Ocean View, DE -- (SBWIRE) -- 04/03/2020 -- White oil-based products are increasingly used in the personal care & cosmetics industry due to its exceptional qualities like low environmental impact, low irritancy, excellent skin compatibility and resistance to bacteria and other unwanted elements. Demand for durable, pure and consistent skincare items may drive product demand in cosmetics industry. Back in 2017, the cosmetics industry was accounted for more than 29% of the overall white oil market.
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The product's remarkable moisture barrier features have enabled the development of innovative water-resistant creams. Factors such as increasing consumer expenditure coupled with high demand for bath & baby oil, lotions, creams, and emollients may further fuel white oil industry growth by 2024.

Companies covered:
ExxonMobil Fuels & Lubricants, Sonneborn, Chevron Corporation, BP, Royal Dutch Shell, Sinopec Corporation, Sasol, Renkert Oil, JX Nippon Oil & Energy Corporation, Suncor Energy, Nynas AB, Seojin Chemical, Lubline, Total SA, Apar Industries Limited, Panama Petrochem Limited, Savita Chemicals, Eastern Petroleum Private Limited, BASF, Hainan Handi Sunshine Petrochemical, Farabi Petrochemicals, Calumet, H&R AG

Apart from the cosmetics sector, the pharmaceutical industry is considered to be the fastest growing segment with estimates to record more than 2% CAGR by 2024. This growth can be credited to growing adoption of white oil as a base constituent for ointments and other solutions, as well as a lubricant in the medical equipment. Constant development in the overall healthcare sector owing to ongoing innovations and product diversification may play a vital role in stimulating white oil market growth over the predicted period.

In the food packaging industry, rising demand for adhesives owing to surge in consumption of processed food products is supporting white oil business growth. The product works as a diluent in hotmelt adhesives, an application where high transparency is required. Approval from organization like the FDA and WHO for use of food-grade white oil in food packaging could facilitate the introduction of market players in the sector.

Considering the regional landscape, North America is anticipated to endow lucrative opportunities for the white oil industry. Positive regulatory compliance and constant product innovations, especially in the healthcare sector, could proliferate the expansion of North America white oil market. Consequently, increasing spending on cosmetics, as well as personal care products due to rising disposable income, might complement the overall market growth.

Expansion of regional cosmetic industry could open up new avenues for white oil manufacturing firms. Currently, Sonneborn, Chevron Corporation and Exxon Mobil, are considered to be the prominent companies in North America white oil market.

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Meanwhile, Sinopec Corporation, JX Nippon, British Petroleum, Sasol and Royal Dutch Shell are at the forefront of the global white oil market. These firms are undertaking different inorganic and organic growth strategies like mergers and joint ventures to maintain a dominant hand over the global market. FUCHS PETROLUB is one such firm that has bought Chevron's food machinery and white oils specialty lubricant business to improve its product portfolio that would suit their food lubricant customer base.