Lucintel's latest market report analyzed that mineral-based lubricating oil provides attractive opportunities in the cosmetic and personal care, food and beverage, electrical and industrial, agriculture, textile, polymer, biomedicine, and mechanical markets. The mineral-based lubricating oil market is expected to reach $4.5 billion by 2028 with a CAGR of 4%. In this market, white oil is the largest segment by grade, whereas Cosmetics and personal care is largest by application.
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Based on grade, the mineral-based lubricating oil market is segmented into technical oil and white oil. The white oil segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its increasing application in food, feed stock, pharmaceutical, and cosmetic industries.
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The Mineral-Based Lubricating Oil Market is marked by the presence of several big and small players. Some of the prominent players offering mineral-based lubricating oil include ChemCeed, RENKERT OIL, SEOJIN CHEMICAL, Sonneborn, Shell Plc, Suncor Energy, Exxon Mobil Corporation, SINOPEC,Sasol, and BP p.l.c.
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