White oil is a colorless, odorless mineral oil that is used in a variety of industrial processes. Its low viscosity and low density make it an important component in many industrial processes. White oil is available in chemical grades that have passed the quality and purity standards of API. These oils are used for lubricants and other applications. They are also widely used in pharmaceuticals and food processing industry.
Market Statistics:
The global white oil market is estimated to account for US$ 2106.80 Mn in terms of value by the end of 2021.
Global White Oil Market: Drivers
Growing demand in agriculture applications is driving market growth. Moreover, technical innovation is expected to keep growth steady over the next few years. Furthermore, the growing industrial sector in developing countries will increase the demand for white mineral oil. Consumers are increasingly looking for products that are free of harmful ingredients, like parabens and triclosan which is again fostering market growth. Furthermore, rise in construction industry is projected to augment demand for adhesives and sealants which is further anticipated to foster market growth.
Global White Oil Market: Opportunities
Increasing use of white oil in manufacturing of plastic is projected to offer lucrative growth opportunities for market players in the near future. It is odourless, colorless, tasteless, and hydrophobic, which makes it ideal for manufacturing of plastics and elastomers applications. It is majorly used to manufactured polystyrene, polyvinyl chloride, low-density polyethylene, polyethylene, rubber, and other polymers.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/white-oil-market-5318
Global White Oil Market: Restraints
The market is limited by a lack of raw resources and a declining price is projected to hinder market expansion.
Global White Oil Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic outbreak in 2020 has led to a dire economic recession due to the rapid fall in consumer spending. Therefore, the onset of coronavirus is estimated to act as a hurdle to the growth of the country’s economy till mid-2021. During Covid-19 pandemic the industry has faced huge shutdown. Lockdown has negatively impacted industrial transform processes. Major disruption in supply chain and trading patterns in the global white oil industry is severely impacted the market growth.
Key Takeaways:
The global white oil market was valued at US$ 2106.80 Mn in 2021 and is forecast to reach a value of US$ 3437.36 Mn by 2030 at a CAGR of 5.61% between 2022 and 2030.
Pharmaceutical grade segment held dominant position in the global white oil market in 2020, accounting for 60.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global White Oil Market Trends:
Increasing production of paints and coatings and rapid urbanization could act as a major trend for white oil market. According to ABRAFATI (Brazilian Coatings Manufacturers Association), Brazil is one of the global top-five paint markets. Hundreds of large, medium-sized, and small manufacturers are spread all over the country. The top-ten manufacturers account for 75% of all sales. The country produced 1,623 million liter of paints and coatings in 2020, which increased steadily through 2021 and is further expected to rise through 2022.
Expanding textile industry with changing fashion trend worldwide is projected to spur the market growth. According to the National Bureau of Statistics of China, the textile production volume in China accounted for 12.4 billion meters in the first four months of 2022, compared to 11.8 billion meters during the same period in the previous year.
Global White Oil Market: Competitive Landscape
Bharat Petroleum Corporation Ltd. (BPCL), Calumet Specialty Products Partners, China Petrochemical & Chemical Corporation (Sinopec), Columbia Petro Chem Pvt Ltd., Exxon Mobil Corporation, H&R GROUP, HF Sinclair Corporation, Nynas AB, Oxiteno (Indorama Ventures), Renkert Oil, Shell PLC, Sasol, and Savita Oil Technologies Limited
