The global white oil market is expected to reach USD 2.60 billion by 2024, according to a new report by Grand View Research, Inc. Increasing consumption of the ingredient in a broad range of applications including adhesives, pharmaceutical, personal care, and textiles is expected to drive market growth over the forecast period.
Pharmaceutical was one of the largest applications accounting for 21.8% of the overall revenue in 2015. Rising geriatric population and prevalence of diseases is expected to drive the demand for pharmaceuticals, particularly in China, Brazil and South Africa, which in turn is likely to fuel the market for white oil.
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Further key findings from the report suggest:
The global white oil market demand was 2,388.4 kilo tons in 2015 and is expected to show high gains on account of the rapid development of the personal care, pharmaceutical, polymers, and adhesives sectors in China, India, South Africa, Saudi Arabia, Brazil, Singapore, and Thailand
Change in consumer tastes in the daily personal care industry is expected to spur the market growth of personal care ingredients such as white oil, preservatives, and surfactants over the forecast period. Furthermore, increasing demand for white oil in water resistant creams owing to its excellent moisture barrier property will propel industry expansion over the next eight years. The personal care segment is estimated to be worth USD 753.5 million by 2024.
Asia Pacific will witness substantial revenue growth at a CAGR of 4.4% from 2016 to 2024 in light of rising consumer spending on luxury and skin care cosmetics in China, India, Thailand, and South Korea coupled with growing consumption of white oil in polymers and adhesives sectors.
The Middle East & Africa is expected to increase moderately at a CAGR of 3.1% from 2016 to 2024, in terms of volume, owing to flourished economic growth along with broad polymer production base and rising preference for the luxury personal care sector.
The industry is dominated by major participants including Sinopec Corporation, Exxon Mobil Corporation, British Petroleum, Renkert Oil, Inc., Sonneborn, Inc., Seojin Chemical Co., Ltd., Nynas AB, Petro-Canada, Royal Dutch Shell N.V., Sasol, and JX Nippon Oil & Energy Corporation.
Companies are focusing on increasing their market presence by developing a reliable distribution networking, the launch of value-added products, technology licensing, and acquisitions. For instance, in March 2014, JX Nippon Oil & Energy Corporation entered into a partnership with Tide Water Oil Co. (India) Ltd. to start a joint venture in India. The business operations of this venture will mainly include production, supply, and marketing of ENEOS brand lubricants in major Asia Pacific countries such as India, Nepal, Bhutan, and Bangladesh.
Grand View Research has segmented the global white oil market on the basis of application and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
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