Global Mineral Oil Market: Overview
Mineral oil is a refined result of oil, which is portrayed by lackluster and odorlessness. It is a fluid side-effect made out of alkanes and cycloalkanes, extricated from the refining of unrefined petroleum. Mineral oil is exceptionally valuable in making oil based items, for example, biomedicine, pharmaceuticals, material, sustenance items, and beauty care products. These oils additionally discover application different modern and mechanical procedures including thermic liquid, as it suitably fills the need of an ointment. In the ongoing past, innovative work in this field has augmented the use of mineral oil in a few different sorts of items, and subsequently, the interest in the worldwide mineral oil market is foreseen to extend at a solid rate during the gauge time 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.
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.
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Companies mentioned in the research report
BASF SE, Dow Chemical Company, Applied Thermal Control, Clariant AG, Solutia Inc., Petro Canada, Flowserve Corporation, Radco Industries, and Huntsman Corporation are some of the leading companies in the global mineral oil market.