White Oil Market to be dominated by Personal Care & Cosmetics industry through 2028
Increasing prevalence
Plastic & Rubber and Chemicals industry are the major drivers for the
Global White Oil market.
According to
TechSci Research report, “Global White Oil Market – Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2018-2028F”, the White Oil Market is expected to grow at a high
CAGR during the forecast period. Increasing production of various
types of plastic and rubber applications is leading to the rising demand of
white oil in the industry. It helps in controlling the melt flow rate of input
products for thermoplastic elastomer, polyolefin, polystyrene, and high impact
resistance polystyrene (HIPS). Due to the lubricating nature of white oil, it can
be applied as external and internal lubricant in polymeric formulations of TPE,
PS, PP, and PVC. Other applications of white oil in Plastic & Rubber
industry includes pigment dispersing agent, catalyst carrier, mould release,
and plasticizers. Moreover, rise in sales of automobiles are expected to propel
the growth of Global White Oil market in upcoming years. White oil is used in
fabrication of automotive tires and production of lubricants for car engines.
With growing population across the world manufacturing and purchase of
automobiles is increasing with an immense rate.
According to the report published by Society of Indian Automobile
Manufacturers (SIAM), in the year 2020-2022, sales of passenger vehicles
increased from 2,711,457 to 3,069,499, sales of commercial vehicles increased from 568,559 to 716,566, and
sales of three wheelers increased from 2,19,446
to 260,995. Growing interest of people
in opting for electric vehicles over fuel driven vehicles is also expected to
register an impressive growth the white oil market in the forecast period.
Electric vehicles run through lithium batteries instead of any other fuel such
as petrol, diesel and, others which is making it more sustainable towards the
environment among the growing generation. Lithium also referred to as white oil
is a lightweight metal and have the capacity to store large amount of energy
that is making it more reliable to be used in electric vehicles.
According to the statistics given by World Economic Forum in the year 2022,
global purchase of electric vehicles increased from 3 million per year to 6.6
million per year in 2021 which accounted for the
increase in demand for lithium batteries or white oil batteries. These uses of
white oil in various industries are expected to further boost the growth of
market during forecast period. Moreover, the colorless, odorless, tasteless,
and hydrophobic properties of white oil support its application in chemical
industry which can further drive the market.
However,
the availability of substitute products for white oil is expected to slow down
the growth of the market in the coming years.
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The Global White Oil Market segmentation is based on application and regional
distribution.
Based on
application, the
market is further divided into personal care & cosmetics,
pharmaceuticals, food & beverage, and others. Personal Care & Cosmetics
industry segment is likely to dominate the market in the forecast period. This can be ascribed to the growing awareness of
healthy lifestyle and concern for beauty care among the people.
Some of the major companies operating in the Global White Oil Market include:
- China Petroleum &
Chemical Corporation
- ExxonMobil Corporation
- Renkert Oil Inc.
- BP p.l.c.
- Petro-Canada Corporation
- S-Oil Corporation
- Sasol Limited
- Nynas AB
- JX Nippon Oil & Energy
Corporation
- Royal Dutch Shell NV
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“Certain regions are expected to dominate the demand for
white oil in all the countries. Various applications of white mineral oil in
drug manufacturing which is a sub-part of pharmaceutical industry are on the go
which are giving rise to the white oil market, aiming to increase
commercialization activities in all the countries to grow the market of white
oil. Additionally, the growing demand of white oil in automotive industry can
further boost the rise of market in the upcoming years," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Global White Oil Market – Market Size, Share, Trends, Competition, Opportunity,
and Forecast, 2018-2028F, Segmented By Application (Personal Care &
Cosmetics, Pharmaceuticals, Food & Beverage, Others), By Region”, has evaluated the
future growth potential of Global White Oil Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide innovative market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global White Oil Market.
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