Allied Market Research recently released a comprehensive report titled “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.” According to the report, the global white oil market was valued at $2.2 billion in 2021 and is projected to reach $3.1 billion by 2031, growing at a CAGR of 3.7% during the forecast period.
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Key Market Drivers, Challenges & Opportunities:-
Growth Drivers:
The surge in demand from the plastic and polymer manufacturing sector is a key factor fueling market growth. White oil plays a critical role in the production of materials such as polystyrene and polyolefins, boosting its consumption globally.
Market Restraints:
Despite promising growth, the high production costs of white oil pose a challenge to market expansion.
Opportunities:
The rising consumption of packaged food products has driven demand from the plastic packaging industry, creating new avenues for market growth.
Segment Insights:
– By Grade – Pharmaceutical Grade Leading the Way
The pharmaceutical grade segment held the largest market share in 2021, accounting for nearly 60% of the total market. It is also expected to witness the highest CAGR of 3.9% through 2031, fueled by increasing R&D investments and the global burden of chronic diseases.
– By Application – Pharmaceuticals Segment Most Lucrative
In terms of application, the pharmaceuticals segment dominated the market in 2021 with around one-third share and is expected to register the highest CAGR of 4.1% during the forecast period, driven by rising healthcare expenditures in both developed and emerging economies.
Regional Highlights:-
Asia-Pacific – Dominant and Fastest Growing Region:
The Asia-Pacific region emerged as the largest contributor in 2021, generating nearly half of the global revenue. It is also projected to be the fastest-growing market with a CAGR of 4.1% through 2031. Increased focus on personal care, grooming, and healthcare awareness are key drivers in the region.
Key Market Players:-
Prominent companies shaping the competitive landscape include:
– Exxon Mobil Corporation
– Royal Dutch Shell Plc
– China Petroleum & Chemical Corporation (Sinopec)
– Eastman Chemical Company
– Chevron USA Inc.
– TOTAL ENERGIES
– Castrol Limited
– Sonneborn LLC
– Lanxess
– Asian Oil Company
Savita, Lodha Petro, Renkert Oil, Adinath Chemicals, and Nandan Petrochem Ltd.
These companies are actively engaged in strategic partnerships, mergers, and product innovations to strengthen their market position.
Obtain Report Details: https://www.alliedmarketresearch.com/white-oil-market-A17426
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