Global White Oil Market to witness a surge in its valuation with a 5.74 % CAGR by 2027
Published | 01 October 2020
According to BlueWeave Consulting, Global White Oil Market is estimated to be USD 1.55 billion by 2027 from USD 1.23 billion in 2020, at a CAGR of 5.40 % from 2020 to 2027.
White oil is an essential
product used in the pharmaceutical, chemical, cosmetics, and food processing
industries. The mounting demand for personal care and pharmaceutical products
and polymers contributes to the need for the white oil market. Progressions
also help the global white oil market grow in the production process that
allows complete elimination of dust particles, superior purity, odorless, and
tasteless products. However, international white oil development in the global
market will see restraint due to severe government policies in advanced
nations, economic uncertainty, and fluctuating petroleum prices. White oils are
mainly recognized as a class of extraordinarily refined and versatile mineral
oils and are usually produced from paraffinic or naphthenic base-stocks from
the refineries. The main chemical composition of white oils includes saturated
aliphatic hydrocarbons and alicyclic nonpolar, which are chemically inert,
odorless, tasteless, colorless, and biologically stable.
“Personal Care Sector dominates
the Application Segment”
Based on Application, the
personal care sector is varied in nature. It is rising at a steady rate,
largely attributed to the high focus of several cosmetic product manufacturers
across Asian countries, such as India, China, Indonesia, Japan, and South
Korea. Growing demand for personal care products in these countries has helped
the cosmetic formulators towards invention and new product growth. Properties
of white oil, such as moisture barrier abilities, lubricity, and chemical
inertness, enable its utilization in cosmetics and beauty products.
Growth Drivers
“Increasing Growth in
cosmetic and personal care Industry and Technological Advancement are the key
drivers in the growth of Global White Oil Market”
White Oil market products are
used in the pharmaceutical industry and have been found useful in the Tires, rubber,
and textile manufacturing. Adults with concern about having individual hygiene
are the more prominent consumers of cosmetics, personal care, and perfumes.
High consumer likings for the baby lotions, bath baby emollient, and creams are
strongly supporting product progression factors, which are the critical drivers
of fueling the market's demand. Moreover, the rising demand for white oil in
water-resistant creams due to its excellent moisture barrier welfares is likely
to boost market development. Shifting consumer fondness in daily personal care
products, which are pure, durable, and consistent, has enhanced the white oil
market development. Technological progression endlessly improvises white oil
features, providing new chances for the numerous uses in various industries.
“The Asia Pacific
dominates the Global White Oil Market”
The Asia Pacific region is
likely to see a significant request for white oil due to an increased ingesting
of white oils and their byproducts. The personal care and medical industries in
APAC are overgrowing. APAC has also shown an amplified request for cosmetics
and personal care products, which has faster the intake of white oils in the
region over time. APAC is anticipated to control the market for white oils with
a healthy CAGR during the forecast period. North America is the additional
largest region in terms of production and ingesting white oil globally. An
increase in the use of the white oil market in North America is anticipated to
be significant during the forecast period due to vital demand from the food,
cosmetics, and chemical industries. The white oil market in Europe is expected
to expand consistently during the forecast period. Economic and industrial
growth in the Middle East & Africa, coupled with the rising demand for
polymers and specialty chemicals in the area are projected to push the white
oil market throughout the forecast period. The Latin American white oil market
is likely to enlarge at a sluggish speed during the prediction period.
Global White Oil Market:
Competitive Landscape
Some of the leading players
operating in the Global White Oil Market are ExxonMobil Fuels & Lubricants,
Sonneborn, Chevron Corporation, BP, Royal Dutch Shell, Sinopec Corporation,
Sasol, Renkert Oil, JX Nippon Oil & Energy Corporation, Suncor Energy,
Nynas AB, Seojin Chemical, Lubline, Total SA, Apar Industries Limited, Panama
Petrochem Limited, Savita Chemicals, Eastern Petroleum Private Limited, BASF,
Hainan Handi Sunshine Petrochemical, Farabi Petrochemicals, Calumet, H&R AG,
and other prominent players.
Do not miss the business
opportunity of the Global White Oil Market. Consult our analyst, gain crucial
insights, and facilitate your business growth.
The in-depth analysis of the
report provides the growth potential, upcoming trends, and statistics of the
Global White Oil Market size & forecast. The report promises to provide
state-of-the-art technology of Global White Oil Market and industry insights,
which help decision-makers to make sound strategic decisions. Furthermore, the
report also analyzes the market drivers, challenges, and competitive analysis
of the market.
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