Vancouver, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global Industrial Vaseline Market size was USD 490.8 Million in 2022 and is expected to register a revenue CAGR of 4.2% during the forecast period, according to the latest analysis by Emergen Research. Rising demand from the energy sector for renewable energy sources are major factors driving the market revenue growth. Industrial vaseline can find applications in the energy sector, particularly in maintaining and lubricating equipment used in various energy production and distribution processes. For instances, in solar power facilities, vaseline-based lubricants are used in tracking systems that adjust solar panel positions to follow the sun’s path. Proper lubrication is essential to ensure these systems operate smoothly and efficiently. In addition, industrial vaseline is used in hydroelectric power generation facilities to lubricate the gates, valves, and other moving parts of dams and turbines. It helps reduce wear and corrosion in these harsh environments.
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Environmental regulations, supply chain disruptions, and shift toward sustainable alternatives are major factors restraining the market revenue growth. Increasing environmental regulations and concerns about the impact of petroleum-based products on ecosystems pose challenges for the industrial vaseline market revenue growth. Stringent regulations can require manufacturers to invest in more sustainable and eco-friendly formulations. Fluctuating crude oil prices play major role in restraining the market revenue growth. The price of vaseline is closely tied to the price of crude oil. Fluctuations in oil prices can affect the cost of production and pricing of industrial vaseline, impacting profit margins.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 490.8 Million |
| CAGR (2023–2032) | 4.2% |
| Revenue forecast to 2032 | USD 744.1 Million |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, application, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Lodha Petro, Exxon Mobil Corporation, Chevron Corporation, Sasol, Renkert Oil, Repsol, Sonoco Products Company, Calumet Specialty Products Partners, L.P., Shell, Asian Oil Company |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global industrial vaseline market is fairly fragmented, with many 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 industrial vaseline products. Some major players included in the global industrial vaseline market report are:
- Lodha Petro
- Exxon Mobil Corporation
- Chevron Corporation
- Sasol
- Renkert Oil
- Repsol
- Sonoco Products Company
- Calumet Specialty Products Partners, L.P.
- Shell
- Asian Oil Company
Strategic Development
- On 1 February 2019, HollyFrontier Corporation, which is Texas, U.S.-based leading supplier of specialized products announced the acquisition of Sonneborn U.S. Holdings Inc. and Sonneborn Cooperatief U.A. for USD 655 million, including working capital valued at USD 72 million. This acquisition furthers HollyFrontier's downward integration strategy into specialty products and expands the Rack Forward business segment significantly. Sonneborn expands HollyFrontier's global footprint by extending processing and blending capabilities in North America and Europe, as well as the global sales organization and distribution network.
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Some Key Highlights From the Report
- The food grade segment accounted for a moderately large revenue share in 2022. Rapid growth in the food processing industry is a major factor driving revenue growth of this segment. The food processing industry has been expanding globally due to changing consumer preferences, rapid urbanization, and technological advancements in food processing technologies. Food grade industrial vaseline is essential for various applications in food processing, such as lubricating machinery, ensuring the smooth operation of conveyor belts, and preventing food from sticking to surfaces. Enhanced hygiene and sanitation practices is a major factor contributing to revenue growth of this segment. The emphasis on hygiene and sanitation in the food industry has risen significantly, especially considering health concerns such as foodborne illnesses. Food-grade vaseline plays major role in maintaining cleanliness and preventing contamination in food processing equipment.
- The medical segment accounted for a moderately large revenue share in 2022. Significant investments in medical device manufacturing and pharmaceutical ointments and creams are major factors driving revenue growth of this segment. Industrial vaseline is used in the production and assembly of medical devices such as catheters, syringes, and surgical instruments. Its lubricating properties aid in the smooth functioning of medical equipment. Vaseline is a crucial ingredient in various pharmaceutical ointments, creams, and tropical preparations. It serves as a base for medicated products used for wound care, skin conditions, and dermatological treatments. Rising demand for these products drives the need for industrial vaseline.
- The construction segment accounted for a moderately large revenue share in 2022. Increasing awareness regarding properties including corrosion protection, moisture barrier, and others is a major factor driving revenue growth of this segment. Industrial vaseline is used as a moisture barrier in construction materials, such as concrete and masonry. It helps prevent water infiltration, which is essential for maintaining the structural integrity and durability of buildings and infrastructure. Industrial vaseline is used as a bonding agent or adhesive for various construction materials, including tiles and insulation. This is another major factor contributing to revenue growth of this segment.
- The market in Europe accounted for a moderately large revenue share in 2022. Rising demand from automotive industry is a major factor driving the market revenue growth in this region. Europe has major automotive manufacturing sector. Industrial vaseline is used in automotive applications, including lubricating rubber seals, gaskets, and other components. As the automotive industry continues to evolve and manufacture vehicles with various features, the demand for vaseline in this sector remains strong. Significant investments in construction and infrastructure development plays a major role in driving the market revenue growth in this region. Europe is home is numerous construction and infrastructure projects, including residential and commercial buildings, highways, bridges, and tunnels. Industrial vaseline is used in construction for applications such as moisture barrier coatings, concrete release agents, and corrosion protection, which are essential in this sector.
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Emergen Research has segmented the global industrial vaseline market on the basis of type, application, end-use, and region:
- Type Outlook (Revenue, USD Million; 2019-2032)
- Cosmetic Grade
- Food Grade
- Others
- Application Outlook (Revenue, USD Million; 2019-2032)
-
- Lubrication
- Medical
- Food Processing
- Others
- End-Use Outlook (Revenue, USD Million; 2019-2032)
-
- Manufacturing
- Construction
- Cosmetics & Personal Care
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- 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 MEA
- North America
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