Paraffin Oil

Paraffin Oil Market Outlook

The global paraffin oil market is projected to reach approximately USD 4.5 billion by 2035, growing at a CAGR of around 4.5% during the forecast period from 2025 to 2035. This growth is attributed to the rising demand across various sectors such as pharmaceuticals, cosmetics, and food industries, which require high-quality paraffin oil for manufacturing and product formulation. The versatility of paraffin oil in applications, coupled with its favorable properties like low volatility and good thermal stability, has spurred its adoption globally. Furthermore, the growing trend of using paraffin oil in industrial applications for lubrication and as a raw material for producing other chemical substances significantly boosts market prospects. As consumers become more health-conscious and environmentally aware, the market is likely to see an increase in demand for refined and high-quality paraffin oil products.

Growth Factor of the Market

One of the primary growth factors for the paraffin oil market is the escalating demand from the pharmaceutical sector where paraffin oil is utilized as a key ingredient in formulations such as ointments and creams. The rise in chronic skin conditions and increasing awareness about personal care products drive this demand. Additionally, the cosmetic industry is witnessing a surge in the use of paraffin oil in lotions, creams, and other beauty products due to its moisturizing properties and ability to enhance skin texture. Industrial applications, particularly in lubrication and heat transfer, significantly contribute to market growth as manufacturers seek efficient and cost-effective solutions. Furthermore, the rise in disposable income in emerging economies leads to increased consumer spending on personal care and pharmaceutical products, further propelling the demand for paraffin oil. Lastly, advancements in refining technologies and processes to produce cleaner and more efficient paraffin oil also play a vital role in expanding market opportunities.

Key Highlights of the Market

• The paraffin oil market is expected to grow at a CAGR of 4.5% from 2025 to 2035.
• Rapid growth in the pharmaceutical and personal care sectors is driving demand for high-quality paraffin oil.
• Technological advancements in refining processes improve product quality and increase market competitiveness.
• Asia Pacific is anticipated to dominate the market with the largest share, driven by increasing industrial activities.
• Increased consumer awareness regarding the quality and safety of paraffin oil in personal care applications is shaping market trends.

By Product Type

Light Paraffin Oil:

Light paraffin oil, often referred to as mineral oil, is a clear, colorless oil that is widely used in various applications due to its low viscosity and high stability. It is particularly popular in the cosmetics and pharmaceuticals industries for its ability to moisturize and provide a protective barrier on the skin. The demand for light paraffin oil is significantly driven by the increasing need for skin care products that require non-comedogenic, hypoallergenic, and non-irritating ingredients. Additionally, its use as a lubricant in mechanical applications enhances its commercial viability, contributing to an overall increase in market share for this product type.

Heavy Paraffin Oil:

Heavy paraffin oil has a higher density and viscosity compared to its lighter counterpart, making it suitable for specific industrial applications. It is commonly utilized as a lubricant and in the production of candles and waxes. The growth of heavy paraffin oil is primarily influenced by its application in the automotive and machinery sectors where it serves as an effective lubricant for machinery. Furthermore, the construction sector uses heavy paraffin oil in asphalt production, further bolstering its market demand. As industries continue to expand, the need for heavy paraffin oil is expected to grow correspondingly.

White Mineral Oil:

White mineral oil is a highly refined product that is considered safe and effective for various applications, particularly in cosmetics and pharmaceuticals where purity is crucial. This type of paraffin oil is valued for its inert properties and is often used in formulations for creams, lotions, and ointments. The increasing regulatory standards for cosmetics and personal care products push manufacturers to opt for high-purity white mineral oil, benefiting market growth. The trend towards natural and safe ingredients is driving demand for this product, making it increasingly popular among consumers who prioritize health and safety in their personal care choices.

Liquid Paraffin:

Liquid paraffin is characterized by its unique properties, including a high flash point and low toxicity, making it suitable for use in various applications such as pharmaceuticals, cosmetics, and food products. In the pharmaceutical industry, liquid paraffin is often utilized as a laxative and in the manufacturing of various medical formulations. The food industry also employs liquid paraffin as a food-grade lubricant and additive. As industries continue to prioritize safety and efficacy in their products, the demand for liquid paraffin is likely to increase, reflecting its importance in the overall paraffin oil market.

Others:

This category encompasses various specialized paraffin oil products that serve niche applications across different industries. These may include products developed for specific industrial processes or customized formulations that cater to unique consumer needs. The growth of this segment is largely driven by advances in product development and the ability of manufacturers to innovate and create tailored solutions for their clients. As demand for specialized applications increases, this segment is expected to expand, contributing to the overall growth of the paraffin oil market.

By Application

Pharmaceuticals:

The pharmaceuticals segment is a significant contributor to the paraffin oil market, with products such as ointments, creams, and laxatives requiring high-quality paraffin oil as a key ingredient. The versatility of paraffin oil in this sector is highlighted by its ability to act as a carrier for active ingredients and provide a therapeutic effect. The rise in chronic diseases and skin disorders has led to an increased demand for topical medications, further boosting this market segment. Manufacturers are increasingly focusing on developing formulations that leverage the benefits of paraffin oil, thus driving growth in this application area.

Cosmetics:

In the cosmetics industry, paraffin oil is utilized for its emollient properties, making it an essential ingredient in various skin care products, including creams, lotions, and makeup. The demand for moisturizing and protective products has grown significantly, as consumers seek safe and effective options for their skin care routines. The increase in awareness around skincare, coupled with the growing trend of self-care, has resulted in higher sales of cosmetic products that incorporate paraffin oil. As the cosmetic industry continues to evolve, the application of paraffin oil is likely to expand, enhancing its footprint in this segment.

Industrial:

Paraffin oil plays a critical role in industrial applications, primarily as a lubricant and as a heat transfer fluid. Its unique properties, such as high thermal stability and low volatility, make it ideal for use in manufacturing and machinery. Industries such as automotive, construction, and textiles utilize paraffin oil to enhance operational efficiency and reduce wear and tear on machinery. The growth of industrial activities in emerging economies is expected to further drive demand for paraffin oil in this segment, making it a vital component of the overall market.

Food:

In the food industry, paraffin oil is used in applications such as food-grade lubricants and as a coating agent for certain food items. It is essential for ensuring the longevity and quality of food products, particularly in food processing plants. The increasing demand for packaged and processed foods has led to a rise in the consumption of paraffin oil in this sector. Moreover, the emphasis on maintaining food safety and quality standards has encouraged manufacturers to use high-purity paraffin oil in food applications, thereby expanding this market segment.

Others:

This category includes various applications where paraffin oil is utilized in niche markets. This may involve specialized uses in sectors such as agriculture, where paraffin oil can be employed as a pesticide carrier, or in the automotive industry for specific lubricant formulations. The diversity of applications contributes to market resilience, as manufacturers continue to innovate and find new uses for paraffin oil in diverse settings. As these applications evolve, they are expected to further contribute to the overall growth of the paraffin oil market.

By Distribution Channel

Online Stores:

Online stores have emerged as a significant distribution channel for paraffin oil products, driven by the growing trend of e-commerce and digital shopping. The convenience of purchasing products online, coupled with the ability to compare prices and read reviews, has led to increased consumer preference for this channel. As more consumers turn to online platforms for their purchasing needs, manufacturers and retailers are adapting their strategies to cater to this trend by enhancing their online presence and providing detailed product information. This shift towards e-commerce is expected to bolster the growth of the paraffin oil market, as more consumers gain access to a wider range of products.

Specialty Stores:

Specialty stores that focus on beauty and personal care products are crucial in the distribution of paraffin oil, particularly in the cosmetics and pharmaceuticals segments. These stores provide consumers with the opportunity to purchase high-quality, refined products that meet their specific needs. The knowledgeable staff in these stores can offer valuable guidance and recommendations, enhancing the shopping experience. As the demand for specialized products increases, specialty stores are likely to play a crucial role in the paraffin oil market by catering to niche consumer preferences.

Hypermarkets/Supermarkets:

Hypermarkets and supermarkets serve as essential distribution channels for paraffin oil, particularly in the food and industrial applications sectors. Consumers often prefer to purchase paraffin oil in bulk from these retail outlets due to their convenience and competitive pricing. The availability of various brands and product types in these stores allows consumers to choose high-quality paraffin oil that meets their requirements. As hypermarkets and supermarkets continue to expand their product offerings to include a broader range of paraffin oil products, their significance in the market is expected to grow.

Convenience Stores:

Convenience stores provide a quick and accessible option for consumers looking to purchase paraffin oil, particularly for personal care and household uses. This distribution channel caters to the needs of busy consumers who prefer to make quick purchases without traveling to larger retail outlets. The compact size of convenience stores allows them to stock essential paraffin oil products in smaller quantities, appealing to customers seeking immediate solutions. As consumer lifestyles continue to evolve towards convenience, the role of convenience stores in the paraffin oil market is anticipated to increase over time.

Others:

This category encompasses other distribution channels that facilitate the sale of paraffin oil products, such as direct sales from manufacturers or local markets. These alternative channels may not be as prominent as the primary ones but still contribute to the overall accessibility of paraffin oil. The presence of local markets can enhance community access to paraffin oil, particularly in regions where commercial retail options are limited. As these alternative distribution channels continue to operate alongside mainstream outlets, they will play a supportive role in the growth of the paraffin oil market.

By Ingredient Type

Naphthenic Paraffin Oil:

Naphthenic paraffin oil is characterized by its unique chemical structure, which makes it suitable for a wide range of applications, particularly in industrial lubricants and as a base oil in various formulations. Its excellent solvency and compatibility with other chemicals allow manufacturers to develop high-performance products. The growth of naphthenic paraffin oil is driven by increasing industrial activities and the demand for efficient lubricants that reduce friction and wear in machinery. As industries continue to expand, the reliance on naphthenic paraffin oil is expected to increase, supporting market growth.

Normal Paraffin Oil:

Normal paraffin oil, known for its linear hydrocarbon structure, is commonly used in different applications, including personal care products and industrial processes. Its low viscosity and high purity make it an attractive option for manufacturers seeking to develop safe and effective formulations. The demand for normal paraffin oil has been rising due to its adoption in cosmetic products, where it enhances texture and moisturizing properties. Additionally, the industrial sector's reliance on normal paraffin oil for lubricating and processing applications contributes significantly to its market presence, reinforcing its importance in the overall paraffin oil market.

Iso-Paraffin Oil:

Iso-paraffin oil is noted for its high stability and low volatility, making it an ideal choice for various applications, especially in the cosmetics and automotive sectors. Its unique structure provides superior performance as a lubricant and a solvent in formulations. The increasing demand for high-quality products in the cosmetics industry has led to a rise in the consumption of iso-paraffin oil. Furthermore, the automotive sector's need for effective lubricants contributes to the growing market for iso-paraffin oil, as manufacturers continue to seek advanced solutions for enhancing vehicle performance and longevity.

Neo-Paraffin Oil:

Neo-paraffin oil is characterized by its unique chemical composition, providing enhanced properties for various applications, particularly in specialty formulations. It is often used in high-performance lubricants and as a carrier in perfumes and fragrances. The growth of neo-paraffin oil in the market is driven by the increasing demand for advanced formulations that require specific characteristics, such as lower volatility and improved stability. As consumers and manufacturers alike prioritize quality and performance, the adoption of neo-paraffin oil is expected to rise, contributing to the overall growth of the paraffin oil market.

Others:

This category includes various specialized ingredient types that cater to niche applications across different industries. These may encompass formulations developed for unique consumer needs or specific industrial processes that require customized solutions. The flexibility of paraffin oil in formulation development allows manufacturers to innovate and create tailored products that meet diverse market demands. As industries continue to evolve and seek specialized solutions, this segment is expected to grow, bolstering the overall paraffin oil market.

By Region

The regional analysis of the paraffin oil market reveals significant trends and growth opportunities across various geographical areas. In the Asia Pacific region, the market is anticipated to witness the highest growth rate, with a projected CAGR of 5.2% from 2025 to 2035. This growth is driven by the rapid industrialization in countries such as China and India, leading to increased demand for paraffin oil across sectors such as cosmetics, pharmaceuticals, and food. The burgeoning population in this region also contributes to rising consumer spending on personal care and industrial products, further enhancing market prospects.

North America holds a substantial share of the paraffin oil market, primarily driven by the established pharmaceutical and cosmetics industries. The United States, in particular, is a significant consumer of paraffin oil, owing to its extensive application in personal care products and medical formulations. The market in Europe is also poised for growth, supported by stringent regulations concerning product safety and quality, leading manufacturers to adopt high-purity paraffin oil in their formulations. Collectively, these regions contribute to a competitive landscape, ensuring that the global paraffin oil market remains vibrant and dynamic.

Opportunities

The paraffin oil market is ripe with opportunities, particularly as manufacturers explore innovative applications and formulations that cater to evolving consumer preferences. There is a notable shift towards sustainable and eco-friendly products, prompting manufacturers to invest in refining processes that minimize environmental impact. This trend opens avenues for the development of biodegradable paraffin oil products, which can attract environmentally conscious consumers and enhance brand loyalty. Additionally, the growing demand for high-quality personal care and cosmetic products presents manufacturers with opportunities to upscale their offerings by incorporating refined paraffin oil into their formulations. By aligning their product development strategies with consumer trends, companies can capitalize on the increasing demand for advanced and safe formulations.

Moreover, the rise in global industrial activities, particularly in emerging markets, presents a significant opportunity for the paraffin oil market. As industries such as automotive, construction, and textiles expand, the demand for high-performance lubricants and raw materials continues to grow. Manufacturers can leverage this opportunity by enhancing their distribution networks and forming strategic alliances with key players in various sectors. Additionally, the increasing focus on research and development to create innovative paraffin oil products tailored to specific industrial applications further enhances market potential. By staying ahead of industry trends and focusing on customer-centric product development, companies can position themselves for long-term growth and sustainability.

Threats

Despite the numerous growth opportunities, the paraffin oil market faces several threats that could impede its expansion. One of the primary concerns is the increasing competition from alternative products, particularly plant-based oils that are gaining popularity due to their perceived health and environmental benefits. As consumers become more conscious of the ingredients in their personal care and industrial products, the demand for natural alternatives could adversely affect the market for paraffin oil. Manufacturers may need to adapt their product offerings and marketing strategies to counter this trend by emphasizing the safety and efficacy of their paraffin oil products.

Another significant threat to the paraffin oil market arises from stringent regulatory frameworks imposed by governments and international organizations concerning environmental protection and product safety. As regulations become more rigorous, manufacturers may face challenges in meeting compliance standards, which could lead to increased production costs and potential liabilities. Additionally, fluctuations in crude oil prices have a direct impact on the costs associated with paraffin oil production, leading to market volatility. Companies in this market must remain vigilant and responsive to regulatory changes and market dynamics to mitigate these threats and ensure sustainable growth.

Competitor Outlook

• ExxonMobil
• Royal Dutch Shell
• Chevron Corporation
• PetroChina Company Limited
• BP plc
• TotalEnergies SE
• SABIC
• Idemitsu Kosan Co., Ltd.
• Hindustan Petroleum Corporation Limited
• Repsol S.A.
• Orpic (Oman Oil Refineries and Petroleum Industries Company)
• Phillips 66
• Valero Energy Corporation
• SK Innovation Co., Ltd.
• Marathon Petroleum Corporation

The competitive landscape of the paraffin oil market is characterized by a diverse range of manufacturers and suppliers that operate on a global scale. Major players such as ExxonMobil, Royal Dutch Shell, and Chevron Corporation dominate the market due to their extensive production capabilities and strong distribution networks. These key players leverage their technological expertise and economies of scale to offer a wide variety of paraffin oil products that meet the specific needs of different industries. Additionally, their established brand reputation allows them to maintain customer loyalty while expanding their market presence through strategic collaborations and partnerships.

In response to the growing demand for high-quality and refined paraffin oil products, many companies are investing in research and development efforts aimed at enhancing product characteristics and performance. For instance, companies like TotalEnergies SE and SABIC are focusing on innovation to develop advanced paraffin oil formulations that cater to niche applications. This trend not only fosters product differentiation but also enables manufacturers to capture emerging market opportunities. Moreover, the emphasis on sustainability has led several companies to explore environmentally friendly production methods, thereby aligning their operations with global sustainability goals.

Furthermore, the paraffin oil market is witnessing a trend of consolidation as companies seek to enhance their market position and expand their product portfolios through mergers and acquisitions. Organizations like Phillips 66 and Valero Energy Corporation are actively pursuing strategic acquisitions to broaden their reach in various geographical regions and product segments. The resulting synergies from these acquisitions help these companies achieve operational efficiencies and strengthen their competitive advantage. As the paraffin oil market continues to evolve, the competitive landscape is expected to become increasingly dynamic, with both established players and new entrants vying for market share.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 SABIC
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 BP plc
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 ExxonMobil
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Phillips 66
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Repsol S.A.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 TotalEnergies SE
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Royal Dutch Shell
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Chevron Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 SK Innovation Co., Ltd.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Idemitsu Kosan Co., Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Valero Energy Corporation
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 PetroChina Company Limited
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Marathon Petroleum Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Hindustan Petroleum Corporation Limited
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Orpic (Oman Oil Refineries and Petroleum Industries Company)
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Paraffin Oil Market, By Application
    • 6.1.1 Pharmaceuticals
    • 6.1.2 Cosmetics
    • 6.1.3 Industrial
    • 6.1.4 Food
    • 6.1.5 Others
  • 6.2 Paraffin Oil Market, By Product Type
    • 6.2.1 Light Paraffin Oil
    • 6.2.2 Heavy Paraffin Oil
    • 6.2.3 White Mineral Oil
    • 6.2.4 Liquid Paraffin
    • 6.2.5 Others
  • 6.3 Paraffin Oil Market, By Ingredient Type
    • 6.3.1 Naphthenic Paraffin Oil
    • 6.3.2 Normal Paraffin Oil
    • 6.3.3 Iso-Paraffin Oil
    • 6.3.4 Neo-Paraffin Oil
    • 6.3.5 Others
  • 6.4 Paraffin Oil Market, By Distribution Channel
    • 6.4.1 Online Stores
    • 6.4.2 Specialty Stores
    • 6.4.3 Hypermarkets/Supermarkets
    • 6.4.4 Convenience Stores
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Paraffin Oil Market by Region
  • 10.3 Asia Pacific - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 India
      • 10.3.1.2 China
      • 10.3.1.3 Japan
      • 10.3.1.4 South Korea
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Paraffin Oil market is categorized based on

By Product Type

• Light Paraffin Oil
• Heavy Paraffin Oil
• White Mineral Oil
• Liquid Paraffin
• Others

By Application

• Pharmaceuticals
• Cosmetics
• Industrial
• Food
• Others

By Distribution Channel

• Online Stores
• Specialty Stores
• Hypermarkets/Supermarkets
• Convenience Stores
• Others

By Ingredient Type

• Naphthenic Paraffin Oil
• Normal Paraffin Oil
• Iso-Paraffin Oil
• Neo-Paraffin Oil
• Others

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• ExxonMobil
• Royal Dutch Shell
• Chevron Corporation
• PetroChina Company Limited
• BP plc
• TotalEnergies SE
• SABIC
• Idemitsu Kosan Co., Ltd.
• Hindustan Petroleum Corporation Limited
• Repsol S.A.
• Orpic (Oman Oil Refineries and Petroleum Industries Company)
• Phillips 66
• Valero Energy Corporation
• SK Innovation Co., Ltd.
• Marathon Petroleum Corporation