Petroleum Jelly Market

Petroleum Jelly Market Size (2023-2028):

Petroleum Jelly Market was valued at US$ 519.1 million in 2022 and is predicted to reach US$ 716.9 million in 2028, progressing at a CAGR of 4.25% over a foreseen period of 2023-2028

Petroleum jelly is also known as mineral jelly or petroleum jelly because it contains a mixture of waxes and mineral oils. Vaseline was discovered in 1859 on an oil rig. Petroleum jelly is odorless and inert. It has excellent hydration characteristics and is therefore employed in various industries such as pharmaceuticals, paints, cosmetics, and telecommunications. In addition, petroleum jelly is widely employed in the medical treatment of wounds and scars due to its healing properties. Likewise, petroleum jelly finds application as a basic medicine for the sinuses, promoting its adoption to treat medical conditions such as nosebleeds, diaper rash and toenail fungus, rashes, and genital colds that are not STDs, among several other medical problems. After obtaining approval from the United States Food and Drug Administration (FDA) for distribution as an over-the-counter (OTC) skin protectant, the adoption of petroleum jelly in cosmetics and pharmaceuticals is predicted to stimulate market expansion in the coming years.

Market Trends:

The cosmetics and personal care segment is predicted to contribute significantly to the worldwide petroleum jelly market during the foreseen period, followed by the pharmaceutical sector. Petroleum jelly is very versatile and is employed to protect and heal dry skin. It is an affordable and versatile skin care product available in supermarkets, pharmacies, and online sales. It is also useful for some cosmetic and personal care applications such as removing eye makeup, preventing blemishes on the skin caused by hair dye, and preventing split ends. In addition, petroleum jelly is widely employed in the medical treatment of wounds and scars due to its beneficial properties.

Market Drivers:

Increased call for pharmaceuticals and cosmetics is supposed to drive the global petroleum jelly market in the near future. Petroleum jelly forms a sealing barrier on dry and damaged skin, trapping in moisture and helping speed up the skin's natural healing process. This creates a great call for petroleum jelly in the pharmaceutical and cosmetic industries. The adoption of petroleum jelly is escalating at an exponential rate due to its physical and chemical properties. The main driving force behind the expansion of the worldwide petroleum jelly market is the escalating call for petroleum jelly in pharmaceuticals and cosmetics. It is in wide call in a variety of application areas such as leather, telecommunications, manufacturing, marine, and others. Furthermore, it is resistant and insoluble in water and many other chemicals, which should make it a suitable solution in applications where the equipment requires resistance to rust.

Market Restraints:

The growing call for natural pharmaceuticals and cosmetics around the world may be one of the main constraints in the global petroleum jelly market, due to the increased awareness of natural products and the escalating power of buyer customers. The potential side effects of petroleum jelly, such as allergies and infections, are limiting the expansion of the worldwide petroleum jelly business.

Market Opportunities:

Petroleum jelly is an excellent oxidation inhibitor and water repellent. It is odorless and inert. These properties of Petroleum jelly are predicted to drive the petroleum jelly market during the forecast period. As businesses like marine, leather, telecommunications, and manufacturing need petroleum jelly for several uses where rust or water can cause major damage to devices and operations. Therefore, the use of petroleum jelly helps these industries to overcome the challenges efficiently. Supported by its inert nature, it does not react with other chemicals. This feature makes it perfect and safe for adoption in the production of pharmaceutical goods. Additionally, petroleum jelly is tough and insoluble in water and many other chemicals. These properties make it a suitable solution in applications where equipment needs resistance to oxidation when left in contact with water and other chemicals for long periods of time.

Market Challenges:

The availability of petroleum jelly substitutes with natural ingredients can be a critical limitation to the market.

PETROLEUM JELLY MARKET REPORT COVERAGE:

Market Segmentation:

Petroleum Jelly Market - By Grade:

• Pharmaceutical Grade

• Cosmetic Grade

• Industrial Grade

The pharmaceutical-grade segment dominated the worldwide petroleum jelly market, in terms of market share, in 2021. The segment is estimated to grow at a significant CAGR over the outlook period, due to increased call for this grade petroleum jelly in the pharmaceutical industry.

Petroleum Jelly Market - By End User Industry:

• Pharmaceutical
• Cosmetics & Personal Care
• Shipping
• Leather
• Telecommunications
• Others

Among these, the pharmaceutical segment is expected to grow at maximum CAGR during the conjecture period. Petrolatum is chemically inert, so it does not react with chemicals in pharmaceuticals. Due to this property, it is widely employed in drug manufacturing.

Regional Analysis:

The Petroleum Jelly Market Report includes the segmentation of Regions:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

According to the regional analysis, Europe occupied the dominant position in 2021 and is predicted to continue to dominate during the foreseen period. The high consumption of cosmetic products is driving the expansion of the regional market. On the other hand, the Asia Pacific region is estimated to grow at a CAGR of xx% during the conjecture period thanks to the rapid expansion of pharmaceutical industries and other end users. Increased awareness of the benefits of petroleum jelly and its wide adoption among young people in developing economies such as India and China are foreseen to boost regional market expansion during the projection period. In addition, the use of petroleum jelly in mass manufacturing sectors such as the automotive, electronics, and semiconductor industries for lubrication and coating applications is among the drivers of market expansion. Asia-Pacific dominated the worldwide petroleum jelly market in 2021.

The regional market is predicted to expand at a significant rate during the foreseen period as countries such as China, Japan, and China and India are experiencing high calls for pharmaceuticals. and petroleum-based cosmetics. North America is supposed to contribute substantially to the expansion of the overall petroleum jelly market in the near future. As one of the world's largest pharmaceutical and cosmetic manufacturers, the United States is likely to dominate the North American petroleum jelly market during the forecast period. The market in Europe is determined to grow at a constant CAGR over the predicted period. France and Germany are the main cosmetics producers in the region and are anticipated to dominate the European market during the outlook period.

Impact of COVID-19 on the Petroleum Jelly Market:

While it is true that the call for petroleum jelly has been on a downward trend during the coronavirus pandemic, the market expansion is supposed to remain virtually unimpeded at a broader level. Due to nationwide lockdowns with people confined to their homes, cosmetics sales plummeted, which subsequently affected the call for petroleum jelly. However, this is predicted to change as normality in workspaces gradually begins to return, necessitating cosmetics as people return to their routines. This should boost sales of cosmetics and, in turn, petroleum jelly. Additionally, a recent UK study found that petroleum jelly is the best lubricant for people who wear PPE, as it reduces friction between the skin and the PPE material, thereby reducing the risk of skin tears, blisters, and hives. This is calculated to increase the call among frontline healthcare workers who must wear PPE for an extended period.

Market Key Players:

The major players operating in the global petroleum jelly market are

1. Unilever

2. Sonneborn LLC

3. Sasol

4. Raj Petro

5. Eastern Petroleum

6. Persia Paraffin

7. Sovereign Chemicals & Cosmetics

8. Unisynth Group

9. ShimiTaghtiran Company

Recent Developments:

• Emami launches the Vasocare product line. To combat the severe drought of the winter season, Vasocare Petroleum Jelly now introduces two new flavors: Fruit Touch and Flower Touch to apply to all exposed parts of the body prone to stubborn cracks.

• Dabur International has launched a new, rich and hydrating product to replace traditional petroleum jelly and provide a better and safer option for skin care: Herbolene Natural Oil Jelly that is made from five natural oils and butters.