WHITE OIL MARKET ANALYSIS SIZE, SHARE, COVID19 IMPACT, GROWTH


The global white oil market size was valued at USD 2.88 billion in 2022 and is expected to be worth USD 2.43 billion in 2023. The market is projected to reach USD 3.26 billion by 2030, recording a CAGR of 4.3% during the forecast period.

White oil is a form of mineral oil that consists of several hydrocarbons produced by intensely refining mineral oil. These oils are low in toxins, high in purity, and chemically stable, making them ideal for industries such as food, pharmaceuticals, and personal care. The growing awareness regarding the advantages of using this oil is projected to boost market growth.

Fortune Business Insights™ displays this information in a report titled, "White Oil Market, 2023-2030."

COVID-19 Impact:

Supply Chain Disruptions During COVID-19 Pandemic Restricted Market Development

The COVID-19 pandemic adversely impacted the white oil market growth. Governments introduced several trade and movement restrictions, which decelerated market progress. Many essential sectors, such as pharmaceutical and food, witnessed an increase in product adoption. In contrast, in non-essential sectors, such as personal care and plastics, the product demand dropped significantly. However, all these sectors faced severe supply chain disruptions, which hampered market growth.

Segmentation:

Widespread Applications of Pharmaceutical-Grade White Oil to Boost Its Demand in Various Sectors

Based on grade, the market is categorized into pharmaceutical and technical. The pharmaceutical segment held a dominant white oil market share in 2022. It may retain its dominance during the forecast period as this oil has many applications in pharmaceutical and cosmetics & personal care.

Product Use to Rise in Personal Care & Cosmetics Industries Owing to Increasing Demand for Personal Grooming Products

Based on end-use industry, the market is divided into pharmaceutical, personal care & cosmetics, food & beverages, textile, plastic & polymer, and others. The personal care & cosmetics segment held the largest market share in 2022. It may dominate the market during the projected timeframe due to the rising sales of personal grooming products, such as personal care, skincare, and cosmetic items.

With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report analyzes the market in detail and highlights major areas, such as key end-use industries, product grades, and leading market players. It also offers vital information regarding key industry developments and the latest market trends. Besides the factors listed above, the report underlines several other factors that have augmented the market’s progress.

Drivers and Restraints:

Growing Need for Safe Personal Care and Beauty Products to Bolster Market Growth

A rising number of customers are seeking products that contain organic ingredients as they are becoming aware of the hazards of using chemically processed makeup and skincare products. While white oil is obtained from refining mineral oil, it is non-toxic and inert, making it safe for use in cosmetic and skincare formulations. Many cosmetic companies are using this oil as their base for making organic formulations, thereby accelerating market growth.

However, raw materials, such as crude oil, experience major fluctuations in their prices, which may impede market development.

 

Information source-https://www.fortunebusinessinsights.com/white-oil-market-108783 


Created: 08/04/2024 11:42:29
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