White Oil Market size to exceed $2bn by 2024
Published Date: April 13, 2017 Author: Global Market Insights, Inc.
White Oil Market size will exceed USD 2 billion by 2024, translating in volume of over 2,000 kilo tons; according to a new research report by Global Market Insights, Inc.
Increasing white oil consumption as lubricator, moisturizer and insulator in cosmetics, pharmaceutical and textile industries will propel the industry growth. Continuing growth of cosmetics including sunscreens, emollient creams, suntans lotions, cleansers, makeup & hair care products will provide new opportunities for the industry. Advancement in production process enables complete removal of dust particles, improving its purity, odorless and tasteless properties, which enhances white oil market penetration in various end use industries.
Strong application outlook in food, adhesives, paper, bakery, precision machinery, cement, wood and textile industries will surge the revenue growth. Increased product usage in consumer goods including food packaging, coating on vegetables, animal food and medications will drive white oil market demand size. Technical grade white oil approved by the FDA are used in the food & beverage applications.
White oil is used in manufacturing medical devices, laxatives, ointments and various excipients in healthcare industry. Prevalence of disease and demographic rise in APAC is expected to initiate the pharmaceuticals market demand in China and India.
Rapid industrialization and urbanization particularly in the emerging countries have supported the product development. High product usage as hydraulic fluids and gear lubricants in industrial applications including compressors, machinery, vats and tanks will further favour white oil market growth.
Plastics & polymers dominates the white oil market share, accounted for over 50% in 2015. Surging demand for PVC lubricants, extenders, plastic annealing, thermoplastic elastomers, rubber and catalyst carriers are he stimulating factors of business demand. Moreover, mold release agents and extrusion aids are extensively used in the polymer production.
Personal care & cosmetics white oil market is set to observe growth exceeding 2.5% up to 2024. Rising demand for pure, durable and consistent products along with growing consumer spending has enhanced the industry growth. High consumption in bath & baby oil, lotions, creams and emollients are the supporting factors of the product development.
Global white oil market will witness significant gains from food industry in the forecast period. Rising food grade product scope in sugar refining, egg shell sealants and animal feed has encouraged the business demand. Increased product usage in lubes, wrappers, filling & packaging equipment are the driving factors of the product penetration.
Economic uncertainty and fluctuating petroleum prices are the major factors restraining the industry growth. Strict government guidelines on the manufacture and consumption of the product especially in developed nations are probable to act as limitation in the next years.
Browse key industry insights spread across 160 pages with 83 market data tables & 10 figures & charts from the report, “White Oil Market Size By Application (Plastic & Polymer, Pharmaceuticals, Personal Care & Cosmetics, Food Industry, Textile), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Russia, China, India, Taiwan, South Korea, Brazil, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
White oil market consumption from the textile industry is set to witness growth above 4% by 2024. Upsurge in demand for anti-rust, anti-oxidant and anti-wear products in manufacturing process will propel the industry demand. Increasing use of the product in apparel, fabrics and garment applications will drive the industry growth.
Asia Pacific led by China, India and Taiwan accounted for more than 60% of the overall white oil market consumption. Expansion in textile, agriculture and cement industry will enhance the revenue growth in this region.
U.S. will witness a significant market growth at over 4.5%, with strong consumption in protective diluents, emollients, moisturizers, baby care and hair care products will propel the regional demand. Regulatory compliance accompanied by product innovations particularly in healthcare industry will surge the white oil market growth.
MEA white oil market will witness growth over 2.5% by 2024. Technological advancement in production process accompanied by substantial petroleum reserves will drive the regional demand size. Changing consumer tastes along with increased cosmetics and personal care product consumption has also enhanced regional product penetration.
Global white oil market share is extremely fragmented. Key industry participants are concentrating to strengthen their position by implementing various approaches such as development in promotion of new products, distribution networking channel, and upgrading technology & innovation.
The major industry participants are British Petroleum, Exxon Mobil, JX Nippon Sinopec, Petro-Canada, Royal Dutch Shell, Sasol, TOTAL, Sonneborn and Renkert. The companies are focused on growth strategies including mergers & acquisitions, product innovations and product portfolio expansion.
White oil market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons and revenue in USD from 2013 to 2024, for the following segments:
White Oil Market, By Application
- Plastic & Polymer
- Personal Care & Cosmetics
- Food Industry
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America (LATAM)
- Middle East and Africa
- Saudi Arabia
- South Africa