White Oil Market is Projected to Reach US$ 2,879.5 Million by 2034, Growing at a CAGR of 3.8% | Fact.MR Report
Rockville, MD , Nov. 13, 2024 (GLOBE NEWSWIRE) -- The global White Oil Market is estimated to have a value of US$ 1,983.1 million in 2024. The market is projected to grow at a respectable clip through 2034, with a CAGR of 3.8%. The white oil market is forecast to jump in valuation to US$ 2,879.5 million by 2034.
The demand for white oil is dependent on the industries that make use of the material for manufacturing processes. Cosmetics is one of the key industries for the application of white oil. The use of white oil in a diverse array of cosmetic products, from lip balms to diaper rash products, is propelling the market. The non-toxic nature of white oil is a boon for cosmetic manufacturers.
Another significant industry making use of white oil is food & beverage. White oil’s colorless and odorless qualities, in addition to its stability, endear the product to manufacturers in the food sector. With food demand only set to increase due to population growth, the white oil market stands to benefit. However, there are certain obstacles, such as swings in the prices of raw materials, fueled by conflicts in gas-producing regions, that make raw material procurement difficult and pricey. Alternatives, such as vegetable oil, also cut into the demand for white oil.
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"The use of white oil is diverse, and the market scope is not tied down to a certain sector. Textiles, pharmaceuticals, automobiles, and more industries make use of white oil. Thus, there are multiple avenues of progress in the market.” says a Fact.MR analyst.
Key Takeaways from the Market Study:
- The global white oil market is projected to expand at a CAGR of 3.8% through 2034.
- The East Asia white oil market is expected to evolve at a CAGR of 4.3% through the forecast period.
- The white oil industry is expected to register a CAGR of 4.4% in China over the forecast period.
- The white oil industry in South Korea is expected to rise at a CAGR of 6.1% through 2034.
- Based on product type, naphthenic oil leads the market, with an expected market share of 44.8% in 2024.
Leading Players Driving Innovation in the White Oil Market:
Key industry participants like British Petroleum, Renkert Oil, Inc., ExxonMobil Corporation, JX Nippon Oil & Energy Corporation, Nynas AB, Petro-Canada, Royal-Dutch Shell N.V., and Sinopec Corporation are driving the white oil industry.
To Be Competitive in the Fragmented White Oil Landscape, Market Players Focus on Expansion
The white oil industry is fairly fragmented, with giants vying with smaller players for a piece of the pie. Some top-end companies are also focused on acquisitions to smooth the value chain process. Some prominent companies in the market are British Petroleum, Renkert Oil, Inc., ExxonMobil Corporation, and JX Nippon Oil & Energy Corporation.
Some recent developments in the market:
- In May 2023, Hemisphere Ltd. LLC completed the acquisition of White Oil Co.
- In April 2022, Oxiteno SA’s acquisition by Indorama Ventures Public Company Limited (IVL) was announced to be completed.
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Country-wise Insights:
With a substantial market share, North America is expected to be a profitable place for white oil sales. The North American market is projected to be worth US$567.2 million in 2024, representing a 28.6% market share. With a compound annual growth rate (CAGR) of 4.0%, the North American market is anticipated to grow steadily between 2024 and 2034. With an industry share of 29.1%, the North American industry is expected to reach a value of around US$ 837.9 million by 2034.
East Asia's white oil market is anticipated to grow more quickly than North America's. East Asia's industry share is projected to be 36.5% in 2024, with a market value of $723.8%. Over the course of the projected period, the market in the region is anticipated to post a typical CAGR of 4.3%. It is projected that East Asia's market value will have skyrocketed to US$ 1,105.7 million by 2034, representing a 38.4% rise in share.
Segmentation of White Oil Market Research:
- By Product Type:
- Light Paraffinic
- Heavy Paraffinic
- Naphthenic
- By Grade:
- Pharmaceutical
- Industrial
- By Application:
- Pharmaceutical
- Personal Care and Cosmetics
- Polymers
- Textiles
- Adhesives
- Food and Beverages
- Others
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Process oil market is estimated to be worth US$ 4,196.4 million in 2024. The market is projected to register a CAGR of 4.5% from 2024 to 2034. The market is expected to reach a value of US$ 6,516.9 million by 2034.
Base oil market is projected to grow from $36.8 billion in 2024 to $46.2 billion by 2034, reflecting a CAGR of 2.3% during this period.
Chemical-enhanced oil recovery market was valued at approximately US$ 800 million in 2022 and is projected to reach around US$ 1.3 billion by the end of 2032.
Naphthenic base oil market was valued at $2.55 billion in 2022 and is projected to reach $3.60 billion by 2031, with an estimated CAGR of 3.9% from 2022 to 2031.
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