Petroleum jelly market to expand at a CAGR of 4.26% during the forecast period of 2021-2031 and expected to reach US$ 716.9 Mn by 2031
Petroleum Jelly Market: Introduction
Transparency Market Research delivers key insights on the global petroleum jelly market. In terms of value, the global petroleum jelly market is expected to expand at a CAGR of 4.26% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global petroleum jelly market.
Petroleum jelly is used in the treatment of epistaxis. It is also used in skin care and hair care products. Petroleum jelly is also used in hair pomades, which keep the hair shiny. In industrial appliances, petroleum jelly is used as an anticorrosion coat on metallic trinkets, non-stainless steel blades, and gun barrels. Petroleum jelly can be used as a finishing coat on wood and smooth leather products, owing to its water repellent properties. In industrial production processes, petroleum jelly is utilized as a release agent for plaster molds and castings. It can also be used as a waterproofing cream in the leather industry. Furthermore, petroleum jelly is utilized as a tack reducer additive in paper printing inks.
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Petroleum Jelly Market: Prominent Regions
North America is a key region of the global petroleum jelly market. The U.S. held large share of the petroleum jelly market in North America in 2020. The growth of the market in the country can be ascribed to the expansion of the cosmetic industry. The increase in the use of personal care and skincare products in the U.S. is driving cosmetics industry. According to the Forbes magazine, the U.S. was the world’s largest beauty market in 2020. Women in the U.S. spend around US$ 3,756 on cosmetics annually. Petroleum jelly is a vital ingredient used in the manufacture of skincare, personal care and hair care products. Petroleum jelly keeps the skin hydrated and enhances its health. Thus, the rise in the demand for cosmetics products is expected to boost the consumption of petroleum jelly.
The rapid growth of the petroleum jelly market in Europe is driven by the expansion of the electronic vehicles market. The implementation of stringent regulations on reduction of carbon footprint has driven the purchase of electronic vehicles. Electronic vehicles use batteries to store energy. This helps eliminate the need of traditional gasoline fuel, thus eliminating the emission of hydrocarbons. As battery terminal compound, petroleum jelly protects battery terminals from corrosion, dirt, and moisture, thus increasing the service life of batteries.
Harsh weather conditions in Europe are driving the demand for skincare products. Petroleum jelly helps retains the moisture in the skin, thus protecting the skin from becoming dry. Thus, rise in usage of petroleum jelly as a moisturizing agent and battery terminal compound is anticipated to boost the demand for petroleum jelly in the region.
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The increase in demand for petroleum jelly in Asia Pacific can be ascribed to the rise in consumption of petroleum jelly as a cable filling compound in the region. Petroleum jelly is used as cable filling compound in fiber optic cables as well as traditional copper cables. It eliminates the formation of moisture in the cables, thus improving their service life. According to the IBEF (Indian Brand Equity Foundation), in the 2021-2022 Union Budget, the Government of India allocated US$ 1.9 Bn for the development of telecom infrastructure, which includes completion of optical fiber cable-based network for defense services. Thus, increase in investment in the telecom infrastructure in Asia Pacific is anticipated to boost the petroleum jelly market in the region during the forecast period.
Petroleum Jelly Market: Key Players
Key players operating in the global petroleum jelly market are Royal Dutch Shell, Sonneborn LLC, Sasol, Raj Petro Specialities Pvt. Ltd., Eastern Petroleum, Eastern Petroleum, Sovereign Chemicals & Cosmetics, Unisynth Group, Shimi Taghtiran Co., Nippon Siero Co., Ltd., and Petrobras.
Global Petroleum Jelly Market: Segmentation
Petroleum Jelly Market, by Grade
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Petroleum Jelly Market, by End User
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets.
Petroleum Jelly Market Growth , Petroleum Jelly Market Research , Petroleum Jelly Market Revenue
Nov 04, 2022
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