According to a new report by Reports and Data, the Global White Oil Market is forecast to reach USD 6.4 Billion by 2027. The growing popularity in the Personal Care products around the globe has spurred the growth of Global White Oil. The increase in the application of the organic compound in various end-use industries has encouraged its growth, mainly the boost from the cosmetic and Pharmaceuticals industry. This finds its vast use in tires, Rubbers, Perfumes, Textiles, adhesives, and other sectors, including Agriculture.
Strict government regulations regarding the impact of Global White Oil Market on the environment and concerns to the lower human hazards are expected to limit the market growth. However, an increase in the research and development for a safer Global White Oil application is expected to provide growth opportunities to the market vendors. Narrower product specification is also a potential restraint.
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Major Companies Operating in the industry and profiled in the report are:
Petro-Canada, ExxonMobil Corporation, Sinopec Petroleum & Chemical Corporation, Sonneborn LLC, BP LLC (British Petroleum), Royal Dutch Shell Plc, and Renkert Oil, among others.
Further key findings from the report suggest:
Currently, Global White Oil is produced from Crude oil distillation. As petroleum prices rise rather quickly, Phenol, as a petroleum derivative, increased its rate as well. However, the current drastic fall in the amount of petroleum during the COVID-19 crisis can propel the demand for the production of Global White Oil by Phenol.
Global White Oil is mainly used in Tires & Rubber as well as polymer Industry. Growing numbers of automobiles all over the world is augmenting the rise of Global White Oil Market. It is estimated that it will grow at a CAGR of 3.3% over the forecasted year.
The widespread Pharmaceuticals uses in the European and Asian regions is driving the demand in the region. The awareness for personal hygiene and grooming, cleaning activities in the continent is creating a massive demand for Personal Care products. India, China, Germany, Italy, the UK, and France were the primary consumers of the market product.
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Over the recent past, chemical and materials industry has observed rapid digital transformation, innovations and advancements in chemical processing, globalization, sustainability, and development of robust supply chain. Increasing incidence of uncertainties in chemical production and development have further increased focus on risk management solutions. Chemical and materials industry supplies raw materials to a number of end-use industries such as petrochemicals, solvents, manufacturing and construction, and healthcare, among others. Increasing integration of advanced technology in the manufacturing and production processes along with a growing focus on producing environmentally sustainable chemicals and materials is further expected to revolutionize the Global White Oil market over the forecast period.
The report further offers key insights into strategic alliances and ventures undertaken by key companies in the market to cater to the growing global demand, capitalize on lucrative opportunities, and gain a robust footing in the market. It focuses on mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, and deals.
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Application Outlook :
Personal care
Paints & Coating
Tires & rubbers
Pharmaceuticals
Adhesives
Others
The regional analysis covers:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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