Futures and Commodity Market News

Apr 22, 2024 (MENAFN via COMTEX) --

(MENAFN - EIN Presswire)

White Oil Market Trends

Increased demand from the plastic & polymer manufacturing sector, driven by the use of white mineral oils in producing various polymers, fuels market growth.

WILMINGTON, DELAWARE, UNITED STATES, April 22, 2024 /EINPresswire / -- The "White Oil Market " report by Allied Market Research forecasts significant growth in the global white oil industry from 2021 to 2031. The market, valued at $2.2 billion in 2021, is projected to reach $3.1 billion by 2031, with a compound annual growth rate (CAGR) of 3.7% during 2022-2031.

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Drivers, Restraints, and Opportunities:

- Drivers: Increased demand from the plastic & polymer manufacturing sector, driven by the use of white mineral oils in producing various polymers, fuels market growth. Additionally, the trend towards healthy eating habits boosts demand for packaged food items, where white oil is applied to packaging materials.

- Restraints: Challenges such as high formulation costs in personal care products, quality issues, and price volatility hinder market growth to some extent.
Opportunities: Growing sectors like pharmaceuticals and cosmetics provide opportunities for market expansion, with increased R&D activities in pharmaceuticals driving demand for pharmaceutical-grade white oil.

COVID-19 Scenario:

- The pandemic initially had a negative impact on the white oil market.
- However, gradual growth in pharmaceuticals, cosmetics, and other sectors helped the industry recover.

Market Segmentation:

- By Grade: The pharmaceutical segment, accounting for three-fifths of the market revenue in 2021, is expected to lead through 2031, with a CAGR of 3.9%.
- By Application: The pharmaceuticals segment, holding one-third of the market revenue in 2021, is projected to maintain dominance with a CAGR of 4.1% from 2022 to 2031.
- By Region: Asia-Pacific, generating over half of the global market revenue in 2021, is expected to exhibit the fastest CAGR of 4.1% during the forecast period, driven by increased awareness of self-beauty and grooming activities.

Key Players:

Several key players in the industry, including Asian Oil Company, TOTAL ENERGIES, and Exxon Mobil Corporation, have adopted strategies like expansion and new product launches to strengthen their market position.

The report provides insights into market dynamics, key players' strategies, and segment analysis, aiding stakeholders in making informed decisions.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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COMTEX_451252673/2604/2024-04-22T19:34:34