The changing taste of consumers with regards to personal care products is one of the key reasons behind the high demand for white oil, states TMR Research in its latest report. The report is titled “White Oil Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.” White oil is recognized for possessing superior moisture barrier property and is thus extensively used in the production of water resistant creams. The booming personal care products market on account of the increasing disposable income of the people, is favoring the growth of the global white oil market.
White oil is also becoming important for the production of ointments, cosmeceuticals, and laxatives, in the pharmaceutical industry. The growing pool of patients is fueling the growth of the pharmaceutical market and this will also help create a higher demand for white oil. On the other hand, stringent regulations will curb the consumption and production of white oil. This will act as a key growth inhibitor. This is especially true for developed nations.
White oil is used as a base ingredient for the processing of thermoplastics elastomers, driving their demand. Polymers, food, personal care, textile, adhesives, and agriculture are some of the other applications areas of white oil, and thus, the growth of these markets will also drive the growth of white oil market. Among the various application areas mentioned above, it is estimated that the most revenue will be generated by the personal care industry.
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According to the report, the developed regions are becoming key destinations for players in the white oil market. However, Asia Pacific is projected to hold a large share in the revenue for this market through 2025. High demand for white oil from India, China, and South Korea will drive the market in APAC. The growth of adhesive, personal care, polymers, and agriculture sectors will also help the market to grow in Asia Pacific.
The Middle East and Africa is also estimated to emerge as a promising regional segment in the white oil market. The growing inclination of consumers towards value added cosmetics and high quality medicines are behind the growth of the market in these regions. Also, the high disposable income and booming cosmetic and plastic industry will continue to drive the growth prospects of this industry in APAC and the MEA.
The market is fragmented with large, small and medium scale companies. Leading players are increasing their focus on strengthening their distribution channel. New product launches and other marketing strategies are working well for companies. The entry of new players is expected to boost competition within players in the market.
The report profiles leading players operating in the market for the purpose of study. The business and financial overview as well as the recent developments of the companies are mentioned in the report. The strategies adopted by players and the information on their recent mergers and acquisitions, collaborations, and partnership activities have been included in the report. This detailed information on companies within the white oil market will help readers and potential investors to get a fair idea of what key players are doing in order to strengthen their position and gain more market shares.
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Some of the key players within the market include: Nynas AB, Exxon Mobil Corporation, Petro-Canada, Sinopec Corporation, British Petroleum, Sonneborn, Inc., Seojin Chemical Co., Ltd., JX Nippon Oil & Energy Corporation, Royal Dutch Shell N.V., Sasol, and Renkert Oil, Inc.
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