Selbyville, Delaware, Nov. 14, 2022 (GLOBE NEWSWIRE) —
The white oil market value is expected to reach USD 3 billion by 2032, according to the latest report by Global Market Insights Inc. The rising purchase of cosmetics and personal care products is a prominent reason for the increased consumption of white mineral oils.
Despite inflation and fear of recession, the beauty industry continues to thrive worldwide. Due to the strong focus on maintaining health and hygiene, the demand for personal care products has also surged considerably. For example, the Beauty & Personal Care segment of Unilever witnessed a 7.5% sales growth during the first half of 2022, despite high inflation. Such factors will escalate the adoption of medicinal white oil as a base material or skin oil ingredient in cosmetics.
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White oil market from the pharmaceutical segment was worth more than USD 550 million in 2022. Emollient and hydrating properties, alongside high chemical and biological stability, make white oils suitable for various pharmaceutical applications, including lotions and gelatin capsules. Medical device development has also surged considerably owing to a rise in investments, especially in developing economies.
Browse key industry insights spread across 280 pages with 336 market data tables & 18 figures & charts from the report “White Oil Market Statistics By Grade (Food, Pharmaceutical, Technical), By Application (Plastics & Polymers, Pharmaceuticals, Personal Care & Cosmetics, Food Industry, Textile), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
White oil market share from the food grade segment was valued at USD 140 million in 2022, owing to shifting consumer preference toward processed foods. Based on the 2021 Processed Foods Consumers Survey, 23.7% of South Korean households were buying processed foods two to three times per week as compared to 20.6% in 2020. This trend will boost the consumption of food-grade lubricants, such as white oils, to protect food processing machinery.
Europe white oil market registered revenue of over USD 340 million in 2022, due to the escalating number of new entrants and the strong focus on the development of high-efficacy white oil products. With the growing reliance on beauty products, the use of white oil as a skin oil ingredient is increasing steadily. Based on Cosmetics Europe’s study, 72% of consumers consider personal care and cosmetic products to be essential in improving quality of life, self-esteem, and social interactions. Such factors, coupled with favorable socio-economic conditions, will augment white oil production in the region.
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The strategic landscape of the white oil market is inclusive of companies such as BASF SE, British Petroleum, ExxonMobil Fuels & Lubricants, Royal Dutch Shell, Sinopec Corporation, Hainan Handi Sunshine Petrochemical, ENEOS Corporation, Suncor Energy, Nynas AB, Apar Industries Ltd., Panama Petrochem Ltd., Sasol, Calumet, and Sonneborn LLC, among others. These companies are focusing on new product developments, mergers and acquisitions, facility expansions, and other key strategies to gain a competitive advantage and strengthen their footprint in the global market.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.