 5.3.4. Threat of new entrant
- 5.3.5. Competitive rivalry
- 5.4. Heat Map Analysis
6. Competitive Landscape
- 6.1. Global Mineral Oil Market Manufacturing Base Distribution, Sales Area, Product Type
- 6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Mineral Oil Market
7. Global Mineral Oil Market, By Grade (USD Million) 2021-2034
- 7.1. Technical Oil
- 7.2. White Oil
8. Global Mineral Oil Market, By Application (USD Million) 2021-2034
- 8.1. Baby Oil
- 8.2. Cosmetics,
- 8.3. Skin Care Products
- 8.4. Hair Care Products
- 8.5. Consumer Goods
- 8.6. Others
9. Global Mineral Oil Market, (USD Million) 2021-2034
- 9.1. Global Mineral Oil Market Size and Market Share
10. Global Mineral Oil Market, By Region, (USD Million) 2021-2034
- 10.1. Asia-Pacific
- 10.1.1. Australia
- 10.1.2. China
- 10.1.3. India
- 10.1.4. Japan
- 10.1.5. South Korea
- 10.1.6. Rest of Asia-Pacific
- 10.2. Europe
- 10.2.1. France
- 10.2.2. Germany
- 10.2.3. Italy
- 10.2.4. Spain
- 10.2.5. United Kingdom
- 10.2.6. Rest of Europe
- 10.3. Middle East and Africa
- 10.3.1. Kingdom of Saudi Arabia
- 10.3.2. United Arab Emirates
- 10.3.3. Qatar
- 10.3.4. South Africa
- 10.3.5. Egypt
- 10.3.6. Morocco
- 10.3.7. Nigeria
- 10.3.8. Rest of Middle-East and Africa
- 10.4. North America
- 10.4.1. Canada
- 10.4.2. Mexico
- 10.4.3. United States
- 10.5. Latin America
- 10.5.1. Argentina
- 10.5.2. Brazil
- 10.5.3. Rest of Latin America
11. Company Profile
- 11.1. British Petroleum
- 11.1.1. Company details
- 11.1.2. Financial outlook
- 11.1.3. Product summary
- 11.1.4. Recent developments
- 11.2. RENKERT OIL
- 11.2.1. Company details
- 11.2.2. Financial outlook
- 11.2.3. Product summary
- 11.2.4. Recent developments
- 11.3. Exxon Mobil Corporation
- 11.3.1. Company details
- 11.3.2. Financial outlook
- 11.3.3. Product summary
- 11.3.4. Recent developments
- 11.4. Sonneborn LLC
- 11.4.1. Company details
- 11.4.2. Financial outlook
- 11.4.3. Product summary
- 11.4.4. Recent developments
- 11.5. Royal Dutch Shell PLC
- 11.5.1. Company details
- 11.5.2. Financial outlook
- 11.5.3. Product summary
- 11.5.4. Recent developments
- 11.6. Petro-Canada
- 11.6.1. Company details
- 11.6.2. Financial outlook
- 11.6.3. Product summary
- 11.6.4. Recent developments
- 11.7. ENEOS Xplora Inc
- 11.7.1. Company details
- 11.7.2. Financial outlook
- 11.7.3. Product summary
- 11.7.4. Recent developments
- 11.8. SINOPEC Group
- 11.8.1. Company details
- 11.8.2. Financial outlook
- 11.8.3. Product summary
- 11.8.4. Recent developments
- 11.9. Seojin Chemical
- 11.9.1. Company details
- 11.9.2. Financial outlook
- 11.9.3. Product summary
- 11.9.4. Recent developments
- 11.10. Sasol
- 11.10.1. Company details
- 11.10.2. Financial outlook
- 11.10.3. Product summary
- 11.10.4. Recent developments
- 11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Mineral Oil Market is covered By Grade, By Application
Mineral Oil Market is projected to reach USD 10.31 billion by 2034, growing at a CAGR of 4.83% during the forecast period.
Mineral Oil Market grew in Market size from 2025. The Market is expected to reach USD 10.31 billion by 2034, at a CAGR of 4.83% during the forecast period.
Mineral Oil Market CAGR of 4.83% during the forecast period.
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Asia Pacific is anticipated to have the highest Market share in the Mineral Oil Market.
British Petroleum, RENKERT OIL, Exxon Mobil Corporation, Sonneborn LLC, Royal Dutch Shell PLC, Petro-Canada, ENEOS Xplora Inc, SINOPEC Group, Seojin Chemical, Sasol.
Mineral Oil Market size is USD 10.31 billion from 2025 to 2034.
The report includes an in-depth analysis of the Global Mineral Oil Market, including market size and trends, product mix, Applications, and supplier analysis
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