Mineral Oil Market To Reach $6.10 Billion By 2030 | CAGR 4.7%

Mineral Oil Market Growth & Trends

The global mineral oil market size is projected to reach USD 6.10 billion by 2030, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 4.7% from 2025 to 2030. Increasing demand for benzene, ethylene, and propylene, among others from multiple end-user industries are among primary growth stimulants for the market.

Major players in value chain of the market, include Shell, British Petroleum, Total, Sinopec, and Idemitsu. They are the key raw material suppliers to mineral oil formulators. Key lubricant manufacturers such as Valvoline; Fuchs Group; Amsoil, Inc.; and Kendall strategically venture into joint business operations with oil & gas giants to ensure long-term raw material procurement ease.

The market is also characterized by presence of a number of new entrants, who venture into the arena by tapping into lucrative opportunities available across the U.S. and other North American countries. Existing players aim to enter into strategic collaborations to increase capacities and expand their reach in emerging economies across the globe.

The U.S. FDA has formulated regulations in-line with white mineral grade products subjected to direct food contact, indirect food contact, animal feed, medication, and care application scopes. Furthermore, the European Food Safety Authority has announced that wax products made from mineral oils such as paraffin wax should meet European Directive 1935/2004/EG in order to be safely used in food applications, which also includes packaging.

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Mineral Oil Market Report Highlights

• The white oil market led the global mineral oil market and accounted for the largest revenue share of 81.78% in 2024

• Major application scope for technical grades is in the textiles and food sector, whereas the counterpart grades are majorly utilized by the personal care, pharmaceuticals, textiles, and polymer industries among others

• Latin America offers immense opportunities to vendors looking for expansion into new regions. Apart from dominant countries such as Brazil and Argentina, growth across Chile, Uruguay, and Cuba is also projected to be high

• The mineral oil market in China led the Asia Pacific market and accounted for the largest revenue share in 2024. Presence of dominant manufacturing ecosystem is a key advantage China holds as compared to other countries in the region

Mineral Oil Market Segmentation

Grand View Research has segmented the global mineral oil market report based on grade and region:

Mineral Oil Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Technical Oil

• White Oil

Mineral Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • Russia

  • Belgium

  • France

  • Italy

  • Holland

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

  • Argentina

  • Colombia

  • Ecuador

  • Chile

• Middle East & Africa

  • Saudi Arabia

  • South Africa

  • UAE

List of Key Players in the Mineral Oil Market

• British Petroleum

• RENKERT OIL

• Exxon Mobil Corporation

• Sonneborn LLC

• Royal Dutch Shell PLC

• Petro-Canada

• ENEOS Xplora Inc.

• SINOPEC Group

• Seojin Chemical

• Sasol