Mineral Oil Global Market Report 2026

Mineral oil is a type of oil produced from petroleum that contains a mixture of oily liquids. It is a colorless, transparent liquid that is odorless and tasteless, insoluble in water and ethanol. Mineral oils are used in the manufacture of various products such as bulk drugs, cosmetics, textile auxiliaries, plant spray oil, agrochemicals, aerosols, dye intermediates, and the paper industry.

The main types of mineral oil are paraffinic oil, naphthenic oil, and aromatic oil. Paraffinic oil is a hydrocarbon-based liquid derived from the fractional distillation of crude oil. It is commonly used as a lubricant and as a corrosion prevention element. Paraffinic oil comes in different grades such as technical oil and white oil, which find applications in various industries including personal care, food and beverages, industrial, pharmaceutical, and others.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have created both challenges and opportunities for the mineral oil market by increasing costs of imported base oils and refined petroleum inputs, impacting production economics for personal care, pharmaceutical, and industrial applications. Asia pacific and european regions are more affected due to dependence on imported feedstocks, especially in paraffinic and white oil segments requiring high purity. At the same time, tariffs are encouraging domestic refining investments, regional supply chain localization, and efficiency improvements, supporting long term market stability.

The mineral oil market research report is one of a series of new reports from The Business Research Company that provides mineral oil market statistics, including mineral oil industry global market size, regional shares, competitors with a mineral oil market share, detailed mineral oil market segments, market trends and opportunities, and any further data you may need to thrive in the mineral oil industry. This mineral oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The mineral oil market size has grown strongly in recent years. It will grow from $4.39 billion in 2025 to $4.73 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to expansion of petrochemical refining capacity, long standing use in cosmetics and personal care, widespread adoption in textile processing, consistent demand from paper manufacturing, established use in pharmaceutical formulations.

The mineral oil market size is expected to see strong growth in the next few years. It will grow to $6.27 billion in 2030 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising demand for white oil in food processing, growth of pharmaceutical manufacturing, increasing agrochemical production, expanding industrial lubrication requirements, rising demand for high purity oils. Major trends in the forecast period include growing demand for pharmaceutical grade white oils, rising use of mineral oil in personal care formulations, increasing application of mineral oil as textile auxiliaries, expansion of mineral oil usage in agrochemical spray oils, rising consumption of process oils in paper and dye manufacturing.

Rising demand for personal care products such as skin care is expected to propel the growth of the mineral oil market going forward. Personal care products refer to creams and lotions used to protect the skin, involving activities such as dressing, showering, applying creams, and bathing. These products incorporate mineral oils due to their moisturizing, emollient, and soothing properties. For instance, in December 2024, according to the Bureau of Labor Statistics, a US-based government agency, expenditure on personal care products and services increased by 9.7% in 2023, while spending on personal insurance and pensions rose by 9.3%. Therefore, rising demand for personal care products such as skin care is driving the growth of the mineral oil market.

Major companies operating in the mineral oil market are focusing on developing innovative solutions such as synthetic engine oil and advanced coolant formulations to enhance engine performance, improve fuel efficiency, and extend machinery lifespan. Synthetic engine oil and advanced coolant formulations refer to high-performance lubricants and heat-transfer fluids designed to reduce friction, protect engines from wear, manage temperature efficiently, and improve overall reliability in vehicles or machinery. For instance, in May 2023, Lumax Auto Technologies, an India-based automotive components manufacturer, introduced a new range of high-performance lubricants and coolants. These products are developed to boost engine efficiency, minimize wear and tear, enhance thermal stability, and support sustainability initiatives in automotive applications for both passenger and commercial vehicles.

In February 2025, Oil and Natural Gas Corporation (ONGC), an India-based state-owned oil and gas company, formed a collaboration with bp Plc to explore opportunities in exploration and production, trading, and other energy vectors in India and internationally. This partnership aims to strengthen energy security, optimize resource utilization, and foster innovation across upstream and downstream operations while supporting growth in the global energy market. Bp Plc is a UK-based multinational energy company involved in the production, trading, and development of conventional and renewable energy solutions.

Major companies operating in the mineral oil market are Saudi Aramco, China National Petroleum Corporation, PetroChina Company Limited, Exxon Mobil Corporation, Shell plc, TotalEnergies SE, BP plc, Chevron Corporation, ENI S.p.A., Indian Oil Corporation Limited, Rosneft Oil Company, JXTG Holdings Inc., OMV AG, Idemitsu Kosan Co. Ltd., Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Sasol Limited, Kuwait Petroleum Corporation, Phillips 66, Nippon Oil Corporation, Petro-Canada

North America was the largest region in the mineral oil market in 2025. North America was the second-largest region in the mineral oil market share. The regions covered in the mineral oil market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the mineral oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The mineral oil market consists of sales of petrolatum, microcrystalline wax and ozokerite. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Mineral Oil Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses mineral oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for mineral oil ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The mineral oil market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Type: Paraffinic Oil; Naphthenic Oil; Aromatic Oil
• 2) By Grade: Technical Oil; White Oil
• 3) By End User: Personal Care; Food and Beverages; Industrial; Pharmaceutical; Other End Users
• Subsegments:
• 1) By Paraffinic Oil: Light Paraffinic Oil; Heavy Paraffinic Oil; White Mineral Oil
• 2) By Naphthenic Oil: Light Naphthenic Oil; Heavy Naphthenic Oil
• 3) By Aromatic Oil: Light Aromatic Oil; Heavy Aromatic Oil; Process Oil
• Companies Mentioned: Saudi Aramco; China National Petroleum Corporation; PetroChina Company Limited; Exxon Mobil Corporation; Shell plc; TotalEnergies SE; BP plc; Chevron Corporation; ENI S.p.A.; Indian Oil Corporation Limited; Rosneft Oil Company; JXTG Holdings Inc.; OMV AG; Idemitsu Kosan Co. Ltd.; Bharat Petroleum Corporation Limited; Hindustan Petroleum Corporation Limited; Sasol Limited; Kuwait Petroleum Corporation; Phillips 66; Nippon Oil Corporation; Petro-Canada
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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