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White Oil Market Share - Global Industry Size Report 2018-2024 | Key Players ExxonMobil, Chevron, BP, Shell, Sasol, Suncor Energy, Total, Sonneborn
White Oil Market
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Strong application outlook in food, adhesives, paper, bakery, precision machinery, cement, wood and textile industries will surge the revenue growth. Increased product usage in consumer goods including food packaging, coating on vegetables, animal food and medications will drive white oil market demand size. Technical grade white oil approved by the FDA are used in the food & beverage applications.
White oil is used in manufacturing medical devices, laxatives, ointments and various excipients in healthcare industry. Prevalence of disease and demographic rise in APAC is expected to initiate the pharmaceuticals market demand in China and India.
Plastics & polymers dominates the white oil market share, accounted for over 50% in 2015. Surging demand for PVC lubricants, extenders, plastic annealing, thermoplastic elastomers, rubber and catalyst carriers are he stimulating factors of business demand. Moreover, mold release agents and extrusion aids are extensively used in the polymer production.
Personal care & cosmetics white oil market is set to observe growth exceeding 2.5% up to 2024. Rising demand for pure, durable and consistent products along with growing consumer spending has enhanced the industry growth. High consumption in bath & baby oil, lotions, creams and emollients are the supporting factors of the product development.
Global white oil market will witness significant gains from food industry in the forecast period. Rising food grade product scope in sugar refining, egg shell sealants and animal feed has encouraged the business demand. Increased product usage in lubes, wrappers, filling & packaging equipment are the driving factors of the product penetration.
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Asia Pacific led by China, India and Taiwan accounted for more than 60% of the overall white oil market consumption. Expansion in textile, agriculture and cement industry will enhance the revenue growth in this region.
U.S. will witness a significant market growth at over 4.5%, with strong consumption in protective diluents, emollients, moisturizers, baby care and hair care products will propel the regional demand. Regulatory compliance accompanied by product innovations particularly in healthcare industry will surge the white oil market growth.
MEA white oil market will witness growth over 2.5% by 2024. Technological advancement in production process accompanied by substantial petroleum reserves will drive the regional demand size. Changing consumer tastes along with increased cosmetics and personal care product consumption has also enhanced regional product penetration.
The major industry participants are British Petroleum, Exxon Mobil, JX Nippon Sinopec, Petro-Canada, Royal Dutch Shell, Sasol, TOTAL, Sonneborn and Renkert. The companies are focused on growth strategies including mergers & acquisitions, product innovations and product portfolio expansion.
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