Ocean View, DE -- (SBWire) -- 05/26/2020 --White Oil Market size is poised for robust growth as attributes such as chemically inert, non-toxic, odorless and colorless have instilled confidence among stakeholders. Prominently, white oil is highly sought-after in pharmaceuticals, chemical processing and cosmetics industry. White oil-based products offer notable features such as low irritancy, skin compatibility, bacteria resistant and low environmental impact. Experts credit burgeoning urbanization and improving economic conditions for the proliferating white oil market share.
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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
Technological development in the manufacturing process aimed at providing environmentally friendly and cost-effective solutions has impelled white oil industry share. Besides, advent of biodegradable and non-toxic emollient products in line with the international manufacturing standards has underpinned white oil market forecast. Further, demand for white oil in the manufacturing of elastomers and specialty adhesives owing to moisture- and water-resistant properties presents a sanguine white oil market outlook.
Soaring demand for cosmetic products with improved quality has upped the adoption rate of white oil-based products. Inevitably, demand for durable, pure and consistent products has proliferated dramatically in the recent past. Notable uptick in the consumption of bath and baby oil, lotions, creams and emollients has created favorable white oil industry outlook.
White oil market size is expected to surpass US$ 6 bn by 2024, according to a new research report by Global Market Insights, Inc.
Personal care & cosmetic industry ruled the roost in 2017, amounting for over 29% of white oil market share. There has been palpable demand for white oil in water-resistant creams owing to its tremendous moisture barrier property. Nonetheless, personal care & cosmetic industry was valued at over US$ 1.5 bn revenue in 2017.
Given that white oil provides excellent lubricity, exceptional smoothness, resistance to moisture when used as a base material in baby oil & massage, lotions and skin creams, manufacturers are increasingly including white oil in cosmetic products.
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APAC white oil market registered over US$ 2.5 bn revenue in 2017 as high product adoption rate in textile, agriculture, plastic and food processing industry undergirds white oil industry size. Moreover, APAC has become a happy hunting ground for stakeholders in the wake of affable FDI policies. Additionally, traction for thermoplastic elastomers in an array of applications is expected to further the growth of white oil industry share.
On the other hand, North America white oil market is replete with the presence of leading players, including Chevron Corporation, Exxon Mobil and Sonneborn. These companies have gracefully implemented 'capacity expansion strategy' to keep up with the ever-increasing demand from end-users. Nonetheless, North America white oil industry is slated to expand at a moderate CAGR of over 2.5% through 2024. It is believed that product innovation and favorable regulatory compliance in healthcare industry will boost North America white oil industry trend.
Food industry is set to register over 6% CAGR in white oil market share during the forecast period 2018-2024. Inevitably, white oil is highly sought-after in release agents, processing, food grade lubes and packaging. Notably, approval from FDA has instilled confidence among stakeholders in white oil industry.
Besides, rising popularity of adhesives in food packaging has complemented soaring consumption of processed and packaged foods. These factors are expected to undergird white oil market share by 2024.
