The petroleum jelly market is on a trajectory of steady growth, forecasted to hit a value of US$ 525.1 million in 2023 and potentially expanding to a striking US$ 770.3 million by 2033, boasting a projected Compound Annual Growth Rate (CAGR) of 4.2%. This surge is primarily attributed to the escalating demand for petroleum jelly across diverse sectors like pharmaceuticals, cosmetics, personal care, and even the food industry. Its versatile use as a UPS (Uninterruptible Power Supply) and technical applications further contributes to its increasing consumption, paving the way for significant expansion in the years to come.
A cable-filling compound such as petroleum jelly has been used in the telecommunication industry for years to prevent moisture from entering cables. As a result, the availability of broadband connections at home might increase the demand for optical fiber cables.
The dielectric properties of petroleum jelly are beneficial to optical fiber cables and copper telephone cables. Additionally, petroleum jelly’s physical and chemical properties are driving the petroleum jelly market growth.
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Petroleum jelly’s market growth is mainly fueled by pharmaceutical and cosmetic products. Leather, telecommunications, manufacturing, marine, and other sectors also use it. The material is also resistant to rust and insoluble in water and many other chemicals, so it may be an ideal choice for equipment that requires rust resistance.
Growing investment in manufacturing industries and downstream product utilization is expected to fuel market demand in the coming years as a moisture reduction agent and grooming aid in a wide range of skin treatments, cosmetics, and hair products.
Key Takeaways from the Market Study
- The petroleum jelly market is expected to hold a CAGR of 4.2% over the forecast period.
- USP grade is anticipated to remain the prominent segment in the petroleum jelly market with a CAGR of 3.9%.
- It is estimated that the petroleum jelly market in North America may remain strong during the forecast period.
- The petroleum jelly market in the United States is estimated to be valued at US$ 103.5 million in 2023.
- China is predicted to expand at a CAGR of 4.1% and is estimated to be valued at US$ 245.7 million in 2023.
Competitive Landscape:
A variety of expansion strategies have been adopted by some leading market players in order to deepen penetration across lucrative markets. Several small-scale companies are merging and acquiring big companies to reach a wide consumer base and incorporate innovative products into their product lines. In addition to launching products, partnering with key players, acquiring companies, and strengthening regional and global distribution networks, these strategies include collaborations with key players.
Several prominent companies dominate this market, including International Group, Inc., Calumet Specialty Products Partners, L.P, ExxonMobil, Sasol, Lukoil, Polwax SA, Nippon Seiro Co., Ltd., Repsol, H&R Group, and others.
Recent Developments:
- In May 2021, Royal Dutch Shell sold its 50% stake in Deer Park Refining Limited Partnership, a joint venture between the company and P.M.I. Norteamerica, S.A. De C.V. (a subsidiary of Petroleos Mexicanos, or Pemex). After regulatory approval, Royal Dutch Shell’s interest in the partnership and the refinery’s sole ownership is likely to be transferred to Pemex.
- Calumet Specialty Products Partners announced in March 2020 that it has acquired Paralogics, a manufacturer of industrial and candle wax blends. Once integrated into Calumet’s existing wax business value chain, the new capabilities are going to add 20 million pounds of blending and formulating capacity annually.
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Petroleum Jelly Market Segmentation by Category
By Grade, the market of Petroleum Jelly is segmented as:
- USP
- Technical
By End Use, the Petroleum Jelly is segmented as:
- Pharmaceuticals
- Cosmetics & Personal Care
- Food
- Other Industrial
By Region, the Petroleum Jelly is segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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