Petroleum Jelly Market

Rising demand from the personal care industry, growing adoption from telecommunication industry for cable filling compounds inclining global demand

VANCOUVER, BRITISH COLUMBIA, CANADA, June 3, 2024 /EINPresswire.com/ -- The global petroleum jelly market size was USD 1.43 Billion in 2022 and is expected to register a revenue CAGR of 4.7% during the forecast period. The global petroleum jelly market is set to experience substantial growth, driven by rising demand across various industries such as personal care, telecommunications, and pharmaceuticals. Known for its therapeutic properties as a topical ointment, petroleum jelly is a partially solid blend of hydrocarbons with a high melting point, often reaching up to 160°F. This makes it an essential component in many high-tech sectors and specialized fields.

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Key Market Drivers

Telecommunications Industry Demand: Petroleum jelly is increasingly adopted in the telecommunications industry for cable filling compounds. The demand for cable assemblies is projected to rise significantly, from approximately USD 221.14 billion in 2022 to roughly USD 324.15 billion by 2030. This growth is driven by the need for reliable cable components, where petroleum jelly plays a crucial role due to its excellent moisturizing and healing properties.

Personal Care Industry Growth: The personal care industry is another significant driver of the petroleum jelly market. In 2020, an Iranian cooperative successfully manufactured and exported petroleum jelly infused with nano zinc oxide, designed to protect the skin from ultraviolet radiation. This innovation highlights the ongoing demand for petroleum jelly in personal care products, particularly for its skin-protecting and rejuvenating qualities.

Market Challenges

Despite the positive outlook, the petroleum jelly market faces challenges, including volatile raw material prices and competition from natural products. The high cost of manufacturing petroleum jelly, derived from petroleum, and stringent quality control measures increase production costs. These factors may push potential buyers towards more cost-effective organic alternatives, thereby restraining market growth.

Segment Insights

Product Segment: The global market is segmented into yellow and white petroleum jelly. The white petroleum jelly segment dominated in 2022, driven by its demand in the cosmetics and personal care sectors. White petroleum jelly's ability to generate odorless liquid with a high flash point and its resistance to water make it ideal for moisturizing and protecting the skin.

Grade Segment: Based on grade, the market is divided into pharmaceutical, industrial, and cosmetic grades. The cosmetic grade segment held the largest market share in 2022, owing to its extensive use in personal and healthcare products. Its protective barrier properties and long-lasting hydration make it a preferred choice for manufacturers.

Application Segment: The market is categorized into pharmaceuticals, cosmetics and personal care, shipping, leather, telecommunications, and others. The pharmaceuticals segment led the market in 2022, with petroleum jelly widely used in ointments, skin moisturizers, and skin protectants. Its purity and effectiveness in protecting and soothing skin make it indispensable in healthcare.

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Future Prospects

Leading manufacturers are investing in research and development to offer tailored petroleum jelly products that meet specific industry needs. Increased government support and the cost-effectiveness of petroleum jelly compared to alternatives are expected to further drive market growth. Additionally, companies like Unilever are committed to improving access to quality skincare, as demonstrated by their ongoing efforts with Vaseline.

Petroleum Jelly Top Companies and Competitive Landscape

The global petroleum jelly market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective petroleum jelly.

Lomon Billions Group

Sonneborn LLC

H&R Group

Nippon Seiro Co. Ltd.

Sasol Wax

Unilever PLC

Exxon Mobil Corporation

Calumet Specialty Products Partners LP

LUKOIL

Raj Petro Specialties Pvt. Ltd

Eastern United Petroleum Services

Persia Paraffin

Nexton Lubricants

Vasa Global Cosmetics.

Petroleum Jelly Latest Industry Updates

On 18September 2023, Unilever brand Vaseline introduced Vaseline Radiant in black and brown, including fluid imbalance and brown spots. and uneven skin tone. A skin care product used by generations, Vaseline believes that everyone has the right to healthy, radiant skin, but few brands specifically address their beauty needs and benefits. The line treats all skin types equally.

On 12 July 2022, Univar B.V., a subsidiary of Univar Solutions Inc, a global distributor of chemicals and ingredients and provider of value-added services, announced the expansion of its distribution agreement with Calumet Specialties (“Calumet”) for naphthenic and paraffinic base oils, packaged and wholesaled in bulk throughout Europe. Through this agreement, Univar Solutions customers across Europe can now access more Calumet products with a wide range of viscosity characteristics and reputation in the fields of lubricants, greases, working fluids, and others.

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Petroleum Jelly Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global petroleum jelly market on the basis of product, grade, application, and region:

Product Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)

White Petroleum

Yellow Petroleum

Grade Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)

Phamraceutical grade

Cosmetic Grade

Industrial Grade

Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)

Pharmaceutical

Cosmetic and Personal Care

Shipping

Leather

Telecommunications

Others

Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2019–2032)

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of MEA

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