The global white mineral oil market is estimated to be over US$ 2.5 Bn in 2018 and is anticipated to grow at a moderate CAGR from 2019 to 2030.
White Mineral Oil is used in various industry verticals, such as personal care, pharmaceuticals, food and agriculture,Healthcare and others. White oils are chemically and biologically stable, and it does not allow pathogenic bacterial growth which makes it a standard raw material in numerous industry verticals. White oil is being significantly used across various industry verticals, including manufacturing of personal care formulations and food packing materials.
The new report on ‘Global White Mineral Oil Market’ presents all inclusive compilation of the historical, existing, and future trends to help business owners, strategy planners, marketing executives, and customers to plan effective strategies and gain prominent position in the near future. The report is also beneficial to the investors that will help them planning their future investments carefully and gain higher profits.
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The major players operating in the white mineral oil market include The HollyFrontier Corporation, Calumet Specialty Products Partners, Renkert Oil Inc, Phillips 66 Company, H&R Group, Royal Dutch Shell PLC, Shanghai Lulu Industrial Co., Ltd, Exxon Mobil Corporation, Petroyag Lubricants, Eastern Petroleum, among others.
The market growth can be attributed to the wider application of white mineral oil across different industries. The pharmaceutical grade white mineral oil offers high purity level and is also cost-effective which increases its use across industries such as food & beverages, healthcare, animal/pet care, and beauty & personal care. Furthermore, growing technological advancements and product and process innovation are further expected to supplement market growth in the coming years. For instance, the white oil manufactured from PetroCanada (The HollyFrontier Corporation) offers a purity level of 99.9% using its HT PURITY process. Similarly, the Risella X brand of white oil from Royal Dutch Shell PLC is based on Gas To Liquid (GTL) technology which offers benefits in the form of providing extra purity when compared with other conventional processes.
COVID-19 Impact on the Global White Mineral Oil Market:
The emergence of COVID-19 has created several disturbances in smooth functioning of businesses including production, delayed delivery of raw materials, reduced population in workspaces, supply chain interruptions, price fluctuations, and reduced demand from end users and customers. However, researchers have managed to study about the recent strategies during pandemic to avert huge losses and contribute stability of the Global Poultry Vaccines Market. The report also mentions about the futuristic strategies and planning of the business owners post pandemic.
APAC stands to be the largest market in terms of consumption of white mineral oil globally and is expected to witness growth during the forecast period. Factors such as growth expansion in the textiles, chemicals, and beauty & personal care industries are playing a major role in driving the demand in this region. For instance, China stands to be the largest market for chemicals globally and the increasing use of white mineral oils in adhesives, hot melts, etc. is boosting market growth. Additionally, the country also stands to be the worlds largest producer of plastics wherein white mineral oil is used as a lubricant for formulations of PS, PVC, PP, and TPE. These white oils are used to improve and control the melt rate flow of finished polymer to provide release properties or change the physical characteristics. Hence, a growing demand from the packaging industry is further expected to propel the market during the forecast period.
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Furthermore, the growing demand from smaller and developing economies is further expected to supplement white oils market growth in the coming years. For instance, Apar Industries Ltd. exports its white oils to countries such as Sri Lanka, Singapore, Malaysia, Nepal, Tanzania, and others. Similarly, Eastern Petroleum exports its products to countries such as the UAE, Saudi Arabia, Qatar, Iran, Egypt, Nigeria, Ethiopia, Egypt, Uganda, Mozambique, Namibia, South Africa, Brazil, Argentina, Uruguay, Peru, and others.
White mineral oils are manufactured from crude oil and hence white mineral oil market growth is directly proportional to the total production and growth of crude oil industries. Volatility in crude oil prices and a slowdown in oil production in the US are likely to impact the white oil market in the coming years.
Segmentation Based On:
GLOBAL WHITE MINERAL OIL MARKET BY PRODUCT
- Pharmaceutical Grade
- Technical Grade
GLOBAL WHITE MINERAL OIL MARKET BY END USE INDUSTRY
- Food and Beverages
- Beauty and Personal Care
Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2016 & 2017; Base Year – 2018; Forecast Years – 2019 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Methodology
- Bottom Up Approach
- Top Down Approach
- Data Validation and Triangulation
- Market Forecast Model
- Limitations/Assumptions of the Study
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
- UNIQUE SELLING PROPOSITIONS (USPs)
- Application Horizon Assessment
- Technological Advancements
- Regulatory Landscape Assessment
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