According to CMi Global White Oil Market Size, Forecast, Analysis & Share Surpass US$ 3.8 Billion By 2030, At 4.8% CAGR
Shraddha Wankhade
Lead Consultant - Workplace Strategy | Change Management | Research | Occupancy planning | Market Research
The Global White Oil Market was estimated at USD 2.8 Billion in 2021 and is anticipated to reach around USD 3.8 Billion by 2030, growing at a CAGR of roughly 4.8% between 2022 and 2030.
Overview
The two main forces propelling the white oil market’s growth over the medium term are the pharmaceutical industry’s expansion and rising demand from the cosmetics and personal care sector. However, the market under study is constrained by substitute items’ availability. Prospects for the white oil market are anticipated to come from the possible use of white oil in the food and beverage sector.Due to the swift economic development of nations like China, India, and Japan, the Asia Pacific region is anticipated to dominate the worldwide white oil market.
White Oil Market: Growth DriversThe demand for white oil has increased in several developing and developed regions due to an optimistic outlook for expanding the pharmaceutical, personal care, food, and polymer processing sectors.
Another important aspect anticipated to contribute to the market’s growth during the forecast period is the product’s quickly rising demand in the adhesives, agriculture, and textile application areas. Although a shortage of raw resources and a price decline may limit market expansion, technical innovation will likely support the industry’s steady growth over the next few years.
List of the prominent players in the global White Oil market:
The global White Oil market is segmented as follows:
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By Product
By Application
Regional Landscape
The most significant and rapidly expanding market for white oil is in the Asia Pacific region. One of the biggest consumers of white oil in the Asia-Pacific is China. The world’s largest market for cosmetics and skincare goods is emerging as China. The hairdressing profession, a component of the cosmetics and private care industry, is where white oils are most commonly used in India.The pharmaceutical and general cosmetics businesses use about three-fourths of the white oil consumed in the nation.
The third-largest market for cosmetics in the world is Japan. Although the population of Japan is ageing, the cosmetics industry is growing due to a rise in consumer confidence and, consequently, demand from foreign tourists. In addition, firms are expanding cosmetics production in Japan in response to the rising demand for Japanese cosmetics from Asian consumers. The need for white oils will likely increase over the projected period due to the rising demand for textiles, plastic polymers, cosmetics, medicines, and adhesives.