What's Driving The White Oil Market Growth? | Top Key Profiled Sasol, Shell, Exxonmobil, Repsol Sinopec Brasil, Chevron , BP, Suncor Energy, Total

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.

White Oil Market revenue is projected to observe a massive surge over the next few years, driven by the escalating product popularity in the healthcare, cement, pharmaceuticals, textile, plastic & polymer, food, precision equipment, bakery, wood, and personal care & cosmetics sectors. The product also finds massive utilization in tanks, gears, compressor cylinders, hydraulic equipment, vats, medical equipment, and packaging. Pertaining to the broad application spectrum alone, white oil industry exhibits the competence to flourish over the forthcoming years. As per estimates, white oil industry, which accumulated a revenue of more than USD 1.1 billion in 2015, is anticipated to surpass USD 2 billion by 2024.

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Growth drivers
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

By Application
• Plastics & Polymers
• Pharmaceuticals
• Personal Care & Cosmetics
• Food Industry
• Textile
• Others

MEA white oil market is projected to register notable gains of nearly 2.6% over the coming seven years. Intense demand for the product from the end-use sectors such as petroleum and petrochemicals along with its surging application in personal care & cosmetic items will push the revenue. Saudi Arabia and South Africa are likely to be key regional growth drivers.

Food applications are expected to contribute more than USD 68 million towards white oil market revenue by 2024. Rising product application in wrappers, packaging & filling equipment, sugar refining, and the egg-coating will boost the business trends. The thriving animal feed sector will further augment the revenue.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ExxonMobil
2. Chevron
3. Sonneborn, LLC
4. BP
5. Shell
6. Repsol Sinopec Brasil
7. Sasol
8. Renkert Oil
9. JX Nippon Oil & Energy USA, Inc.
10. Suncor Energy
11. Nynas AB
12. Seojin Chemical Co., Ltd
13. LUBLINE LLC
14. Total
15. Apar Industries Limited
16. Panama Petrochem Ltd
17. M S Savita Chemicals Limited
18. Eastern Petroleum Corporation

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.

Plastics & polymers sector, which contributed to more than 50% of the overall white oil market share in 2015, is expected to remarkably influence the business growth. Rising product demand for PVC lubricants, rubbers, extenders, thermoplastic elastomers, and plastic annealing will boost the industry landscape. High usage of the product as mold release agents as well as extrusion aids in the plastic production will also push the revenue.

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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.

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