White Oil Market Comprehensive Analysis and Future Estimations by 2031

Allied Market Research published a report, "White Oil Market by Grade (Technical, Pharmaceutical), by Application (Plastic and Polymer, Pharmaceuticals, Food Industry, Personal Care and Cosmetics, Textiles, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global white oil market is predicted to gather $3.1 billion by 2031. The market accounted for $2.2 billion in 2021 and is projected to grow at a CAGR of 3.7% during the 2022-2031 period.

Growth Drivers, Market Restraints, and Investment Opportunities:

The global white oil market is expected to witness a huge growth on account of the huge demand from the plastic & polymer manufacturing sector due to white oil’s role in manufacturing polystyrene, polyolefins, etc. On the contrary, the high production cost of white oil might restrain the industry’s growth. Nevertheless, the rising popularity of packaged food items has increased the demand for white oil from plastic packaging industries which might create numerous growth opportunities for the market.

The pharmaceutical segment to be the most profitable by 2031

By grade, the pharmaceutical segment accounted for the highest market share in 2021 with around three-fifths of the total share. The same segment is likely to have the highest CAGR of 3.9% during the analysis timeframe. Increasing prevalence of chronic diseases has led to rising investments in R&D activities in the pharmaceutical sector which is predicted to drive the growth of the segment.

The pharmaceuticals segment to generate lucrative growth opportunities by 2031

By application, the pharmaceuticals segment held the largest market share in 2021 with around one-third of the total market revenue. The same segment is anticipated to have the highest CAGR of 4.1% during the forecast period. Growing expenditure on the pharmaceutical sector in both developed and developing countries is predicted to amplify the scope of the segment.

Asia-Pacific region to be the most dominant by 2031

By region, the Asia-Pacific white oil market accounted for the highest market revenue in 2021, with around half of the total share. The same region is expected to be the fastest growing with a CAGR of 4.1% during the 2021-2031 period. Growing awareness regarding different self-beauty and self-grooming activities among people of this region is projected to be the major factor pushing the growth of the market in this region.

Major Companies in the Industry:

• Asian Oil Company

• Lanxess

• Royal Dutch Shell Plc

• TOTAL ENERGIES

• Nandan Petrochem Ltd.

• Savita

• Castrol Limited

• Lodha Petro

• Sonneborn LLC

• Exxon Mobil Corporation

• RENKERT OIL

• Eastman Chemical Company

• Adinath Chemicals

• Chevron USA Inc.

• China Petroleum & Chemical Corporation (Sinopec)

The report has also studied the major companies of this industry and covered the different types of strategic alliances that these companies enter into, including partnerships and mergers, to establish their dominance in the market.