Global White Oil Market: Snapshot
White oil is a colorless distillate obtained from petroleum, especially liquid paraffin. The growth of the global white oil market is largely driven by the changing tastes of consumers in daily personal care products. White oil is acknowledged worldwide for its superior moisture barrier property and therefore, is widely used in the production of water resistant creams. The rising disposable income of people across the world is also boosting the sales of personal care products, which in turn is working in favor of the market. Another end-use industry that is highly lucrative for the global market is pharmaceutical. White oil is extensively used in the production ointments, laxatives, and several cosmeceuticals. The expansion of the pharmaceutical industry worldwide, owing to the widening pool of patients suffering from various diseases, is stoking the growth of the market.
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Developing regions are expected to emerge as key destinations for players in the global white oil market. Asia Pacific will account for a large share in the overall market revenue throughout the forecast horizon. The Middle East and Africa is also expected to be a highly promising region during the same period. The growth of the segment can be attributed to the increasing consumer inclination towards high-quality medicines, plastics, and value-added cosmetics. The rising consumer disposable income in the region and booming oil and gas industry are playing a vital role in the growth of the region.
Global White Oil Market: Overview
The rising application of white oil across diverse segment is the chief driver of the global white oil market. Steady growth is predicted for the market in the forthcoming years as white oil applications in personal care, pharmaceuticals, and polymer report increase. Besides this, the product is consumed extensively as a base ingredient in the processing of thermoplastics elastomers, personal care formulations, and medicines.
Personal care, textile, adhesives, pharmaceuticals, polymers, agriculture, and food are some of the key sectors exhibiting extensive use of white oil. Therefore factors impacting growth across these industries will have a considerable influence on the white oil market as well. Currently, the personal care industry’s contribution to the revenue generated by the white oil market is considerably high. The use of white oil in the production of cosmetic and skin care products will further boost the demand from the personal care segment in the coming years.
The report provides a comprehensive overview of the global white oil market, covering factors spurring growth and those hindering the market’s trajectory. It uses various industry-leading analytical tools to identify the most lucrative opportunities for the market. In addition, the report also evaluates the investment feasibility for new players. It thus compiles exhaustive information intended to help readers gain a clearer perspective about the global white oil market.
Global White Oil Market: Opportunities and Threats
The increasing use of white oil in adhesives, food, textile, and agriculture industries will stimulate growth of the global white oil market. As these end users are slated to expand further in the forthcoming years, accelerated pace of gains is on cards for the white oil market. It is also expected to gain from the availability of various commercial grades of products such as technical, medicinal, pharmaceutical, or food categories.
White oil is a colorless, tasteless, and an odorless substance. It is characterized by brilliant hydrophobicity and acts as a high-performing softener, releasing agent, and lubricant. While the market will benefit from the increasing awareness about its features and benefits of white oil, stringent regulations curtailing production and consumption of white oil will continue to be a hindrance, especially across developed nations.
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Global White Oil Market: Regional Outlook
Regionally, the market has been witnessing lucrative opportunities in Asia Pacific and the trend is likely to continue over the course of the forecast period. The growth witnessed by the white oil market in Asia Pacific will be on account of growth witnessed in personal care, agriculture, polymers, pharmaceuticals, and adhesives industries. The market will witness high demand in countries such as India, China, South Korea, and other nations in Southeast Asia.
North America will also emerge as a strong market for white oil owing to the presence of the leading enterprises in the region. As these companies product development to gain competitive advantage, they will positively influence the overall market’s trajectory.
Global White Oil Market: Vendor Landscape
The global white oil market has a highly fragmented vendor landscape due to the presence of several large players and a large number of small- and medium-scale companies. Prominent market players are focusing on gaining stronger foothold by strengthening their distribution network, product launches, and implemented other marketing strategies. These practices, coupled with the entry of new players, are expected to intensify the competition prevailing in the market further.
Some of the prominent names operating in the global white oil market are Exxon Mobil Corporation, Sinopec Corporation, Sonneborn, Inc., British Petroleum, Petro-Canada, Seojin Chemical Co., Ltd., Royal Dutch Shell N.V., JX Nippon Oil & Energy Corporation, Sasol, Nynas AB, and Renkert Oil, Inc.
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