Global mineral oil market is
anticipated to rise at a higher CAGR during the forecast period. Mineral oil is
a refined product of petroleum which is known for its colorless and odorless
features. It is a purified liquid and a by-product of cycloalkanes, alkanes
mined out of crude oil. It is highly useful in producing petroleum-based
products namely pharmaceuticals, biomedicine, textile, food products and
cosmetics. Mineral oils serve various purposes pertaining to industrial and
mechanical processes. Currently, tremendous research & development is
carried out in this domain to ensure continuous service to global demands.
On a commercial scale, factors
such as growing population and approval by food and development authorities
enable new market opportunities. Advantages associated with usage of mineral
oil in food products augment the demand for mineral oil. It is also used as a
thermic fluid in several industrial and mechanical domains. Thus, the market of
mineral oil is expected to witness a higher CAGR growth for the forecast
period.
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The key driving factors
responsible for the growth of mineral oil Industry includes rise in food sector
and approval by FDS and WHO on usage of mineral oil. Additionally, mineral oil
offers several advantages over steam systems resulting into mechanical and
industrial use. Moreover, rising demands for personal care and cosmetics plus
growth in disposable income and changing lifestyle is anticipated to drive the
mineral oil Industry. However, price fluctuation and toxicity of untreated or
mildly treated mineral oil is likely to impede the market growth for the
forecast period.
Mineral oil market is
segmented into paraffinic oils, naphthenic oils and aromatic oils. Mineral oil
market is segmented into biomedicine, cosmetics & personal care,
mechanical, electrical, industrial, food & beverage. Mineral oil market
spans North America, Latin America, Europe, Asia-Pacific, and Middle-East &
Africa. APAC regions such as India & China are anticipated to grow at a
higher CAGR due to the rising awareness for personal care.
Middle-East regions are
anticipated to rise at a higher CAGR during the forecast period owing to
tremendous business opportunities. Also, the higher use of high grade mineral
oil to produce biomedicines and aroma therapy is anticipated to create new
opportunities for mineral oil industry in the upcoming years. North America and
Latin American market is anticipated to rise equally at a higher CAGR owing to
fertile opportunities in trade and commerce.
The key players in the mineral
oil market include BASF SE, DOW Chemicals, Petro Canada, Huntsman Corporation,
Clariant AG, Radco Industries, Flowserve Corporation, Solutia Inc, and Applied
Thermal Control.
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