Market Overview
The Global Mineral Oils Market reached US$ 5.1 billion in 2022 and is expected to reach US$ 7.1 billion by 2030, growing with a CAGR of 4.2% during the forecast period 2023-2030.

As a result of environmental concerns, the mineral oil market is shifting toward more environmentally friendly compositions. Low-viscosity mineral oils are gaining popularity as a means of improving fuel efficiency and lowering carbon emissions. Sustainability and eco-certification are increasingly important industry drivers.

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Market Dynamics
Diverse Application of Mineral Oils
White oil is widely utilized in the chemical, pharmaceutical, cosmetics and food processing sectors. White oils are usually recognized as a class of highly refined and flexible mineral oils that are often derived from refinery paraffinic or naphthenic base stocks.

Furthermore, the industries that make rubber and plastics also use white oils extensively. It is vital to the synthesis of polystyrene, PVC and various rubbers, as well as to the softening of rubber products. It is essential for making plastic utensils and food packaging. It's also widely available in plastic toys, polishes, glues and cleaning supplies. With the emphasis on public safety, the range of applications for white mineral oils is expected to continue expanding in the future, having only increased during the last few decades.

Segment Analysis
The global mineral oils market is segmented based on class, grade, application and region.
Machinery Lubrication and Cost Effectiveness
Machinery lubrication is the most typical application for industrial-grade mineral oils. It is essential to guaranteeing the smooth operation of industrial equipment, decreasing friction, dissipating heat and extending machinery lifespan. The ongoing expansion of industrial sectors, fueled by globalization and technical advancements, leads to an increase in the utilization of machinery and equipment.


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COVID-19 Impact Analysis
The global outbreak of coronavirus has shown a negative impact on the growth of the lubricants market and mineral oil being a key lubricant in various industries has seen the same impact. The severity of impact varies for different end-users. Lockdowns and other measures to stop the virus's spread resulted in a sharp decline in mineral oil production and demand across numerous industries.

Key Players:-
The major global players in the market include ExxonMobil, Royal Dutch Shell, Chevron Corporation, Total Energies, BP, Sinopec Group, Nynas AB, Repsol, Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOCL).

Key Developments
• In October 2023, a panel of international experts informed the inaugural session of IMARC 2023 that Australia has a significant chance to contribute to the growing demand for key minerals by enhancing global supply chains and increasing strategic national collaboration.
• On May 23, 2023, Exxon acquired lithium rights as oil companies expanded into vital mineral extraction. The US$ 100 million transaction is the latest in a series of investments by oil majors in crucial resource mining.

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