Market Research Report
White Oil Market Size By Application, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024
|Published by||Global Market Insights Inc.||Product code||555408|
|Published||Content info||208 Pages
Delivery time: 2-3 business days
|White Oil Market Size By Application, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024|
|Published: December 12, 2018||Content info: 208 Pages||
White Oil Market Size By Application (Plastics & Polymers, Pharmaceuticals, Personal Care & Cosmetics, Food Industry, Textile), Regional Outlook (U.S., Canada, Germany, UK, France, Russia, China, India, Taiwan, South Korea, Brazil, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024.
Increasing demand for cosmetic products with enhanced quality have resulted in higher adoption rate for white oil-based products. Superior features such as exceptional skin compatibility, low irritancy, low environmental impact, and resistance to bacteria and other unwanted elements will support product applications scope. Enhanced economic conditions coupled with rapid urbanization in the emerging countries will further propel the industry growth.
Technological advancement in the manufacturing process to offer cost-effective and environment friendly solutions have positively impacted the global white oil market share. Further, the development of non-toxic and biodegradable emollient products in large amounts adhering to the international manufacturing standards supports the industry growth. Increasing product demand in the manufacturing of specialty adhesives and elastomers due to their water- and moisture-resistant properties will provide positive business outlook over the projected timeframe.
Personal care & cosmetics industry dominates the market accounting for over 29% of the white oil market in 2017. Increasing demand for pure, durable, and consistent products coupled with the growing consumer expenditure has enhanced industry size. High consumption of lotions, bath & baby oil, emollients, and creams is a supporting factor augmenting industry expansion. Moreover, the growing demand for product in water-resistant creams due to its exceptional moisture barrier property will boost industry expansion.
Pharmaceutical industry emerged as the fastest growing segment with over 2% CAGR up to 2024. The demand is primarily driven by its rising applications as a lubricant in the medical instruments and as a base constituent for ointments and other solutions. Growth in the overall healthcare industry as a result of product diversification and continuous developments will provide stimulus to the global white oil market over the projected timeframe.
Emerging economies such as India, Indonesia and Brazil offering favorable socio-economic factors for establishing production facilities will provide new vistas for industry participants. Moreover, increasing manufacturer preference for thermoplastic elastomers over traditional elastomers and thermoplastics in numerous applications will drive the product demand. White oils have an important role in the thermoplastic elastomers production. Elastomeric materials that can be treated without vulcanization, uses the product as extenders to enable fabrication.
Rising demand for adhesives in food packaging industry owing to surge in consumption of packaged & processed food supporting business growth for industry participants. It plays the role of diluent in hotmelt adhesives, where high transparency is essential, and product is in contact with food or human skin. Furthermore, the approval from the WHO and the FDA for food-grade white oil to be used in food packaging will drive entry of new players in the market.
North America white oil market will witness substantial growth due to favorable regulatory compliance coupled with continued product innovations, particularly in the healthcare industry. Rising spending on personal care along with the cosmetic industry expansion will create new avenues for white oil market growth. Additionally, presence of key manufacturing companies such as Exxon Mobil, Sonneborn, and Chevron Corporation will drive regional growth.
The global white oil market is moderately fragmented in nature owing to the presence of several multinational companies and regional manufacturers. Key players are Sinopec Corporation, Exxon Mobile, Chevron, Sonneborn, JX Nippon, Royal Dutch Shell., British Petroleum and Sasol. Numerous companies are involved in partnerships, collaborations, mergers & acquisition, product innovation and portfolio expansion to enhance their industry footprint over the forecast period. For instance, in 2018, FUCHS PETROLUB acquired Chevron's white oils and food machinery specialty lubricant business to enhance their product offerings to food lubricant customers.