Press release
White oil market to see 2.5% CAGR tilll 2024 | BP, Sinopec, Sasol, Renkert Oil, Suncor Energy, Nynas AB, Seojin Chemical, Lubline, Total, BASF
White oil market
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Technological development in the manufacturing process aimed at providing environmentally friendly and cost-effective solutions has impelled white oil market share. Besides, advent of biodegradable and non-toxic emollient products in line with the international manufacturing standards has underpinned white oil market forecast. Further, demand for white oil in the manufacturing of elastomers and specialty adhesives owing to moisture- and water-resistant properties presents a sanguine white oil market outlook.
Soaring demand for cosmetic products with improved quality has upped the adoption rate of white oil-based products. Inevitably, demand for durable, pure and consistent products has proliferated dramatically in the recent past. Notable uptick in the consumption of bath and baby oil, lotions, creams and emollients has created favorable white oil market outlook.
The enforcement of regulatory norms along with constant product innovation in healthcare and cosmetic sectors could accelerate the North America white oil industry growth over the predicted timeframe. Factors like rapid expansion of the cosmetic sector and increasing spending on personal care products may create new growth avenues for local white oil manufacturers. Moreover, the strong presence of prominent manufacturing companies like Sonneborn, Chevron Corporation and Exxon Mobil could enhance the regional white oil market outlook in the future.
Companies operating in the white oil market are mainly engaging in a number of organic and inorganic growth strategies like business expansion, mergers, collaborations and product innovations to enhance their product portfolio and improve their market share. Taking June 2020 for instance, The Pak-Arab Pipeline Company (PAPCO) announced that its white oil pipeline upgradation is set to be concluded by 2020, allowing oil marketing firms to maintain 20-day fuel cover in the nation.
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White oil market is predicted to see lucrative gains over 2018-2024. Proliferating demand for durable, consistent and pure cosmetic products and increasing consumer expenditure on hygiene goods will boost the demand for white oil in the personal care & cosmetics industry. Earlier in 2017, the personal care & cosmetics segment accounted for more than 29% of the overall market share. White oil finds noteworthy application in major cosmetic products like bath & baby oil, lotions, creams and emollients. Besides, its remarkable moisture barrier property has proliferated its demand in water-resistant creams.
Currently, companies like Exxon Mobile, Sinopec Corporation, Sonneborn, Chevron, Royal Dutch Shell., JX Nippon, PAPCO, Sasol and British Petroleum are leading the white oil market with their pioneering product offerings.
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