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Petroleum jelly is also known as mineral jelly or petrolatum, as it contains a mixture of mineral waxes and oils. It is odorless and inert. Petroleum jelly has a variety of applications ranging from metal protection and lubrication of machinery in the food & beverage industry to pharmaceutical applications as a component of ointments and barrier creams. Petroleum jelly’s benefits come from its main ingredient, petroleum, which helps from external attacks on the area of application with a water-protective barrier. It has excellent hydrating characteristics, and hence, it is employed in various industries such as pharmaceuticals, paints, cosmetics, and telecommunications.
Based on the grade petroleum jelly market is segmented into pharmaceutical, cosmetics, and industrial. The pharmaceutical sector is expected to lead the market with its application in the ointments and creams. It is found to be used on a large scale for the treatment of fungal infection, rashes, and chest colds. Following the pharmaceutical sector, cosmetics is the other segment that has maximum use of petroleum jelly. Based on end-user, the market is segmented into pharmaceutical, cosmetic, personal care, leather, shipping, and others. In the end-user industry, the pharmaceutical sector has the maximum use of petroleum jelly for the manufacturing of various products, for example, the topical emollients. Further, the market for pharmaceutical products has risen at a rapid pace with new products for human care; this, in turn, is driving the petroleum jelly market growth.
The key market driver of the market is the exponential rise in the demand for pharmaceutical and cosmetic products. This has certainly hiked the demand for petroleum jelly, which forms a major part of the ingredients used. Other market drivers are its various applications, such as healing agents on the skin and working as an antirusting agent.
The key market restraint for the market is the growing adoption of natural pharmaceutical and cosmetic products. This rise in demand is directly related to the ill effects of chemical products on humans witnessed in recent years.
Key Market Driver -
Increase in the demand for pharmaceutical and cosmetic products.
Key Market Restraint -
Increased competition from natural pharmaceutical and cosmetic products
Some of the major companies in the Petroleum jelly market are Unilever, Sonneborn, LLC, Sasol, Raj Petro Specialities Pvt. Ltd, Eastern United Petroleum Services, Persia Paraffin, Sovereign Chemical, Unicorn Petroleum Industries Pvt. Ltd., Vasa Cosmetics Private Limited, KK India Petroleum Specialities Pvt.Ltd.,Kerax Limited, Bliss GVS Pharma Ltd., and Nexton Lubricants.
The global petroleum jelly market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is likely to hold a significant share in the market owing to an increase in the number of pharmaceutical and cosmetics manufacturing industries. This, in turn, has boosted the demand for this product in the region. North America is followed by the Asia Pacific and Europe, which have witnessed an increased demand for petroleum jelly across the industry as well as cosmetic applications sectors in recent years. China is expected to the leading country in Asia Pacific as it is the largest manufacturer of the chemical products used across the world. Europe has come up with various advancements in cosmetics products, which drives the market for petroleum jelly in the region. The Middle East & Africa and Latin America also hold a good share in the market owing to petroleum jelly’s adoption across the shipping sector and application in lubrication across various industrial sectors such as oil and gas. The growth of the cosmetics sector holds opportunities for growth of the market in these regions in the coming years.
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