Press release
Global White Oil Market to Reach a Value of Nearly US$ 2 Billion by 2025
MRRSE
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The factors affecting the growth of the global white oil market vary across regions. In APAC, growing use of paraffinic oil in numerous end-use industries is likely to boost the growth of white oil market. Owing to the growing demand for white oil in MEA, manufacturers are relying on technology to boost production. Focus on innovative technology is a key trend in the global white oil market, and it is anticipated that more players will focus on innovative technology in the foreseeable future.
The growth of white oil market in North America is attributed to growth in the use of group II base oils. On the other hand, demand in Latin America is boosted by increasing production of hot melt adhesives, polymers, and textile products. The Latin America white oil market is characterized by low volume and high growth.
In a bid to give users accurate and unbiased analysis and forecast on the global white oil market, the report has segmented the market on the basis of product type, grade, application, and region.
On the basis of product, light paraffinic segment will remain lucrative in terms of market share; during the forecast period, the market is projected to register a CAGR of nearly 4%.
By grade, pharmaceutical segment is projected to grow at 3.7% CAGR through 2025. This segment is projected to surpass US$ 1.2 billion in revenues by 2025.
An increasing demand for white oil in personal care and cosmetic segments has been witnessed in the recent years. According to the report, the personal care and cosmetics segment is projected to grow at over 4% CAGR during the forecast period.
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Region-wise, APAC and North America will continue to be lucrative markets globally. Europe and MEA are also anticipated to offer growth opportunities to manufacturers. The white oil market in APAC is projected to witness a CAGR of nearly 4% and surpass US$ 1.1 bn in revenues by 2025.
The key players profiled in the market include China Petroleum & Chemical Corp (Sinopec Corporation), Nynas AB, Royal Dutch Shell plc., Fuchs Perlolub SE, L.P., Lubline, Savita Oil Technologies Ltd., Chevron Corp, Panama Petrochem Ltd., Exxon Mobil Corporation, Total S.A., Morris Lubricants,Calumet Specialty Products Partners, H&R GmbH & Co. KGaA, Apar Industries Limited, C J Robinson Company Inc., Petroliam Nasional Berhad (PETRONAS), Raj Petro Specialties P. LTD., Sonneborn, Petro-Canada Lubricants (Subsidiary of Suncor Energy) and Kerax Limited
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