May 07, 2020
As per the report titled ‘White Oil Market Size By Application, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global white oil market is projected to amass prominent gains during 2019-2026.
Rising demand for cosmetic products with superior quality on account of improving economic conditions and changing lifestyle in emerging countries is driving the growth of global white oil market. Superior features including skin compatibility, low irritancy, reduced environmental impact, and resistance to bacteria are encouraging the use of white oil.
Technological advancements in the manufacturing process to produce cost-efficient and environment friendly products is positively impacting the market growth. White oil is used as an ingredient for non-toxic and biodegradable emollient products to comply with international standards. Moreover, increasing demand for white oil in manufacturing of elastomers and specialty adhesives owing to its water and moisture resistance property will expand the business landscape during the forecast period.
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Elaborating on the application scope, pharmaceutical segment is predicted to record a 2% CAGR over the forecast timeline, primarily driven by widespread use of white oil as a lubricant in the medical instruments as well as a base constituent for ointments and other solutions. Growth of the healthcare industry on account of new product development is expected to augment the demand for white oil across the pharmaceutical sector in the coming years.
Whereas, personal care & cosmetics sector accounted for 29% market share in 2017 and is anticipated to gain decent traction in the coming future. White oil is used to produce pure, durable, and consistent personal care and cosmetic products. Improving consumer conscience regarding personal care coupled with high consumption of lotions, emollients, bath & baby oil, and creams are supporting the segment growth.
Meanwhile, plastics & polymers segment is also anticipated to record a decent growth through 2024, owing to extensive usage of white oil for fabrication of thermoplastic elastomers. Various manufacturers are opting for thermoplastic elastomers over traditional elastomers and thermoplastics for different applications.
Growing demand for adhesives in food packaging industry due to increased consumption of packaged and processed food is supporting the use white oil as diluent in hotmelt adhesives, wherein high transparency is crucial.
Considering the geographical landscape, white oil market in North America is reckoned to grow considerably owing to favorable regulatory policies and continuous product innovations, particularly in the healthcare sector. Increasing spending on personal care products in tandem with expansion of cosmetic industry will create new growth opportunities for industry majors like Sonneborn, Exxon Mobil, and Chevron Corporation in the region.
Prominent players in global white oil market are ExxonMobil Fuels & Lubricants, Chevron Corporation, Sonneborn, BP, Sinopec Corporation, Royal Dutch Shell, Renkert Oil, Sasol, JX Nippon Oil & Energy Corporation, Nynas AB, Suncor Energy, Lubline, Seojin Chemical, Total SA, Panama Petrochem Limited, and Apar Industries Limited among others.