The global petroleum jelly industry is expected to reach a market value of US$ 525.1 million in 2023. This may push the market size to US$ 770.3 million in 2033. The overall market is expected to thrive at 4.2% CAGR.
Petroleum jelly’s market growth is mainly fueled by pharmaceutical and cosmetic products. Leather, telecommunications, manufacturing, marine, and other sectors also use it. The material is also resistant to rust and insoluble in water and many other chemicals, so it may be an ideal choice for equipment that requires rust resistance.
Growing demand for petroleum jelly as UPS and technical in multiple end-use industries such as pharmaceuticals, cosmetics & personal care, food, and others is expected to boost consumption in the coming years.
A cable-filling compound such as petroleum jelly has been used in the telecommunication industry for years to prevent moisture from entering cables. As a result, the availability of broadband connections at home might increase the demand for optical fiber cables.
The dielectric properties of petroleum jelly are beneficial to optical fiber cables and copper telephone cables. Additionally, petroleum jelly’s physical and chemical properties are driving the petroleum jelly market growth.
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Growing investment in manufacturing industries and downstream product utilization is expected to fuel market demand in the coming years as a moisture reduction agent and grooming aid in a wide range of skin treatments, cosmetics, and hair products.
Key Takeaways from the Market Study
The petroleum jelly market is expected to hold a CAGR of 4.2% over the forecast period.
USP grade is anticipated to remain the prominent segment in the petroleum jelly market with a CAGR of 3.9%.
It is estimated that the petroleum jelly market in North America may remain strong during the forecast period.
The petroleum jelly market in the United States is estimated to be valued at US$ 103.5 million in 2023.
China is predicted to expand at a CAGR of 4.1% and is estimated to be valued at US$ 245.7 million in 2023.
Competitive Landscape:
A variety of expansion strategies have been adopted by some leading market players in order to deepen penetration across lucrative markets. Several small-scale companies are merging and acquiring big companies to reach a wide consumer base and incorporate innovative products into their product lines. In addition to launching products, partnering with key players, acquiring companies, and strengthening regional and global distribution networks, these strategies include collaborations with key players.
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