Negative Influence of COVID-19 Pandemic on Petroleum Jelly Market
The COVID-19 pandemic has affected the petroleum jelly market to a considerable extent. The low demand from end-use industries led to a decline in the growth rate of the petroleum jelly market. Frequent lockdowns due to the emerging variants of the novel coronavirus caused disruptions in the production process. It also led to disturbances in the supply chain mechanisms. This aspect has had a significant impact on the growth trajectory of the petroleum jelly market.
Nevertheless, mass vaccination drives and relaxations provided by government bodies of numerous countries are helping stabilize the growth of the petroleum jelly market. Furthermore, economical packages released by the government bodies to support the manufacturing sector will also prove to be a boon for the players in the petroleum jelly market. The Indian Government recently announced a relief package to support the economy in the fight against the COVID-19 pandemic.
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Petroleum jelly, also known as petrolatum, is obtained through mixing waxes and mineral oils. It is in a semi-solid form and has various properties such as resistance to oxidation, high melting point, and inflammability. These properties make it an ideal fit across various applications. Prominent end users of petroleum jelly are food, pharmaceuticals, leather, shipping, etc. Petroleum jelly is available in pharmaceutical grade, industrial grade, and cosmetic grade.
Petroleum jelly is one of the primary components in developing cosmetic products. The thickness of the petroleum jelly acts as a barrier that prevents dirt accumulation. This aspect eliminates the damage caused due to dirt on the skin. In addition, applying petroleum jelly on the skin prevents the peeling of dry skin and is apt for individuals having sensitive skin.
Transparency Market Research (TMR) estimates the global market for petroleum jelly to expand at a CAGR of 4.26% during the forecast period of 2021–2031. In the context of revenue, the petroleum jelly market is expected to reach US$ 716.9 Mn by 2031.
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Skincare Gains Considerable Traction During COVID-19, Accelerates Demand for Petroleum Jelly
Barring the strict COVID-19 lockdown period, petroleum jelly experienced substantial demand due to an uptick in the sales of cosmetic products. During the stay-at-home orders, many individuals were forced to stay at home for a longer span. Individuals had time to focus on skincare routines. Hence, the demand for cosmetic products increased, eventually boosting the growth opportunities across the petroleum jelly market.
Growing Telecommunication Industry Presents Array of Growth Opportunities for Petroleum Jelly Market
The excellent properties of petroleum jelly make them useful across the telecommunication industry. It is utilized as a cable filling compound and eliminates the penetration of moisture in the cables. The dielectric properties of petroleum jelly help enhance the service life of copper telephone cables and optical fiber cables.
The demand for optical fiber cables is anticipated to increase, owing to the rise in home broadband connections. The adoption of remote work mechanism by various organizations on the back of the COVID-19 pandemic is driving the demand for cables. Hence, the growing number of Internet subscribers is projected to accelerate the growth opportunities in the petroleum jelly market.
Petroleum Jelly Market: Overview
According to Transparency Market Research’s latest research report on the global petroleum jelly market for the historical period of 2020 and the forecast period of 2021 to 2031, rise in demand for petroleum jelly, owing to its application in pharmaceutical, personal care, and manufacturing industries is expected to boost the global petroleum jelly market during the forecast period. Approved by the U.S. Food and Drug Administration (FDA), petroleum jelly is widely used as over-the-counter (OTC) skin protectant for treating ailments such as toenail fungus, genital rashes, nose bleeds, diaper rashes, and common colds.
In terms of revenue, the global petroleum jelly market is expected to exceed US$ 716.9 Mn by 2031, expanding at a CAGR of 4.26% during the forecast period. Petroleum jelly, also known as petrolatum, white petrolatum, soft paraffin, and mineral jelly, is a semi-solid mixture of hydrocarbons derived from a waxy petroleum material obtained from oil rigs. Petroleum jelly is widely used in various ointments. It is also used as a lubricant. Petroleum jelly is also used as a stabilizer in the manufacture of propellant cordite (smokeless propellant used as an alternative for gun powder in military applications) and surface cleanser (erasing tar stain from leather products). In marine applications, petroleum jelly is used as an underwater antifouling coat for motorboats and sailing yachts.
Rise in Usage of Petroleum Jelly in Cosmetics, Telecommunication Industries: Key Driver of Petroleum Jelly Market
Petroleum jelly is widely used in cosmetics and telecommunication industries due to its lubricating and coating properties. With melting point ranging from 38°C to 56°C, petroleum jelly offers strong corrosion protection and is suitable for usage in dry as well as wet environments.
Petroleum jelly is used as cable filling compound in the telecommunications industry. As a cable filling compound, petroleum jelly eliminates moisture penetration into cables in case of any damage to the cable sleeve. High melting point, water-resistant nature, and excellent dielectric properties of petroleum jelly arrest the deterioration of conventional copper telephone cables (JFTC) and optical fiber cables (OFC), thus improving the service life. Furthermore, petroleum jelly offers excellent low temperature flexibility and reduced thermal shrinkage.
According to the India Brand Equity Foundation (IBEF), India is the world’s second-largest telecommunications market. For the financial year of 2021–2022, the Department of Telecommunications has been allocated US$ 8 Bn for the development of the telecommunications industry. The total number of Internet subscribers in India rose by from 757.61 million in January 2021 to 765.09 million in February 2021. Increase in investment in the telecommunications sector and growth of subscriber base are anticipated to boost the installation of fiber optic cables. This, in turn, is estimated to boost the usage of petroleum jelly as a cable filling compound. Thus, the petroleum jelly market is projected to expand during the forecast period.
Petroleum jelly is used as moisturizing agent in cosmetics and personal care products (bath products, hair conditioners, shaving products, and suntan products). It slows down the transepidermal water loss and keeps the skin moisturized. It also enhances the appearance of hair by improving the texture.
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Rise in Usage of Petroleum Jelly in Healing Skin, Skin Irritation
Petroleum jelly is used in topical skin protectants to treat dry, rough, scaly, itchy skin, and minor skin irritations. It helps dead skin cells fall off. It also keeps the skin hydrated.
Petroleum jelly helps in healing wounds, prevention of blisters, relieving diaper rash, and treatment of eczema and psoriasis. It also helps in the treatment of atopic dermatitis (eczema) in newborns and infants. Petroleum jelly is also used as a home remedy for killing of lice in hairs.
According to dermatologists from the American Academy of Dermatology, petroleum jelly helps in relieving sunburn, first-degree burns, and minor cuts from a sharp knife or a piece of glass. It keeps the wound moist, preventing it from drying out. Thus, it helps avoid the formation of a scab over the wound. This is projected to boost the global petroleum jelly market.
Petroleum Jelly Market: Competition Landscape
Detailed profiles of providers of petroleum jelly have been provided in the petroleum jelly report to evaluate their financials, key product offerings, recent developments, and strategies
Major players operating in the global petroleum jelly market are
Royal Dutch Shell
Sonneborn LLC
Sasol
Raj Petro Specialities Pvt. Ltd.
Eastern Petroleum
Sovereign Chemicals & Cosmetics
Unisynth Group
Shimi Taghtiran Co.
Nippon Siero Co., Ltd.
Petrobras
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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