Thursday, June 13, 2024

White Oil Market Expected to Reach USD 3.1 Billion By 2032

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The global white oil market size was USD 2 Billion in 2022 and is expected to reach USD 3.1 Billion in 2032, and register a revenue CAGR of 5% during the forecast period. The pharmaceutical, cosmetic, and food sectors’ rising demand for white oil are just a few of the factors contributing to the market revenue growth. A refined petroleum product known as ‘white oil’ is frequently used as an ingredient in lubricants, ointments, food processing, and personal care items. The need for personal care products, which is likely to fuel the demand for white oil, is being driven by rising disposable incomes and increased awareness among people of personal cleanliness in emerging countries.

Key participants include Petro-Canada, ExxonMobil Corporation, Sinopec Petroleum & Chemical Corporation, Sonneborn LLC, BP LLC (British Petroleum), Royal Dutch Shell Plc, and Renkert Oil, among others.

The Asia Pacific is the biggest consumer of the White oil market, with China being the most significant oil consumer country in the world. Around >50% consumption of oil takes place in this region. In India, too, White oil is highly consumed majorly in personal care and cosmetics like hair oil.

Since that white oil is extensively utilized in the creation of ointments, creams, and lotions, the pharmaceutical industry is another major factor driving market revenue growth. White oil consumption is expected to increase as a result of rising frequency of chronic diseases and the aging population driving pharmaceutical product demand. White oil is also expected to be an important commodity in the food industry due to its outstanding lubricating qualities and application in food preparation.

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Further key findings from the report suggest

  • White Oil market products is used in the pharmaceutical industry and has been found useful in the Tires, rubber, and textile manufacturing. Adults with concern to have personal hygiene are the more prominent consumer of personal care, cosmetics, and perfumes. It is also used in food Industries across a wide range of products ranging from Beverages to Ready-to-eat materials. The pharmaceutical sector is expected to grow with a higher CAGR during the forecast period.
  • Currently, White Oil is produced from Crude oil distillation. As petroleum prices rise rather quickly, Phenol, as a petroleum derivative, increased its rate as well. However, the current drastic fall in the amount of petroleum during the COVID-19 crisis can propel the demand for the production of White Oil by Phenol. 
  • White Oil is mainly used in Tires & Rubber as well as polymer Industry. Growing numbers of automobiles all over the world is augmenting the rise of White Oil Market. It is estimated that it will grow at a CAGR of 4.4% over the forecasted year.
  • The widespread Pharmaceuticals uses in the European and Asian regions is driving the demand in the region. The awareness for personal hygiene and grooming, cleaning activities in the continent is creating a massive demand for Personal Care products. India, China, Germany, Italy, the UK, and France were the primary consumers of the market product.

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