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White Oil Market Forecast to Reach $1.6 Billion by 2026

admin by admin
January 29, 2022
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(EMAILWIRE.COM, January 22, 2022 ) White Oil Market is forecast to reach $1.6 billion by 2026, after growing at a CAGR of 3.8% during 2021-2026. The cosmetics and toiletries industry alone accounts for more than one-fourth of total white oil demand. Nearly 70 percent of the demand for white oil in these main markets is currently for Group II-based products. White oils have historically been derived from paraffinic Group I and naphthenic base stocks and is misnomer as they are not white at all, but crystal clear. However, due to the decrease in Group I supply, the use of Group I has been shrinking, although Group II, III, and GTL supply have been increasing. The most common portion in crude oil is aliphatic hydrocarbons. n-alkanes, isoalkanes, cycloalkanes (naphthenes), terpenes, and steranes are examples of aliphatics molecules with linear or branched open-chain architectures.

COVID-19 Impact:

The COVID-19 pandemic has had a range of effects on commodity markets. Isolated outbreaks and government-mandated shutdowns have harmed company operations, and demand for many commodities is low, with lower near-term demand on the horizon. Impact on the mineral industry has downturned the growth of the white oil market. Furthermore, restrictions imposed on public and transport vehicles, lack of demand and non-availability of labor has deteriorated the condition of the mineral industry.

White Oil Market Segment Analysis – By Grade

Technical Grade held the largest share of 48% in the White Oil market in 2020. In different industrial-grade applications, Technical Grade refines the use of colorless & odorless paraffinic mineral oil. This oil is derived from high-grade paraffinic base oils. White Oils are a biologically stable substance with no level of tolerance for pathogenic support for bacteria. It is totally free of aromatic hydrocarbons and has a high degree of lubrication and insulation. Due to their colorless, odorless, tasteless, and hydrophobic properties, these products are used in many different end-use industries.

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White Oil Market Segment Analysis – By Application

Cosmetics has been the primary market for White Oil in 2020 growing at a CAGR of 5.6%. The growing emphasis on skincare and nourishing products for hairstyling, coloring products, and suntan products are augmenting the industry’s growth. In varied applications, including cosmetics and personal care, white oil has become an important ingredient. For laxative applications in the pharmaceutical industry, pharmaceutical white mineral oils are used as internal lubricants. Furthermore, these products are used as a foundation for ointments and creams, as a carrier for solid and semi-solid ingredients, and as a capsule and tablet separator.

White Oil Market Segment Analysis – By End-Use Industry

Personal Care & Cosmetics industry has been the primary market for White Oil in 2020 growing at a CAGR of 9.3%. The personal care industry is diverse in nature and is growing at a steady pace, mainly due to the high concentration of many manufacturers of cosmetic products in Asian countries, such as China, Indonesia, India, Japan, and South Korea. The global personal care industry is expected to be valued at around $500 billion in 2020. The increasing demand for personal care goods in these nations has made it easier for cosmetic formulators to innovate and produce new products. In addition, white oil represents high demand from manufacturers of polymers as it is extremely necessary as a melt flow controller as well as to provide polymers with release characteristics. This helps to impart enhanced polymer physical conditions.

White Oil Market Segment Analysis – Geography

APAC dominated the White Oil market with a share of more than 52% in 2020, followed by Europe and North America. China has become the world’s biggest market for cosmetics and skincare products. Over the past ten years, the beauty sector in the country has seen a growth of around 5 percent, and it is set to rise at around the same pace over the coming years as well. In India, hair oil, which is part of the cosmetics and personal care industry, is the biggest application of white oils in the country. Around three-fourths of the country’s consumption of white oil is accounted for by the general cosmetics and pharmaceutical industries. Moreover, with the demand from Asian consumers for Japanese-made cosmetics, manufacturers are investing in the country’s cosmetic production. Shiseido, one of the country’s largest cosmetics manufacturers, recently announced an investment of JPY 40 billion to 50 billion ($35.07 billion to $43.84 billion) to open a new factory on the southern mainland of Kyushu around 2021. After the setback of the industries in 2020 due to COVID-19 pandemic, the industry is an uprising from its downturn which will have a positive impact on the market.

White Oil Market Drivers

Rising Emerging Economies and Investment by Suppliers.

Inside emerging economies, substantial growth potential lurks. A High Up in countries like India, China and South Korea, the market for white oil is which is more likely to drive the worldwide white oil demand in these regions. Since the white oil market is consolidated, investment in the commodity and development by key producers could create a major opportunity for end-use industries that would lead to an increase in demand for thermoplastic polymers, personal care & cosmetic products and pharmaceutical products. Thus raising the demand and consumption for white oil.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503381

White Oil Market Challenges

Stringent Government Regulations can restrict market growth.

White oils are high purity severely refined mineral oils. Mineral oils is a liquid by-product of refining crude oil to make gasoline and other petroleum products. As these oils are used in food, cosmetic products and in pharmaceuticals which is highly regulated industry. As these industry is directly connected with the consumer and to not have any adverse effect on the health of consumers the regulations has been made stricter.

Fluctuation in Crude Oil Prices and alternative material can restrict the market.

The outlook of oil and gas is challenging owing to factors such as low oil prices, and emergence of new hydrocarbon sources. The long-term trend of oil prices is determined by supply and demand, which is accompanied by frequent oil-related events. According to Energy Information Administration (EIA) the WTI crude oil price in 2018 were around $60/barrel where as in 2020 it reached around $55/barrels.

White Oil Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the White Oil market. Major players in the White Oil market are Bharat Petroleum Corporation Ltd. (BPCL), British Petroleum, Calumet Specialty Products Partners, Columbia Petro Chem Pvt. Ltd, ExxonMobil Corporation, China Petroleum & Chemical Corp (Sinopec Corporation), Chevron Corp, Total S.A., Royal Dutch Shell plc, Nynas AB, Sasol and Others.

Acquisition/Technology Launches/Product Launches

In April 2020, Sasol, the chemicals and energy company launches the new product series TERRAVIS PI for the oil and gas market globally. TERRAVIS PI is a cost-effective alternative to expensive heavy paraffinic crude processes, especially in colder climates. The new TERRAVIS PI series products improve crude oil flowability while lowering solvent, insulation, utility, and mechanical removal expenses.

Key Takeaways

Asia-Pacific dominates the White Oil market owing to increase in demand from personal care and the pharmaceutical industry.

In order to decrease manufacturing costs and time to achieve an expanded market share, influential industry players concentrate more on process innovation.

The market drivers and restraints have been assessed to understand their impact over the forecast period.

The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.

The other key areas of focus include the various applications and end-use industry in PVC Additives market and their specific segmented revenue.

Related Reports

A.Industrial Gear Oils Market

https://www.industryarc.com/Report/1307/Industrial-gear-oils-market-analysis.html

B.Lubricants Market

https://www.industryarc.com/Report/11709/lubricants-market-analysis.html

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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