The Petroleum Jelly Market is expected to witness a year-over-year growth of 3.7% in 2023, reaching a value of about USD 525.1 million by the end of 2023. The global business is projected to witness a growth rate of 4.2% over the forecast period.
Growing demand for petroleum jelly as USP and technical in various end-use industries like pharmaceuticals, cosmetics & personal care, food, and others are anticipated to bolster the consumption rate in the coming years. Considering this, FMI has projected the global petroleum jelly demand to reach a value of USD 770.3 million by 2033 end.
In the telecommunication industry, petroleum jelly is used as a cable-filling compound to prevent moisture from penetrating cables. In the future, home broadband connections may increase the demand for optical fiber cables because of petroleum jelly's dielectric properties. Optical fiber cables and copper telephone cables benefit from petroleum jelly's dielectric properties.
As a result of petroleum jelly's physical and chemical properties, the market for petroleum jelly is growing at an exponential rate. Pharmaceutical and cosmetic products also drive the growth of the petroleum jelly market.
Leather, telecommunications, manufacturing, marine, and others are among the areas where it is widely used. It is also resistant and insoluble in water and many other chemicals, which should make it a good choice for equipment that needs to be resistant to rust.
Petroleum jelly is employed as a moisture reduction agent and a grooming aid in a wide range of skin treatments, cosmetics, and hair products. Furthermore, growing investment in manufacturing industries and downstream product utilization to fuel the market demand in the coming years.
North America is likely to hold a significant share of the market due to massive growth in the pharmaceutical and cosmetic manufacturing industries. These industries, in turn, have boosted the demand for this product.
Asia Pacific and Europe markets have seen an increased demand for petroleum jelly across industries and cosmetic applications in recent years.
The market for petroleum jelly in the Asia Pacific is expected to be driven by China, which is the leading manufacturer of chemical products used across the globe. Europe has made numerous advances in cosmetics products, which are driving the market for petroleum jelly.
| Attributes | Details |
|---|---|
| Petroleum Jelly Market Value (2023) | USD 525.1 million |
| Petroleum Jelly Market Expected Value (2033) | USD 770.3 million |
| Petroleum Jelly Market Projected CAGR (2023 to 2033) | 4.2% |
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Over the past few years, petroleum jelly has been increasingly used as medication and recently discovered as an added nutrient value in food products. Over the first half of 2021, global sales of petroleum jelly increased by 4.2%.
Prices have risen as demand for raw materials has soared, which impacted industrial production and sales. Further, owing to certain alternative solutions available in the market, the demand is moving towards declining growth.
Competition from natural products manufacturing pharmaceuticals, and cosmetic companies is a primary restraint in slowing down the growth. As a result, the market expanded by 3.9% in the first half of 2022.
Sales of petroleum jelly increased at 3.9% CAGR, between the period 2017 and 2022, owing to its multiple applications in numerous end-use industries. The demand for petroleum jelly was lowered in the year 2020 in certain end-use sectors which resulted in a minor dip in historic CAGR.
However, growth has rebounded to its original pace with the recovery of the economic conditions in the initial quarter of 2021.
The petroleum jelly market is expected to be bolstered by the increasing usage of pharmaceuticals globally. By end use, the cosmetics & personal care industry leads the market demand across the world, as petroleum jelly is used in various skincare and hair care products, lotions, vaseline, moisturizers, and other personal care products.
| Historical CAGR | 3.9% |
|---|---|
| Historical Market Value (2022) | USD 503.5 million |
| Forecast CAGR | 4.2% |
A key trend gaining momentum in the petroleum jelly market is the increasing use of online methods to market and sell products. Internet, being the key source of marketing, has also played a key role in increasing awareness regarding the various applications of petroleum jelly.
Among the various ways of selling or marketing a product, social media stands out as one of the trending mediums.
Several social media platforms including Facebook, Twitter, LinkedIn, and Google+, contain information (images, videos, links, or written texts) about petroleum jelly’s advantages, applications, types, and distinguishing factors between several grades, posted by manufacturers or distributors or even consumers.
There are several videos posted on YouTube to gather detailed information about the product.
Social media platforms and search engines are playing key roles in enhancing awareness among consumers and e-commerce plays a vital role for small- and medium-scale players in the supply chain.
Petroleum jelly is widely used in the pharmaceuticals and cosmetics industry, mainly as an application on the skin. As petroleum jelly has a fibrous and greasy structure, and the presence of mineral oils, it helps to maintain skin wetness and keep it moisturized.
Petroleum jelly is used in a wide variety of skin lotions, cosmetics, and hair products as a moisture-reducing agent and a grooming aid. Apart from consumer cosmetic products, this product also finds its application in several medical treatment products, like a healing product for burns, cuts, and scrapes to keep the wound area moisturized and healing fast.
Petroleum jelly’s use in post-laser skin resurfacing and epitasis treatment is also one of the primary applications in the pharmaceuticals and healthcare industry and the demand is anticipated to maintain healthy growth during the forecast period.
Nowadays, the transportation of fruits and food products across the world is growing significantly. A sea of change in food habits and preference for processed food has driven the growth of the food packaging market growth in the last few years.
This in turn enhanced the food packaging industry and created a surge in the transportation of packed foods. Petroleum or paraffin waxes are used in the food packaging industry as they help in providing water and water vapor resistance, a barrier for gas and odor transmission (loss of flavor), and heat-sealing capabilities.
Hence, the growth in the transportation of packed foods and the food packaging industry is anticipated to create immense growth opportunities for the petroleum wax market throughout the forecast period.
The food industry is anticipated to create a valuation of USD 44.6 million by the end of 2033 in the market of petroleum jelly.
USP grade is anticipated to remain the prominent segment in the petroleum jelly market. The segment is estimated to witness a growth rate of 3.9% between 2023 and 2033.
USP grade is the most sought among end-use industries due to its high purity and approval for application on the skin. Strong growth in the sector of personal care and cosmetics is anticipated to bolster the demand for petroleum jelly during the forecast period.
Countries Leading in Petroleum Jelly Market: Country-wise Analysis
| Region | North America |
|---|---|
| Country | The United States |
| Historic CAGR | 3.3% |
| Forecasted CAGR | 3.5% |
| Absolute Dollar Growth | USD 21.8 million |
| Market Value (2033) | USD 103.5 million |
| Region | Europe |
|---|---|
| Country | Germany |
| Historic CAGR | 3.3% |
| Forecasted CAGR | 3.5% |
| Absolute Dollar Growth | USD 6.4 million |
| Market Value (2033) | USD 21.4 million |
| Region | Europe |
|---|---|
| Country | France |
| Historic CAGR | 2.2% |
| Forecasted CAGR | 2.4% |
| Absolute Dollar Growth | USD 4.5 million |
| Market Value (2033) | USD 14 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| Historic CAGR | 4% |
| Forecasted CAGR | 4.1% |
| Absolute Dollar Growth | USD 104.6 million |
| Market Value (2033) | USD 245.7 million |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| Historic CAGR | 2.9% |
| Forecasted CAGR | 3.1% |
| Absolute Dollar Growth | USD 1.2 million |
| Market Value (2033) | USD 5.8 million |
Sales of petroleum jelly in the United States are evaluated to account for a notable share of about 90% of the overall petroleum jelly revenue generated in North America.
The United States is estimated to witness a CAGR growth of 3.5% in 2023 reaching sales of USD 103.5 million by the end of 2033. This significant urge for the product in the country is supported by its end uses in various sectors.
Strong growth in the food and beverages and pharmaceutical industry in the country had bolstered the demand for the product. The substantial presence of cosmetics and personal care product manufacturers in the country is also expected to benefit the growth of the market over the forecast period.
India is estimated to witness a year-over-year growth of 3.9% in 2023 reaching sales of USD 73.8 million by the end of the year. This is due to the increasing consumption of petroleum jelly by the well-established personal care and cosmetics industry in India.
Sales revenue of petroleum jelly in India is expected to increase at a significant growth rate during the forecast period owing to the expansion of end-use industries, such as pharmaceuticals, cosmetics & personal care, food, and other industries.
With the growing economy and changing living standards, the utilization of petroleum jelly is reckoned to surge the demand. Whereas grade wise USP has attracted India market.
China is anticipated to witness a growth rate of 4.1% during the forecast period. A significant development in the end-use industrial sector including pharmaceuticals, cosmetics & personal care, food, and other industrial application has remained a key driving factor for the growth of the market.
The petroleum jelly market in China is expected to gain traction in the foreseeable future, attributable to the usage of cosmetics and personal care. The increasing need for new pharmaceutical products or the availability of a variety of cosmetics is anticipated to positively impact the growth of petroleum jelly in the region.
Some Key Players Operating in the Petroleum Jelly Market:
Recent Developments:
The global petroleum jelly market is expected to be consolidated. The well-known market participants are engaging in widening their market share through expansion & acquisition in the market and are trying to nourish their superiority in the global business. For instance,
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; The Middle East and Africa; East Asia |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Chile, Peru, Germany, The United Kingdom, Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Türkiye |
| Key Segments Covered | Grade, End Use, Region |
| Key Companies Profiled | International Group, Inc.; Calumet Specialty Products Partners, L.P; ExxonMobil; Sasol; Lukoil; Polwax SA; Nippon Seiro Co., Ltd.; Repsol; H&R Group; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The overall industry value could reach almost USD 770.3 million by 2033.
The global demand for petroleum jelly rose at merely 3.9% from 2017 to 2022.
Owing to the presence of leading manufacturers, it is expected to expand at 3.5% CAGR through 2033.
China petroleum jelly market is projected to rise at 4.1% CAGR until 2033.
ExxonMobil, Sasol, and Lukoil are some of the popular brands.
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Petroleum Jelly Market
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