Petroleum Jelly Market: Introduction
- Petroleum jelly is also known as mineral jelly or petrolatum, as it contains mixture of mineral waxes and oils. Petroleum jelly was discovered in 1859 on an oil rig.
- Petroleum jelly has a variety of applications ranging from metal protection and lubrication of machinery in the food & beverages industry to pharmaceutical applications as a component of ointments and barrier creams
- Petroleum jelly is odorless and inert. It has excellent hydrating characteristics and hence, it is employed in various industries such as pharmaceutical, paints, cosmetics, and telecommunications.
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Key Drivers of Global Petroleum Jelly Market
- Increase in the demand for pharmaceutical and cosmetic products is expected to drive the global petroleum jelly market in the near future. Petroleum jelly forms a sealing barrier on dry and damaged skin, which locks the moisture and helps in speeding up natural recovery process of the skin. This generates high demand for petroleum jelly in pharmaceutical and cosmetics industries.
- Petroleum jelly is an excellent anti-rusting agent and water repellant. It is odorless and inert. These properties of petroleum jelly is expected to drive the market during the forecast period. Since industries such as marine, leather, telecommunications, and manufacturing require petroleum jelly for several applications wherein rusting or water can cause severe damage to equipment and operations. Thus, use of petroleum jelly helps these industries to overcome challenges in an efficient manner.
Restraints of Global Petroleum Jelly Market
- Increase in the demand for natural pharmaceutical and cosmetic products across the world can be one of the major restraints of the global petroleum jelly market, due to increase in awareness about natural products and rise in the purchasing power of customers. Availability of substitutes for petroleum jelly with natural ingredients can be another restraint of the market.
Global Petroleum Jelly Market: Segmentation
- The global petroleum jelly market can be segmented in terms of grade and end-user industry
- Based on grade, the global market can be segmented into pharmaceutical grade, cosmetic grade, and industrial grade. The pharmaceutical grade segment dominated the global market, in terms of market share, in 2018. The segment is projected to expand at a significant CAGR during the forecast period, owing to rise in the demand for pharmaceutical-grade petroleum jelly in the pharmaceutical industry.
- In terms of end-user industry, the global petroleum jelly market can be classified into pharmaceutical, cosmetics & personal care, shipping, leather, telecommunications, and others. Among these, the pharmaceutical segment is projected to expand at the maximum CAGR during the forecast period. Petroleum jelly is chemically inert, due to which it does not react with chemicals in pharmaceutical products. Owing to this property, it is largely used in the pharmaceutical industry. This drives the pharmaceutical segment of the global market.
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Global Petroleum Jelly Market: Regional Segmentation
- Based on region, the global petroleum jelly market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
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- Asia Pacific dominated the global petroleum jelly market in 2018. The market in the region is expected to expand at a significant rate during the forecast period, as countries such as China, Japan, and India witness high demand for petroleum-jelly-based pharmaceutical and cosmetic products.
- North America is projected to make substantial contributions toward the growth of the overall market for petroleum jelly in the near future. Being one of the largest manufacturers of pharmaceutical and cosmetic products across the globe, the U.S. is expected to lead the North America petroleum jelly market during the forecast period.
- The market in Europe is expected to expand at a steady CAGR during the forecast period. France and Germany are leading producers of cosmetic products in the region and are expected to lead the market in Europe during the forecast period.
- In 2019, Godrej Consumer Products Limited acquired a majority stake in Canon Chemicals. Canon Chemicals is a major manufacturer and distributor of personal care and home care products based in Kenya. Its major brand for petroleum jelly is Valon.
- In February 2019, Holly Frontier Corporation acquired Sonneborn, a leading manufacturer and distributor of petroleum-jelly-based products in the Netherlands
- Brenntag AG, a Germany-based multinational chemical distribution company, acquired a major stake in Raj Petro in January 2018. Raj Petro is one of the leading manufacturers of petroleum jelly in the world.
Key Players Operating in Global Petroleum Jelly Market:
- Sonneborn LLC
- Raj Petro
- Eastern Petroleum
- Persia Paraffin
- Sovereign Chemicals & Cosmetics
- Unisynth Group
- Shimi Taghtiran Company
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