Introduction
According to TechSci Research report, “Global White Oil Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F,” the global white oil market is expected to grow at a high CAGR during the forecast period. This growth is driven by increasing production in various plastic and rubber applications and the rising demand for white oil in the automotive industry. White oil’s lubricating nature makes it essential in polymeric formulations, and its use as a catalyst carrier, mold release agent, and plasticizer further boosts its demand.
Market Drivers
Rising Demand in Plastic and Rubber Applications
White oil helps control the melt flow rate of input products for thermoplastic elastomer, polyolefin, polystyrene, and high-impact resistance polystyrene (HIPS). It serves as an external and internal lubricant in polymeric formulations of TPE, PS, PP, and PVC. Other applications include pigment dispersing agents, catalyst carriers, mold release agents, and plasticizers. This versatility in applications is driving the market growth.
Growth in the Automotive Industry
The rise in automobile sales is expected to propel the growth of the global white oil market in the upcoming years. White oil is used in the fabrication of automotive tires and the production of lubricants for car engines. With the growing global population, the manufacturing and purchase of automobiles are increasing at an immense rate.
Increased Adoption of Electric Vehicles
The growing interest in electric vehicles over fuel-driven vehicles is also expected to register impressive growth in the white oil market during the forecast period. Electric vehicles, which use lithium batteries, offer a more sustainable alternative to traditional fuel-powered vehicles. Lithium, also referred to as white oil, is a lightweight metal with a high energy storage capacity, making it reliable for use in electric vehicles.
Regulatory Support and Health Consciousness
Governments and regulatory bodies recognize white oil as a safe and versatile ingredient, supporting its use in various applications. Its colorless, odorless, tasteless, and hydrophobic properties make it suitable for use in the chemical industry, further driving market growth.
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Market Challenges
Availability of Substitute Products
The presence of substitute products for white oil is expected to slow down market growth. Alternatives that offer similar benefits at lower costs pose a significant challenge to the white oil market.
Market Segmentation
By Application
- Personal Care & Cosmetics: Expected to dominate the market due to growing awareness of healthy lifestyles and beauty care.
- Pharmaceuticals: Utilized in drug manufacturing, driving demand.
- Food & Beverage: Used in food processing and packaging.
- Others: Includes industrial applications and other niche uses.
By Region
Certain regions are expected to dominate the demand for white oil due to specific industry requirements and regulatory support.
Competitive Landscape
Major Companies Operating in the Global White Oil Market
- China Petroleum & Chemical Corporation
- ExxonMobil Corporation
- Renkert Oil Inc.
- BP p.l.c.
- Petro-Canada Corporation
- S-Oil Corporation
- Sasol Limited
- Nynas AB
- JX Nippon Oil & Energy Corporation
- Royal Dutch Shell NV
These companies focus on expanding their product portfolios, investing in research and development, and engaging in strategic collaborations to strengthen their market position.
Competitive Strategies
- Innovation and Product Development: Investing in R&D to develop advanced white oil products.
- Strategic Partnerships and Collaborations: Collaborating with technology providers and other stakeholders.
- Expansion of Production Capabilities: Expanding production to meet growing demand and enhance market presence.
Recent Trends
Increased Use in Pharmaceuticals
The use of white mineral oil in drug manufacturing is on the rise, contributing to market growth. The increasing commercialization activities in pharmaceutical applications are expected to boost the white oil market.
Demand in Automotive Industry
The growing demand for white oil in the automotive industry, particularly in electric vehicles, is expected to significantly impact market growth.
The global white oil market is set to experience significant growth during the forecast period, driven by increasing demand in plastic and rubber applications, the automotive industry, and pharmaceuticals. While challenges such as competition from substitutes persist, the market’s future looks promising with increased adoption of white oil across various industries.
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“Certain regions are expected to dominate the demand for white oil in all the countries. Various applications of white mineral oil in drug manufacturing which is a sub-part of pharmaceutical industry are on the go which are giving rise to the white oil market, aiming to increase commercialization activities in all the countries to grow the market of white oil. Additionally, the growing demand of white oil in automotive industry can further boost the rise of market in the upcoming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Global White Oil Market – Market Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F, Segmented By Application (Personal Care & Cosmetics, Pharmaceuticals, Food & Beverage, Others), By Region”, has evaluated the future growth potential of Global White Oil Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global White Oil Market.
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