Mineral Oil Market to Record an Exponential CAGR - 2024
Mineral
oil is a distilled product of petroleum, which is characterized by
colorlessness and odorlessness. It is a liquid by-product composed
of alkanes and cycloalkanes, extracted from the refining of crude
oil. Mineral oil is highly useful in making petroleum-based products
such as biomedicine, pharmaceuticals, textile, food products, and
cosmetics. These oils also find application various industrial and
mechanical processes including thermic fluid, as it appropriately
serves the purpose of a lubricant. In the recent past, research and
development in this field has incremented the application of mineral
oil in several other kinds of products, and consequently, the demand
in the global mineral oil market is anticipated to expand at a
healthy rate during the forecast period of 2016 to 2024.
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Report Overview @
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.
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