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Description
White Mineral Oil Market size was valued at USD 2,343.6 million in 2022, growing at a CAGR of 3.7% from 2023 to 2029. Rising demand for cosmetic products such as lotions, hair oils, creams, ointments, petroleum jelly, laxatives, and pharmaceutical products is a major factor expected to drive market revenue growth. Use of white mineral oil as a blending base in these products is increasing use of these oils in various end-use industries. These highly refined mineral oils are stable, pure, colourless, non-toxic, chemically inert, and odourless, which makes these ideal for use in manufacturing cosmetics, pharmaceuticals, and chemical processing. Cosmetic and medicinal applications of white mineral oil include manufacturing ointments, hair care products, complexion creams, baby oils, laxatives, and for preparing curative drugs. Hair care industry has developed over the years with more organic, eco-friendly, and natural products according to the changing consumer preferences in the market. According to research a study 52% of the total consumers prefer to buy organic or natural shampoo which is expected to increase adoption of white oil as an ingredient in hair care products. Rising demand for various personal care products along with pharmaceuticals is expected to drive market revenue growth. Rising demand for grooming products and changing consumer preferences for organic and natural products are expected to drive growth of the global personal care products market, which is expected to result in significant supply of white mineral oil. Moisture resistant property of this oil encourages cosmetic manufacturers to use this oil in personal care products. Thus, white oil is used as a moisturizer for treating rough, dry, scaly itchy, and other minor skin irritation. White oil is helpful for softening polymer and rubber-based products. Also, it is used to manufacture emollients, for penicillin production process, and in eye lubricants, which are expected to boost demand for white oil in this industry. Growing car manufacturing industry and automation are accelerating demand for tiers, which is further supporting demand for white oil in tier manufacturing industry. Wide range of applications of white mineral oil in plastic, rubber, and food packaging industries is expected to drive market revenue growth.
Key developments:
In September 2022, Sitio Royalties Corp, and Brigham Minerals, Inc. announced the merger worth around $4.8 billion. The merger will create the largest publicly traded mineral, royalty company in the USA
