Mineral Oil Market Size, Share, and Industry Analysis By Grade (Technical Oil and White Oil), By End User (Personal Care, Food and Beverages, Industrial, Pharmaceutical, and Others), and Regional Forecast, 2026-2034

The global mineral oil market size was valued at USD 6.77 billion in 2025. The market is projected to grow from USD 7.09 billion in 2026 to USD 10.22 billion by 2034, exhibiting a CAGR of 4.68% during the forecast period.

The global mineral oil market grows from rising requirements in beauty product fields. The useful elements derived from crude oil processing make numerous industrial products, including lubricants, emollients and insulation layers. The oil works well in different products across the hospitality, medical, cosmetic and industrial areas.

More manufacturing facilities are creating new market opportunities in developing economies for mineral oil to be used as a lubricant and processing helper.

Mineral Oil Market Driver

Product Usage in Industrial Sector Expands the Market

Various positive influences continue driving the expansion of the mineral oil industry. Different industrial sectors need mineral oil as a core element to function. Because of mineral oil's valuable characteristics, the substance serves many industries perfectly. Mineral oil serves as a B addendum during plastics and rubber making and transformer construction.

Expansion of Automotive Industry to Advance the Market

Mineral oil market growth depends heavily on the expansion of the automotive industry. The major expansion of automotive production and superior performance oil requests drive the higher intake of mineral oil. Different types of motor lubricants made from mineral oil ensure better vehicle performance and longer service life.

Mineral Oil Market Restraint

Environmental Issues to Pose Potential Impediments on this Market

The development of the mineral oil industry with multiple purposes and drivers experiences major setbacks because of environmental issues and health risks. The production and use of mineral oil from refined crude oil raise ecological risks because it comes from a non-renewable source and can create pollutants during its lifecycle. Leakage and spillage of mineral oil affect soil and water quality, which endangers our natural environments.

Mineral Oil Market Opportunity

New Battery System Technology to Create Opportunity in this Market

The mineral oil industry offers attractive opportunities, especially when new battery system technology advances. Electric vehicles and energy storage systems demand outstanding thermal management because they are growing in popularity. Researchers are now investigating how well mineral oil works as a cooling agent in sophisticated power batteries due to its superior thermal management capabilities.

Segmentation

Key Insights

The report covers the following key insights:

• Market drivers, restraints and opportunities
• Influence of key industrial players and key developments
• Beauty product fields
• Technological development

Analysis by Grade

By Grade, the Mineral Oil market is divided into Technical Oil & White Oil

People use technical oil because of its low processing level in industrial processes that need lubrication and fluid handling fluids. Manufacturing industries in developing economic nations prefer technical oil because it offers cheaper prices and withstands tough working conditions.

White oil serves its main purpose as a safe and pure ingredient in cosmetic and pharmaceutical production sectors alongside food manufacturing. The rising concern about product safety among customers and expanding cosmetics and pharmaceutical businesses spark demand for white oil.

Analysis by End-user

Based on End-user, the market is divided into Personal Care, Food and Beverages, Industrial, Pharmaceutical & Others

Mineral oil works as a natural moisturiser in personal care by becoming a central part of moisturisers and cosmetic products. People worldwide are buying more skincare and beauty items because they have more money to spend on personal appearance, and their incomes keep rising, which drives up sales for this sector.

In the food and beverages sector, mineral oil, particularly food-grade white mineral oil, plays a crucial role as a lubricant, release agent, and protective coating. The rising need for processed foods and strong focus on food safety explain why businesses use mineral oil in their operations today.

Regional Analysis

Based on region, the Mineral Oil market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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North America, with its mature industrial base and robust personal care sector, plays a substantial role in the mineral oil market. The established manufacturing sectors in the region demand technical-grade mineral oil for both lubrication and processing assistance because of their automotive, pharmaceutical and plastics industries. Major cosmetic and personal care producers in North America keep raising their demand for top-quality white mineral oil. The North American market prefers well-regulated refined mineral oil products because product safety and environmental protection standards exist in this area. The innovative automobile and energy industries in the region push researchers to find new ways to use mineral oil in advanced battery temperature control systems.

• According to the U.S. Energy Information Administration (EIA), the U.S. mineral oil production reached 1.2 million barrels per day in 2022.
• According to Natural Resources Canada, Canada exported 500,000 barrels of mineral oil daily in 2021.

Europe stands apart due to its tough green rules and commitment to sustainability when it comes to the mineral oil industry. Europe is creating more opportunities for bio-based lubricants and mineral oil alternatives because its environmental programmes push for carbon emission reduction and support eco-products. The well-developed pharmaceutical and beauty industries in Europe create large markets for high-quality mineral oil since safety and quality standards must always be met. Advanced automobiles in Europe drive specialised mineral oil lubricant development because engineers focus on improving fuel efficiency and engine systems. The region follows circular economy rules, which affect how mineral oil gets recycled and reused as they change the market trends.

The Asia Pacific region is responsible for mineral oil market growth because of fast industrialisation and growing population numbers. Due to its active manufacturing development, China and India require major amounts of technical-grade mineral oil as a lubricant and processing medium. More people from middle-income families in the Asia Pacific with more spending money usually buy personal care and cosmetic items, which supports white mineral oil demand. The growing number of vehicles in Asia Pacific's automotive sector enhances demand for mineral oil lubricants since more cars need protective updates. Asia Pacific continues to develop new infrastructure and industry, which creates strong demand for mineral oil as an essential market with promising growth prospects. Changing environmental policies and public understanding of sustainability are pushing companies to adopt more eco-friendly options which shape how consumers purchase and use mineral oil.

Key Players Covered

The report includes the profiles of the following key players:

• Exxon Mobil Corporation (U.S.)
• TotalEnergies (France)
• Chevron Corporation (U.S.)
• BP Plc (U.K.)
• Sonneborn LLC (U.S.)
• Calumet Specialty Products Partners (U.S.)
• Sasol Ltd. (South Africa)
• Sinopec Group (China)
• Indian Oil Corporation Ltd. (India)
• FUCHS Petrolub SE (Germany)

Key Industry Developments

• The global oil market for refined fuel exports grew substantially during 2024 even though OPEC+ nations restricted their oil production to improve prices. Different nations engage in market strategies that result in more refined fuels than OPEC+ members restrict while oil output decreases. During the time when oil production dropped, refineries used their available oil to make more gasoline, diesel and other fuel end products.
• The International Energy Agency predicts a worldwide oil supply surplus will emerge by 2025 because both U.S. and global non-OPEC+ countries plan to boost production while consumers may reduce their fuel use demands. Non-OPEC+ production surpasses market needs because these suppliers can quickly increase output when business becomes profitable.
• China holds control over the entire production line of crucial minerals by managing the processing and refining of vital materials like rare earth elements lithium and cobalt. The nation controls the market through well-planned strategies combined with mining and refining investments plus lasting supply contracts. China regulates mineral extraction activities and keeps control over refining operations as well as item production and finished goods creation.