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White Oil Market 2024 To Register Extensive Growth Via Food Industry

Author : Ronak Bora | Published Date : 2019-05-28 

Food industry will capture more than 6% revenue white oil market share by 2024. The product has strong application scope in processing, release agents, packaging and food grade lubes. Moreover, approval from regulatory organizations such as FDA for use in applications that require indirect and direct contact with food will augment business growth over the forecast timeline.

White Oil Market revenue is projected to observe a massive surge over the next few years, driven by the escalating product popularity in the healthcare, cement, pharmaceuticals, textile, plastic & polymer, food, precision equipment, bakery, wood, and personal care & cosmetics sectors. The product also finds massive utilization in tanks, gears, compressor cylinders, hydraulic equipment, vats, medical equipment, and packaging. Pertaining to the broad application spectrum alone, white oil industry exhibits the competence to flourish over the forthcoming years. As per estimates, white oil industry, which accumulated a revenue of more than USD 1.1 billion in 2015, is anticipated to surpass USD 2 billion by 2024.

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Technological advancement in the manufacturing process to offer cost-effective and environment friendly solutions have positively impacted the global white oil market share. Further, the development of non-toxic and biodegradable emollient products in large amounts adhering to the international manufacturing standards supports the industry growth. Increasing product demand in the manufacturing of specialty adhesives and elastomers due to their water- and moisture-resistant properties will provide positive business outlook over the projected timeframe.

North America white oil market will witness growth over 2.5% CAGR from 2018 to 2024. The presence of key manufacturing companies such as Exxon Mobil, Sonneborn, and Chevron Corporation will drive regional growth. These players have implemented capacity expansion strategy to meet high demand from end-use industries such as cosmetics & personal care, plastic & polymers and pharmaceuticals, thereby fostering product penetration.

Asia Pacific market registered more than USD 2.5 billion in terms of revenue in 2017. High product adoption rate in agricultural, textile, plastic and food processing industries will foster business growth. Furthermore, the transformation of the region into a manufacturing hub owing to favorable FDI policies will create lucrative opportunities for industry participants.

Personal care & cosmetics industry dominates the market accounting for over 29% of the white oil market in 2017. Increasing demand for pure, durable, and consistent products coupled with the growing consumer expenditure has enhanced industry size. High consumption of lotions, bath & baby oil, emollients, and creams is a supporting factor augmenting industry expansion. Moreover, the growing demand for product in water-resistant creams due to its exceptional moisture barrier property will boost industry expansion.

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Pharmaceutical industry emerged as the fastest growing segment with over 2% CAGR up to 2024. The demand is primarily driven by its rising applications as a lubricant in the medical instruments and as a base constituent for ointments and other solutions. Growth in the overall healthcare industry as a result of product diversification and continuous developments will provide stimulus to the global white oil market over the projected timeframe.

The global white oil market is moderately fragmented in nature due  to the presence of several multinational companies and regional manufacturers. Key industry players include Sinopec Corporation, Exxon Mobile, Chevron, Sonneborn, JX Nippon, Royal Dutch Shell., British Petroleum and Sasol. Numerous companies are involved in partnerships, collaborations, mergers & acquisition, product innovation and portfolio expansion to enhance their industry footprint. For instance, in 2018, FUCHS PETROLUB acquired Chevron’s white oils and food machinery specialty lubricant business to enhance their product offerings to food lubricant customers.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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