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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

VANCOUVER, BRITISH COLUMBIA, CANADA, June 6, 2024 /EINPresswire.com/ -- The global petrolatum market, valued at USD 1.84 billion in 2022, is projected to experience a steady growth rate with a revenue CAGR of 3.0% during the forecast period. The rising demand for petrolatum in pharmaceutical and personal care products is a significant factor contributing to this growth.

Market Overview

Petrolatum, commonly known as petroleum jelly, is a semi-solid mixture of mineral oils and waxes. It is widely used for its lubricating, moisturizing, and protective properties. Petrolatum is essential in various industries, including pharmaceuticals, cosmetics, manufacturing, telecommunications, maritime, and leather, where it helps prevent water damage and rusting.

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Market Drivers

The primary drivers of market growth include:

Pharmaceutical and Personal Care Demand: Petrolatum is popular in pharmaceutical and personal care products due to its ability to create a moisture-sealing barrier over dry and injured skin, promoting healing.
Industrial Applications: Its anti-rust and water-repellent properties make petrolatum valuable in manufacturing and other industrial sectors, providing effective solutions to prevent machinery and operational damage.

Petrolatum Top 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
Petrolatum Latest Industry News

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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Market Restraints

Despite its benefits, the petrolatum market faces challenges from the increasing availability of natural alternatives. Consumers are becoming more aware of and have a rising preference for natural products, which could restrain market growth.

Product Segment Insights

White Petrolatum: In 2022, white petrolatum held the largest market share. It is favored for its hypoallergenic and non-comedogenic properties, making it ideal for pharmaceutical and personal care products such as moisturizers, lip balms, and baby care items. White petrolatum is extensively refined to remove contaminants and is used in various topical treatments and general-purpose lubricants.

Yellow Petrolatum: This segment is expected to grow moderately. Yellow petrolatum is used in industrial applications, including sealants, lubricants, and corrosion inhibitors. Manufacturers are investing in R&D to create innovative and environmentally friendly yellow petrolatum products to meet the growing demand for natural and organic solutions.

Grade Segment Insights

Pharmaceutical and Cosmetics Grade: This grade segment is anticipated to hold a significant market share during the forecast period. Petrolatum's versatility and cost-effectiveness make it popular in personal care and cosmetic products, including skincare, makeup, shampoos, and sunscreens. It is also used in medical treatments for wounds and scars due to its protective properties.

Industrial Grade: Used in various industrial applications, including the building, aerospace, and automotive sectors, this grade is crucial for producing electrical insulation materials and acting as a mold release agent.

Petrolatum Market Segment Analysis

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
U.S.
Canada
Mexico
Europe
Germany
France
UK
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 Middle East & Africa

The global petrolatum market is set for steady growth, driven by its widespread use in pharmaceuticals, personal care, and industrial applications. While facing competition from natural alternatives, the demand for versatile and effective petrolatum products ensures its continued relevance across various sectors.

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