Petroleum jelly has been used for several decades and has established itself as an important component in the cosmetics and pharmaceutical industries. Petroleum jelly items such as vaseline, lotions, creams, and hand cleansers have gained popularity due to their health benefits. With a constant need for personal care goods due to strong disposable incomes and increased knowledge among customers, particularly millennials, the market’s future appears positive.
Petroleum jelly is thick in nature since it is semi-solid. As a result, human skin cannot absorb petroleum jelly entirely, allowing it to operate as a barrier, preventing dirt accumulation and, as a result, skin damage. Furthermore, due to its fibrous and greasy structure and mineral oil content, petroleum jelly has become a suitable raw material for the production of pharmaceutical products.
Petroleum jelly is used in the creation of therapeutic goods to treat burns, cuts, and scrapes in order to speed up the healing process in the wounded area. It is also utilized in the healthcare industry following laser skin resurfacing and hepatitis treatment, which contributes to market growth. During the forecast period, demand for cosmetic grade petroluem jelly and pharmaceutical grade petroluem jelly is expected to rise.
Request Sample Copy of Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-12643
Furthermore, petroleum jelly acts as an excellent anti-rusting agent and water repellant and is odorless and inert. The aforementioned properties make it suitable for a wide range of applications across various industries such as leather, telecommunications, and manufacturing. Considering there is a continual need for preventing rusting of equipment, petroleum jelly is used in marine applications as well, which is anticipated to bestow lucrative revenue opportunities to market players.
Having analyzed and scrutinized all the aforementioned facets in its new market study, Future Market Insights (FMI) projects that the global petroleum jelly market will grow in value at a CAGR of 4.2% between 2022 and 2030. Some of the key takeaways from the report include:
- The global petroleum jelly market is projected to surge past valuation of US$ 646.6 Mn by the end of the forecast period.
- On the basis of grade, USP graded-petroleum jelly is foreseen to remain the most sought-out grade owing to its high purity, which ensures healthy adoption in the skincare sector.
- Based on end-use, the cosmetics & personal care sector is projected to drive the majority of revenue through the forecast period, ascribed to the industry’s reliance on petroleum jelly as a component in manufacturing lotions and other personal care products.
- East Asia, led by China, is poised to maintain hegemony over the regional landscape through the forecast period, backed by the presence of a healthy pharmaceutical sector.
- On the same path, South Asia is expected to prevail as the second most lucrative region, owing to industrial growth in emerging economies such as India and Vietnam.
- Europe, being the world’s largest producer of cosmetics, will also remain a prominent region, and will continue to progress on a positive growth trajectory.
COVID-19 Impact on Petroleum Jelly Market
Although it is certain the demand for petroleum jelly witnessed a downtrend during the pandemic, the growth of the market is expected to remain largely unhindered on a broader level. As a result of nationwide lockdowns, with people confined to their homes, the sales of cosmetic products plummeted, subsequently impacting the demand for petroleum jelly. However, this is expected to change as normality in workspaces starts to gradually return, necessitating cosmetics as people get back to their routine. This is expected to propel the sales of cosmetics and, in turn, petroleum jelly. Moreover, a recent study conducted in the UK found that petroleum jelly is the best lubricant for people wearing PPE as it reduces friction between skin and PPE material, thus lowering the risk of skin tears, blistering, and hives. This is expected to proliferate demand among frontline healthcare workers who have to use PPE for a prolonged time.
Request a Complete TOC of this Report with figures @ https://www.futuremarketinsights.com/toc/rep-gb-12643
Who is Winning?
Key players operating in the market are directing their efforts towards mergers and acquisitions to ensure long term growth. Moreover, online marketing and branding have also been identified as a key strategy to growth. Key developments in the competitive landscape include:
- In 2019, Godrej Consumer Products Limited acquired Canon Chemicals, a major manufacturer and distributor of personal care and home care products based in Kenya
- In the same timeframe, Holly Frontier Corporation acquired Netherlands-based Sonneborn, a leading manufacturer and distributor of petroleum-jelly-based products.
FMI’s report includes profiles of some of the most prominent names in the market including Sasol, ExxonMobil, International Group Inc., Petroleo Brasileiro SA, Nippon Seiro Co., Ltd, Repsol, CEPSA, Calumet Specialty Products Partners, L.P., and Polwax SA among others.
Petroleum Jelly Market – Key Segments
Grade:
- USP
- Technical
End-user:
- Pharmaceuticals
- Cosmetics & Personal
- Care
- Food
- Other Industries
Region:
- North America
- Latin America
- Europe
- South Asia & Oceania
- East Asia
- Middle East and Africa
Ask Us Your Questions About This Report @ https://www.futuremarketinsights.com/ask-question/rep-gb-12643
To Know More about Petroleum Jelly Market
A new market research report published by Future Market Insights (FMI) on the global petroleum jelly market offers an executive-level blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2022-2030. The report examines the market through four different segments – grade, end-use, and region. The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.
Future Market Insights Inc. is Knowledge Partner at Gulf Coatings Show, Sharjah, 17-19 October 2022 where we will be launching our Market Report ‘Coatings 2022: State of the Industry in Middle East’, Register to receive a digital copy of the Market Report and to join our content sessions.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
LinkedIn| Twitter| Blogs
For Sales Enquiries: sales@futuremarketinsights.com