White Oil Market to Surge with 3.8% CAGR, Projected to Hit $2,879.5 Million by 2034

Non-toxic ingredients in cosmetics and food are fuelling demand for the white oil market. Fact.MR Report

The white oil market across the globe is supposed to be valued at US$ 1,983.1 million in 2024. Through 2034, the market is expected to expand at a credible rate with a CAGR of 3.8%. The white oil market is expected to soar in terms of value to US$ 2,879.5 million by 2034.

White oil demand relies on those industries utilizing the substance for manufacturing purposes. The cosmetics industry is among the major industries to use white oil. White oil utilization in a wide variety of cosmetic products, ranging from lip balm to diaper rash, is driving the market forward. White oil being non-toxic is a blessing for cosmetic producers.

Another major industry utilizing white oil is food & beverage. White oil's odorless and colorless nature, coupled with its stability, makes the product appealing to food manufacturers. With food consumption only destined to rise because of population growth, the white oil market has much to gain. Nonetheless, there are some hindrances, like fluctuations in raw material prices driven by hostilities in gas-producing areas, that complicate raw material sourcing and expensive. Substitutes, like vegetable oil, also take away from the demand for white oil.

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"The application of white oil varies, and the scope of the market is not limited to a specific sector. Textiles, pharmaceuticals, automobiles, and other industries use white oil. So, there are various paths of development in the market." states a Fact.MR analyst.

Key Takeaways from the Market Study:

• The white oil market is expected to grow at a CAGR of 3.8% during the period up to 2034.
• The East Asia white oil market is anticipated to develop at a CAGR of 4.3% during the forecast period.
• The white oil sector is anticipated to record a CAGR of 4.4% in China during the forecast period.
• The white oil sector in South Korea is anticipated to grow at a CAGR of 6.1% during 2034.
• Among product types, naphthenic oil holds the largest share, with a projected market size of 44.8% in 2024.

In order to Be Competitive in the Fragmented White Oil Landscape, Market Players Eye Expansion

The white oil market is relatively fragmented, and the giants are competing with smaller companies for a share of the pie. A few high-end firms are also interested in acquisition to smoothen the process of value chain. Some leading firms in the industry are British Petroleum, Renkert Oil, Inc., ExxonMobil Corporation, and JX Nippon Oil & Energy Corporation.

Some of the 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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Segmentation of White Oil Market Research:

By Product Type:

1. Light Paraffinic
2. Heavy Paraffinic
3. Naphthenic

By Grade:

1. Pharmaceutical
2. Industrial

By Application:

Pharmaceutical

1. Personal Care and Cosmetics
2. Polymers
3. Textiles
4. Adhesives
5. Food and Beverages
6. Others

By Region:

1. North America
2. Europe
3. Latin America
4. East Asia
5. South Asia & Oceania
6. The Middle East & Africa

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