White oil market is set to grow at a significant pace with its growing demand in several application segments comprising food & beverage, cosmetics, pharmaceutical, and textile industries. Accounting for more than 60% of the overall white oil industry share, Asia pacific emerged as the prominent region for the market to offshoot. Rapid development of the aforementioned industries in this region has captivated the market for white oil. According to a report on White oil market by Global Market Insights, Inc., “The market for white oil stood at USD 1.1 billion in 2015 and is further projected to register an annual growth rate of 4% over the period between 2016-2024.”
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The cosmetics & personal care white oil industry is expected to record a CAGR of 2.5% from 2016-2024, owing to the rising white oil consumption in products including baby oil, hair care & makeup, massage oils, sunscreens, lotions, bath oils, etc. The property of white oil to be colorless and odorless along with excellent skin compatibility and resistance to bacteria have been the chief factors for its usage.
Speaking of the other application segment, the market share of white oil from the food & beverages industry is also depicting a lucrative growth curve and by 2024, the white oil market from this application is anticipated to collect revenue more than USD 68 million. Intensive use of white oil in sugar refining, food packaging materials, coatings on eggs, release agents, wrapping papers have created heavy product demand. Furthermore, growing white oil usage in medical devices, laxatives, emollients, ointments, and in several excipients, has escalated the product demand in pharmaceutical sector. As per estimates, pharmaceutical white oil market is estimated to register a CAGR of 2.8% over the time period of 2016-2024.
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Europe and North America white oil industries are reaching new heights owing to the increasing applications scope in the regions. U.S. white oil market is projected to record a CAGR of 4.5% over the timeframe of 2016-2024. A significant rise in the spending capacities of the consumers on personal care and pharmaceutical products have propelled the regional outlook. Moreover, stringent regulations regarding cleaner and pure refined white oil has boosted the white oil market demand in Europe.
This industry is also probable to generate considerable profits from other applications including agriculture, stainless steel, bakery, textile, adhesive, and housecleaner. Escalating demand for fabrics and apparels has set the white oil market share in the textile application to register an annual growth rate of 2% over the period of 2016-2024.
Browse key industry insights spread across 160 pages with 83 market data tables & 10 figures & charts from the report, “White Oil Market Forecast, 2016 – 2024” in detail along with the table of contents:
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MEA white oil industry is set to thrive by increasing its white oil production capacity to meet the rising demand across the globe. The region is inscribed with larger petroleum reserves and polymer production base which further stimulates the regional white oil market.
Prominent industry participants include Petro-Canada, JX Nippon Sinopec, Royal Dutch Shell, Exxon Mobil, Renkert, Sasol, TOTAL, Sonneborn, and British Petroleum.
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