White Oil Market is gaining remarkable impetus due to its exponentially surging demand from personal care & cosmetic, pharmaceutical, food, and textile industries. White oil, often referred to as baby oil or mineral white oil is a mixture of highly refined paraffinic and naphthenic hydrocarbons which are derived from crude oil and are extremely versatile & pure. The odorless, tasteless, and colorless properties of white oil have significantly enhanced its penetration across several end-use industries. As per a report by Global Market Insight, Inc., White oil market is estimated to witness a steady annual growth rate of more than 4% over the period of 2016-2024.
Asia Pacific was the largest demand contributor accounting for over 60% of the overall white oil market consumption in 2015. Rapid urbanization and industrialization in the emerging economies such as India, China, and Taiwan is further pushing the growth of this industry via its several end-use applications. Moreover, favorable government regulations and flexible taxation laws in APAC, particularly in India, is likely to draw the attention of many investors in this region. Speaking of North America, U.S. white oil market is foreseen to expand at a rate of 4.5% over the period of 2016-2024, owing to the heavy demand and consumption of white oil in moisturizers, hair care products, protective diluents, emollients, and baby care products. Intensive research and product development particularly in the healthcare sector will also fuel the regional growth of white oil industry.
U.S. White Oil Market Size, By Application, (USD Million), 2013-2024
Below mentioned are the five application trends of white oil industry:
Furthermore, white oil industry is also likely to collect significant revenue from other applications comprising bakery, agriculture, housecleaner, stainless steel, and adhesive.
To meet the increasing demand from these aforementioned end-use industries, MEA in particular is heavily boosting up its white oil production rate considerably. MEA white oil market is set to record an annual growth rate of 2.5% over the period of 2016-2024.
British Petroleum, JX Nippon Sinopec, Petro-Canada, Exxon Mobil, Renkert, Sasol, TOTAL, Sonneborn, and Royal Dutch Shell are few of the key industry participants. These players are likely to adopt product innovation and merges & acquisitions as their major business expansion strategies.