White Oil Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2020 - 2027
- June 2020 •
- 90 pages •
- Report ID: 5778945 •
- Format: PDF
White Oil Market Growth & Trends
The global white oil market size is projected to reach USD 1.4 billion by 2027 registering a CAGR of 3.1%. Rising demand for the product from personal care and pharmaceutical applications is the key factor driving the market.
White oil is traditionally produced by refining paraffin base oil, which, due to high purity and absence of taste, smell, and color, is used across a range of application sectors including pharmaceutical, food, polymer, personal care, and textiles. However, all grades of the product have to clear the U.S. Environmental Protection Agency (EPA) standards to be accepted for consumption across these end-use sectors.
In terms of application, the product has reflected high demand from the food industry due to increasing consumption in food product coatings for eggshells, various fruits & vegetables and more. In addition, with increasing penetration of e-commerce platforms detailing food product online delivery across emerging economies of Asia Pacific, white oil has reflected high consumption in food packaging applications as well in countries such as India, China, Thailand, Philippines, and Japan.
Furthermore, the product has reflected increasing penetration in the polymers application.Polymers are highly used for manufacturing household goods, toys, etc.
Increasing demand for Polyethylene (PP), Polyvinyl Chloride (PVC) and High-Density Polyethylene (HDPE) for a range of applications, such as bottles, automotive components, building & construction, personal utility products, is expected to drive product demand in this segment.
The key industry participants are focusing on expanding their business in APAC region due to flexible government regulations and the availability of land and skilled labor at comparatively lower costs. In addition, increasing construction activities in countries such as India, Japan, Indonesia, China, and Thailand, have led to higher consumption of adhesives and various polymers, which are the key point of applications for white oil.
White Oil Market Report Highlights
• Personal care is expected to be the fastest-growing application segment from 2020 to 2027 due to increasing demand for various beauty products across the globe
• Pharmaceutical application is expected to register the second highest CAGR of 3.3% from 2020 to 2027 on account of wide product usage due to its biological and chemical stability
• Asia Pacific is expected to register the fastest growth rate of 3.6%, in terms of volume, from 2020 to 2027 owing to increasing penetration of cosmetics & personal care producers in China, Japan, and India
• The market is concentrated with multiple international brands with global presence, there by restricting new entrants into the ecosystem