Petrolatum Market Size Worth USD 2.46 Billion in 2032 | Emergen Research

Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global petrolatum market size was USD 1.84 billion in 2022 and is expected to register a rapid revenue CAGR of 3.0% during the forecast period. Rising demand for petrolatum in the pharmaceutical sectors and increasing use of petrolatum in the manufacturing of personal care and cosmetic products are key factors driving market revenue growth.

The rising demand for petrolatum in pharmaceutical and cosmetic items is another key factor driving revenue growth of the market. Petrolatum creates a sealing barrier over dry and wounded skin, trapping moisture and promoting the skin's healing process. Petrolatum works well as an anti-rust and water repellent, which is absolutely safe and has no smell. Petrolatum is necessary in many industries, including manufacturing, telecommunications, maritime, and leather, where water damage or rusting can seriously harm machinery and operations.

Increasing availability of natural pharmaceutical and cosmetic products worldwide is a key factor, which could restrain market revenue growth. This is due to rising consumer awareness about natural products and rising purchasing power. In addition, rising demand for natural medicines and cosmetics worldwide as well as consumers' increasing purchasing power is another factor, which could also restrain market revenue growth.

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Segment Insights

Product Type Insights:

On the basis of product type, the global petrolatum market is segmented into white petrolatum and yellow petrolatum. The white petrolatum segment accounted for largest market share in the global petrolatum market in 2022. This is because while petrolatum is widely used in many pharmaceutical and personal care products because of their hypoallergenic and non-comedogenic properties. White petrolatum is a refined petrolatum that has been thoroughly cleaned to remove any contaminants and possible carcinogens. Among the healthcare and cosmetic goods using white petrolatum are moisturizers, lip balms, and baby care items.

Grade Insights:

On the basis of grade, the global petrolatum market is segmented into pharmaceutical and cosmetics grade, industrial grade, and others. The pharmaceutical and cosmetics grade segment is expected to account for a significantly large market share in the global petrolatum market during the forecast period. This is due to rising demand for petrolatum in pharmaceutical, cosmetic, and personal wellness goods. Petroleum jelly is a very adaptable product that is used to treat and shield dry skin, which is a cost-effective and versatile skincare product that is sold online, in drugstores, supermarkets and convenience stores.

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Regional Insights:

North America is expected to register fastest market growth rate in the global petrolatum market over the forecast period due to rising need for petrolatum in the personal care and healthcare industries. In addition, presence of major producers such as Procter & Gamble, Johnson & Johnson, and Unilever, is also expected to drive market revenue growth of this region during the forecast period. Moreover, rising adoption of state-of-the-art packaging technologies and increasing trend of online retailing are other factors driving market revenue growth of this region.

Europe is expected to account for considerably large market share in the global petrolatum market over the forecast period due to rising use of petroleum tannin in the food industry. Petrolatum is widely used as a food-grade lubricant to prevent moisture loss and deterioration in food packaging. In addition, presence of major food processing companies in the region, such as Nestle, Danone, and Unilever, is also expected to drive market revenue growth of this region during the forecast period. For instance, in July 2022, Univar B.V., a subsidiary of Univar Solutions Inc. declared the extension of its distribution arrangement with Calumet Specialty Products for their assortment of naphthenic and paraffinic base oils, available in both packed and bulk formats across Europe.

Scope of Research

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Major Companies and Competitive Landscape

The global petrolatum market is fairly consolidated with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing testing, and introducing more effective petrolatum market solutions in the market. Some major players included in the global petrolatum market report are:

• Sonneborn LLC
• Shimi Taghtiran Company
• Persia Paraffin
• Sovereign Chemicals & Cosmetics.
• Eastern Petroleum
• UNICORN PETROLEUM INDUSTRIES PVT. LTD.
• Unisynth Group
• Sasol
• Brenntag SE
• Unilever
• Exxon Mobil Corporation.
• Calumet Specialty Products Partners, L.P.
• The Lubrizol Corporation
• Raj Petro Specialities Pvt. Ltd
• Repsol

Strategic Development

• On 16 December, 2020, Sasol Limited launched a new range of petrolatum-based products called Sasolwax H1. These products are designed for use in the food processing industry as release agents and lubricants, which are produced using sustainable raw materials and are free from Genetically Modified Organisms (GMOs).

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global petrolatum market on the basis of product type, grade, end use, and region.

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • White Petrolatum
  • Yellow Petrolatum
• Grade Outlook (Revenue, USD Billion; 2019-2032)
  • Pharmaceutical and Cosmetic Grade
  • Industrial Grade
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2032)
  • Pharmaceutical and Cosmetics Personal Care
  • Shipping
  • Leather
  • Telecommunications
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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