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White Oil Market to witness 2.5% CAGR through 2024, Cosmetics sector is driving the industry growth

White Oil Market size is projected to reach USD 6 billion by 2024 and to grow at 2.5% CAGR over the forecast timeframe. Proliferating demand for durable, consistent and pure cosmetic products and increasing consumer expenditure on hygiene goods will boost the demand for white oil in the personal care & cosmetics industry. Earlier in 2017, the personal care & cosmetics segment accounted for more than 29% of the overall market share. White oil finds noteworthy application in major cosmetic products like bath & baby oil, lotions, creams and emollients. Besides, its remarkable moisture barrier property has proliferated its demand in water-resistant creams.

White oil market size is poised for robust growth as attributes such as chemically inert, non-toxic, odorless and colorless have instilled confidence among stakeholders. Prominently, white oil is highly sought-after in pharmaceuticals, chemical processing and cosmetics industry. White oil-based products offer notable features such as low irritancy, skin compatibility, bacteria resistant and low environmental impact. Experts credit burgeoning urbanization and improving economic conditions for the proliferating white oil market share.

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Technological development in the manufacturing process aimed at providing environmentally friendly and cost-effective solutions has impelled white oil market share. Besides, advent of biodegradable and non-toxic emollient products in line with the international manufacturing standards has underpinned white oil market forecast. Further, demand for white oil in the manufacturing of elastomers and specialty adhesives owing to moisture- and water-resistant properties presents a sanguine white oil market outlook.

Soaring demand for cosmetic products with improved quality has upped the adoption rate of white oil-based products. Inevitably, demand for durable, pure and consistent products has proliferated dramatically in the recent past. Notable uptick in the consumption of bath and baby oil, lotions, creams and emollients has created favorable white oil market outlook. Currently, companies in the white oil market are like Exxon Mobile, Sinopec Corporation, Sonneborn, Chevron, Royal Dutch Shell., JX Nippon, PAPCO, Sasol and British Petroleum are leading the industry landscape with their pioneering product offerings.

Personal care & cosmetic industry ruled the roost in 2017, amounting for over 29% of white oil market share. There has been palpable demand for white oil in water-resistant creams owing to its tremendous moisture barrier property. Nonetheless, personal care & cosmetic industry was valued at over US$ 1.5 bn revenue in 2017.

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APAC white oil market registered over US$ 2.5 bn revenue in 2017 as high product adoption rate in textile, agriculture, plastic and food processing industry undergirds white oil market size. Moreover, APAC has become a happy hunting ground for stakeholders in the wake of affable FDI policies. Additionally, traction for thermoplastic elastomers in an array of applications is expected to further the growth of white oil market share.

On the other hand, North America white oil market is replete with the presence of leading players, including Chevron Corporation, Exxon Mobil and Sonneborn. These companies have gracefully implemented ‘capacity expansion strategy’ to keep up with the ever-increasing demand from end-users. Nonetheless, North America white oil market is slated to expand at a moderate CAGR of over 2.5% through 2024. It is believed that product innovation and favorable regulatory compliance in healthcare industry will boost North America white oil market trend.

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