DUBLIN--(BUSINESS WIRE)--The "White Oil Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Grade, and Application" report has been added to ResearchAndMarkets.com's offering.
The white oil market was valued at US$ 2030.13 million in 2021 and is projected to reach US$ 2688.01 million by 2028. It is expected to grow at a CAGR of 3.7% from 2021 to 2028.
White oil is also a refined mineral oil that is extremely pure, stable, colorless, odorless, non-toxic, and chemically inert. All these properties of white oil make it suitable for a wide range of applications, such as pharmaceuticals, cosmetics, and chemical processing. White oils are widely used in plastic, food, pharmaceutical, and medicinal applications. In the plastic industry, it is applied in polystyrene manufacturing. In the food industry, it is used for the protective packaging of fruits and vegetables, food preservatives, etc.
Further, consumers' evolving lifestyles, rising purchasing power in emerging economies, such as India and China, and the development of multifunctional cosmetic products are the major factors anticipating the demand for better personal ingredients. With the increase in demand for cosmetic products white oil market will significantly, as white oil aids the easy blending of cosmetics ingredients, and it resists moisture and maintains the smoothness of the product.
In 2020, Asia Pacific held the largest revenue share of the white oil market. The regional revenue is anticipated to grow owing to the growth in the personal care industry. The cosmetics and personal care market, which includes a wide variety of products, such as makeup, skincare, haircare, personal hygiene, and fragrances, has been experiencing growth during the forecast.
Thus, increasing the market demand for white oil in the region. In India, hair oil is the most prominent application of white oils, a part of the cosmetics and personal care industry. The overall cosmetics and pharmaceutical industries account for around three-fourths of the white oil consumption in the country.
Additionally, market players are investing in cosmetics and personal care products production in Japan due to the rising demand for cosmetics created in Japan from consumers in Asia Pacific. Shiseido, one of the major cosmetics manufacturers in the nation, has revealed plans to invest between US$ 387.37 billion and US$ 484.22 billion in a new factory that is expected to be built on the southern main island of Kyushu and set to open around 2021.
To increase its national production capacity, the corporation also constructed two additional plants in Tochigi Prefecture in 2019 and Osaka Prefecture in 2021. Such Strategic developments by manufacturers increase the demand for white oil and are further expected to drive the white oil market in the region over the coming years.
Calumet Specialty Products Partners, L.P.; Chevron Corporation; ExxonMobil Corporation; Petro-Canada Lubricants Inc.; Renkert Oil; Atlantic Oil; Apar; Sasol; Sonneborn LLC; and H AND R GROUP are a few major players operating in the white oil market.
Key market companies focus on strategies such as R&D investments and new product launches. They develop high-quality and innovative products to fulfill the customers' requirements.
Key Market Dynamics
Market Drivers
- Growth of Cosmetics and Personal Care Industry
- Expansion of Pharmaceuticals Industry
Market Restraints
- Fluctuating Prices of Crude Oil
Market Opportunities
- Elevating Demand as Adhesive in Food Packaging
Future Trends
- Extensive Industrialization in Emerging Economies
Company Profiles
- Calumet Specialty Products Partners, L.P.
- Chevron Corporation
- ExxonMobil Corporation
- Petro-Canada Lubricants Inc.
- Renkert Oil
- Atlantic Oil
- Apar
- Sasol
- Sonneborn LLC
- H AND R Group
For more information about this report visit https://www.researchandmarkets.com/r/fbl3is
