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.
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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.
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.
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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.
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