Mineral Oil Market Future Prospects and Forecast To 2028

According to Precision Business Insights (PBI), the latest report, the global white mineral oil market size was valued at USD 2,343.6 million in 2021 and is poised to grow at a significant CAGR of 3.7% during the forecast period 2023 to 2029. The primary drivers of the expansion of the global white mineral oil market include the rising demand for white mineral oil in leading economies globally is the key growth driver of the global white mineral oil market. Also, increasing demand for pharmaceutical industry is expected to create revenue-generating opportunities for prominent players in global white mineral oil market in the forecasted years.

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Personal Care Segment to Dominate the Global White mineral oil Market:
Based on the applications, the global white mineral oil market is segmented into Plastic and Polymer, Pharmaceuticals, Food Industry, Personal Care and Cosmetics, Textiles, and others. The Personal Care segment is expected to account for a larger revenue share in the global white mineral oil market, This due to increasing demand for personal care product due to people's growing health consciousness. This product is inert in contact with other chemicals, is stable in colour, and odourless so it is used as emollient or cream emollient. It is used as waterproof cream due to its high hydrophobicity. The growth is attributed to increase demand for the product as a processing diluent for hot melt and pressure sensitive adhesive. White mineral oils have affinity with human skin imparts transparency and maintain the colour stability necessary to obtain the desired production yield of adhesive. White mineral oil is tasteless and odourless and when applied directly to grains, it prevents dust generation, additionally white mineral oil is with crop protection agent or other natural oils to produce liquid protection sprays or pesticides needed for crop protection.

Asia Pacific White mineral oil Market:
The Asia Pacific market is expected to have a significant growth in the global white mineral oil market over the forecast period. In Asia Pacific region, China's food packaging sector is increasing rapidly which has forced white mineral oil manufacturers to increase their manufacturing capacities. This may act as one of the key drivers responsible for the growth of the white mineral oil market. Furthermore, the personal hygiene & beauty sector in India is witnessing significant growth owing to the increasing number of new-borns and rise in awareness regarding self-beauty and self-grooming activities where white oil is widely used to produce various cosmetic formulations such as baby oils, creams & shampoos, suntan oils, and others. For instance, according to a report published by United Nations Children's Fund (UNICEF), around 67,385 babies are born in India, that's one-sixth of the world's childbirths.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global white mineral oil market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In September 2022, Sitio Royalties Corp, and Brigham Minerals Inc announced the merger worth around $4.8 billion. The merger will create the largest publicly traded mineral, royalty company in the USA.

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The white mineral oil market is segmented based on, application, grade, viscosity, and geography.

Based on the application, the market is segmented into the following:
• Plastic and Polymer
• Pharmaceuticals
• Food Industry
• Personal Care and Cosmetics
• Textiles
• Others

Based on the grade, the market is segmented into the following:
• Technical/Industrial Grade
• Pharmaceuticals Grade

Based on the viscosity, the market is segmented into the following:
• Low
• Medium
• High

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players profiles in the white mineral oil market report are Adinath Chemicals, Asian Oil Company, Castrol Limited, Chevron USA Inc., China Petroleum & Chemical Corporation, Eastman Chemical Company, Exxon Mobil Corporation, Lanxess, Lodha Petro, Nandan Petrochem Ltd., Renkert Oil, Royal Dutch Shell Plc, Savita Oil Technologies Limited, Sonneborn LLC, Total Energies.

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This release was published on openPR.