What's Driving The White Oil Market Size? | Top Key Players BP, Shell, Repsol Sinopec Brasil, Sasol, ExxonMobil, Chevron , Suncor Energy, Total
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1. Growth in cosmetics and personal care industry
2. Expansion of plastics & elastomers market
3. Rising demand for white oil as adhesives in food packaging
• Plastics & Polymers
• Personal Care & Cosmetics
• Food Industry
North America white oil market will witness growth over 2.5% CAGR from 2018 to 2024. The presence of key manufacturing companies such as Exxon Mobil, Sonneborn, and Chevron Corporation will drive regional growth. These players have implemented capacity expansion strategy to meet high demand from end-use industries such as cosmetics & personal care, plastic & polymers and pharmaceuticals, thereby fostering product penetration.
Food industry will capture more than 6% revenue white oil market share by 2024. The product has strong application scope in processing, release agents, packaging and food grade lubes. Moreover, approval from regulatory organizations such as FDA for use in applications that require indirect and direct contact with food will augment business growth over the forecast timeline.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. Sonneborn, LLC
6. Repsol Sinopec Brasil
8. Renkert Oil
9. JX Nippon Oil & Energy USA, Inc.
10. Suncor Energy
11. Nynas AB
12. Seojin Chemical Co., Ltd
13. LUBLINE LLC
15. Apar Industries Limited
16. Panama Petrochem Ltd
17. M S Savita Chemicals Limited
18. Eastern Petroleum Corporation
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.
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Enumerating three principal application trends of the white oil market:
• Increasing white oil consumption as a moisturizer and cleanser in emollient creams & lotions has propelled the growth of white oil industry from personal care & cosmetic applications. Equipped with excellent skin compatibility, low irritancy, and resistance to bacteria, white oil finds significant usage in the cosmetic domain. Powered by its superior smoothness, moisture resistance, and extraordinary lubricity, white oil is often used as a base material in baby oils, massage creams, skin creams, and lotions. The rising consumption of the aforementioned products is certain to drive white oil market size from personal care & cosmetic applications, which was pegged at a modest USD 1.5 billion in 2017.
• The food industry is a pivotal application avenue for the growth of the white oil industry. White oil is extensively used in food processing, food packaging, food grade lubes, and release agents. Additionally, the approval from regulatory bodies such as the FDA for white oil to be used in applications requiring direct and indirect contact with food will also augment white oil market size from food applications. Incidentally, the food industry is estimated to account for more than 6% of the white oil industry revenue share by 2024.
• The global white oil industry is also gaining considerable traction from the plastics & polymers sector, owing to the growing demand for mold release agents and extrusion aids. Back in 2017, white oil market share from plastic and polymer applications was pegged at USD 750 million, powered by the low volatility, high purity, and the paraffinic base of the product that make it ideal to be deployed in plastic applications. As the demand for mold release agents and extrusion aids increases in the plastic manufacturing arena, the commercialization graph of white oil industry from plastics & polymer applications is bound to accelerate in the years to come.
Enumerating white oil market trends from a regional perspective, it is prudent to mention that Asia Pacific has emerged as one of major terrains for the expansion of this industry. As per estimates, Asia Pacific white oil industry size was pegged at over USD 2.5 billion in the year 2017, propelled by the product’s extensive adoption rate across the textiles, plastics, food processing, and agricultural industries.
Browse key industry insights spread across 208 pages with 182 market data tables & 16 figures & charts from the report, “White Oil Market” in detail along with the table of contents:
The commercialization graph of the APAC white oil industry is also expected to depict a major upsurge on account of the transformation of the continent into a vital manufacturing hub that can irrefutably be credited to the robust influx of FDI policies which are bound to generate lucrative opportunities for major industry participants.
Yet another region that has been projected to amass substantial revenue over 2018-2024 is North America. As a matter of fact, North America white oil market share is anticipated to register a CAGR of 2.5% over 2018-2024. This growth can be undeniably credited to the presence of pivotal manufacturing companies in the region, such as Sonneborn, Chevron Corporation, Exxon Mobil, and more. Reportedly, these companies have taken to adopt vital growth strategies such as capacity expansions in a bid to meet the exponential demand from end-use industries like personal care & cosmetics, pharmaceuticals, plastics & polymers, etc.
The competitive landscape of white oil market, tagged to be moderately fragmented in nature, is replete with a slew of highly exclusive companies such as British Petroleum, JX Nippon Sinopec, Petro-Canada, Exxon Mobil, Renkert, Sasol, TOTAL, Sonneborn, and Royal Dutch Shell. These industry contenders are most likely to adopt product innovation and mergers & acquisitions as their major business expansion strategies in order to gain an edge over their rivals.
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