White Mineral Oil Market is anticipated to grow at a moderate CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Mineral White Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, 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.
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.
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.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, White Mineral Oil Market by Product (Pharmaceutical Grade and Technical Grade), by End Use Industry (Healthcare, Beauty and Personal Care, Food and Beverages, Agriculture, Plastic, Textiles and Packaging) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/white-mineral-oil-market/158
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.
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.
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