Petroleum Jelly Market to Depict CAGR of 4.26% from 2021 to 2031; Industry Share, Growth and Forecast Report TMR Research
Transparency Market Research (TMR) estimates the global market for petroleum jelly to expand at a CAGR of 4.26% during the forecast period of 2021–2031. In the context of revenue, the petroleum jelly market is expected to reach US$ 716.9 Mn by 2031.
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Petroleum jelly is one of the primary components in developing cosmetic products. The thickness of the petroleum jelly acts as a barrier that prevents dirt accumulation. This aspect eliminates the damage caused due to dirt on the skin. In addition, applying petroleum jelly on the skin prevents the peeling of dry skin and is apt for individuals having sensitive skin.
Petroleum Jelly Market: Dynamics
Petroleum jelly can be used in various applications that serve the purpose of metal protection as well as lubrication for machinery used in food preparation. Thus, petroleum jelly enhances food production standards. Petroleum jelly can be used as a release agent for plaster molds and castings. It can be used as a mold release agent for simple molds without fine details. The jelly can be directly applied by the hand. Thus, petroleum jelly can be a cost effective alternative to other traditional mold release agents.
Petroleum jelly can be used as a battery terminal compound. It protects battery terminals from corrosion when applied on the cable clamps and battery terminals. The hydrophobic nature of petroleum jelly enables it to act as a barrier to moisture. It also keeps battery terminals free from dirt, thus helping retain battery in good condition. The emergence of electric vehicles to reduce the global carbon footprint and encouragement by governments in the form of incentives for the purchase of e-vehicles are anticipated to boost the demand for batteries, thus propelling the petroleum jelly market during the forecast period.
Petroleum Jelly Market: Prominent Regions
North America is a key region of the global petroleum jelly market. The U.S. held large share of the petroleum jelly market in North America in 2020. The growth of the market in the country can be ascribed to the expansion of the cosmetic industry. The increase in the use of personal care and skincare products in the U.S. is driving cosmetics industry. According to the Forbes magazine, the U.S. was the world’s largest beauty market in 2020. Women in the U.S. spend around US$ 3,756 on cosmetics annually. Petroleum jelly is a vital ingredient used in the manufacture of skincare, personal care and hair care products. Petroleum jelly keeps the skin hydrated and enhances its health. Thus, the rise in the demand for cosmetics products is expected to boost the consumption of petroleum jelly.
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The rapid growth of the petroleum jelly market in Europe is driven by the expansion of the electronic vehicles market. The implementation of stringent regulations on reduction of carbon footprint has driven the purchase of electronic vehicles. Electronic vehicles use batteries to store energy. This helps eliminate the need of traditional gasoline fuel, thus eliminating the emission of hydrocarbons. As battery terminal compound, petroleum jelly protects battery terminals from corrosion, dirt, and moisture, thus increasing the service life of batteries.
According to the IBEF (Indian Brand Equity Foundation), in the 2021-2022 Union Budget, the Government of India allocated US$ 1.9 Bn for the development of telecom infrastructure, which includes completion of optical fiber cable-based network for defense services. Thus, increase in investment in the telecom infrastructure in Asia Pacific is anticipated to boost the petroleum jelly market in the region during the forecast period.
Petroleum Jelly Market: Key Players
Key players operating in the global petroleum jelly market are Royal Dutch Shell, Sonneborn LLC, Sasol, Raj Petro Specialities Pvt. Ltd., Eastern Petroleum, Eastern Petroleum, Sovereign Chemicals & Cosmetics, Unisynth Group, Shimi Taghtiran Co., Nippon Siero Co., Ltd., and Petrobras.
Global Petroleum Jelly Market: Segmentation
Petroleum Jelly Market, by Grade
Petroleum Jelly Market, by End User
- Cosmetic & Personal Care
- Others (including Paints & Coatings, Adhesives, and Telecommunications)
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Petroleum Jelly Market: Overview
- According to Transparency Market Research’s latest research report on the global petroleum jelly market for the historical period of 2020 and the forecast period of 2021 to 2031, rise in demand for petroleum jelly, owing to its application in pharmaceutical, personal care, and manufacturing industries is expected to boost the global petroleum jelly market during the forecast period. Approved by the U.S. Food and Drug Administration (FDA), petroleum jelly is widely used as over-the-counter (OTC) skin protectant for treating ailments such as toenail fungus, genital rashes, nose bleeds, diaper rashes, and common colds.
- In terms of revenue, the global petroleum jelly market is expected to exceed US$ 716.9 Mn by 2031, expanding at a CAGR of 4.26% during the forecast period. Petroleum jelly, also known as petrolatum, white petrolatum, soft paraffin, and mineral jelly, is a semi-solid mixture of hydrocarbons derived from a waxy petroleum material obtained from oil rigs. Petroleum jelly is widely used in various ointments. It is also used as a lubricant. Petroleum jelly is also used as a stabilizer in the manufacture of propellant cordite (smokeless propellant used as an alternative for gun powder in military applications) and surface cleanser (erasing tar stain from leather products). In marine applications, petroleum jelly is used as an underwater antifouling coat for motorboats and sailing yachts.
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