Global Mineral Oil Market Poised to Grow Amid Rising Demand from Industrial and Automotive Sectors

 The global mineral oil market is set for steady growth, with an estimated valuation of USD 4.64 billion in 2024 and projected to reach USD 6.10 billion by 2030, expanding at a CAGR of 4.7% from 2025 to 2030. The market is benefitting from rising demand across multiple sectors—most notably pharmaceuticals, cosmetics, food processing, and manufacturing—as mineral oil proves essential for lubrication, formulation, and processing applications.

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Recent Developments

  • September 2024: India’s ONGC Videsh Ltd, Oil India Ltd, and Khanij Bidesh India entered into a strategic alliance with International Resources Holding RSC Ltd (UAE). This collaboration supports India’s Critical Minerals Mission, focusing on securing essential mineral resources for industrial and technological development.

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Market Outlook & Scope

AttributeDetails
Market Size (2025)USD 4.86 billion
Revenue Forecast (2030)USD 6.10 billion
CAGR (2025–2030)4.7%
Base Year for Estimation2024
Historical Data2018–2023
Forecast Period2025–2030
Measurement UnitsVolume (Kilotons), Revenue (USD Million)
CoverageRevenue forecasts, trends, competition
Segments CoveredGrade, Region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, Russia, Belgium, France, Italy, Netherlands, China, India, Japan, South Korea, Brazil, Argentina, Colombia, Ecuador, Chile, Saudi Arabia, South Africa, UAE

Grade Insights

White oil continues to dominate the mineral oil market, accounting for 81.78% of total revenue in 2024. Its exceptional versatility makes it indispensable in:

  • Pharmaceuticals and cosmetics

  • Animal vaccines and adhesives

  • Polystyrene and food-grade applications

Derived through advanced refining of paraffinic base stocks, white oil is odorless, tasteless, and meets stringent safety standards—qualities that make it the preferred choice in regulated industries.


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