11 September 2019
Visiongain’s new report the Mineral Oil Market Report 2019-2029: Forecasts by Product (Technical, White), by Application (Pharmaceutical, Cosmetic, Industrial, Others), by Region and Analysis of Leading Companies indicates that the Global Mineral Oil Market was valued at $4 billion in 2019.
White mineral oil is commonly used as a release agent, binder and lubricant in or on capsules and tablets containing flavoring concentrate, spices, and condiments and used in a variety of preparations in the pharmaceutical industry. During the forecast period, the magnitude of use of this oil is anticipated to proceed. With a large pharmaceutical exporting country such as Germany, Switzerland, Belgium, and the U.S., the pharmaceutical excipient requirement including white mineral oil is anticipated to stay high, while demand from nations such as Canada and India is anticipated to increase significantly, reflecting the fastest increasing pharmaceutical exports.
In addition, white mineral oil is used in the production of vinegar and wine as a float on fermentation liquids to avoid or delay access to air, evaporation and wild yeast contamination during fermentation, it is also used in bakery products, as a release agent and lubricant, and as a general increase in bakery product consumption. These various uses create high demand, thus adding to the development of the market for white mineral oil.
Demand for white mineral oil is anticipated to expand worldwide and some areas are predicted to experience a greater growth rate, nations like China-backed Tanzania in East Africa have recorded important industrial sector development. This has resulted in ongoing demand for products such as lubricants, wire rope lubricants, aerosol lubricants and other materials used in the industry's worldly activities. The countries in the south eastern regions such as Maldives, Myanmar, Cambodia, Bangladesh, Philippines etc. have also shown sizeable growth in industrial sector, creating an immense demand for industrial materials including white mineral oil.
The Technical Oil segment is expected to show a compound annual volume growth rate of 3% over the forecast period. Forestry and agriculture are also two of this grade type's primary application industries, where it is used as a carrier of pesticides, insecticides, and fungicides. It is also extensively used for various applications in the textile industry, depending on type of amines, due to its anti-rust and anti-tear characteristics. These features are used to manufacture rayon products, washable textile lubes, textile machine lubricants and emulsifiable products.
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