Report : Asia Pacific White Oil Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Grade (Food, Pharmaceutical, and Technical) and Application (Personal Care and Cosmetics, Pharmaceutical and Healthcare, Food Industries, Plastic Processing, Agriculture, and Others)
At 4.0% CAGR, the Asia Pacific White Oil Market is speculated to be worth US$ 1361.31 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific white oil market was valued at US$ 1075.43 million in 2022 and is expected to reach US$ 1361.31 million by 2028, registering an annual growth rate of 4.0% from 2022 to 2028. Extensive industrialization in emerging economies and elevating demand as adhesive in food packaging are the critical factors attributed to the market expansion.
The proliferation of pharmaceuticals, packaging, food processing, healthcare, and other industries in emerging countries is boosting the demand for white oil. White oil, also known as white mineral oil, is stable, refined, and pure mineral oil. It is a mineral lubricant and refineries produce this highly refined and adaptable class of mineral oils from paraffinic or naphthenic bases. The increasing consumption of perfumes, cosmetics, baby oil, lotions, suntan oil, pharmaceuticals, plastics, and rubber, among others, in emerging countries is propelling the growth of the APAC white oil market. Further, in the agriculture sector, white oil is applied directly to grains to avoid dust deposition. White oil is also mixed with crop protection chemicals or other natural oils to create a protective liquid spray or an insecticide.
On the contrary,fluctuating prices of crude oil hurdles the growth of Asia Pacific white oil market.
- Based on grade, the market is segmented into food, pharmaceutical, and technical. The pharmaceutical segment held 57.6% market share in 2022, amassing US$ 619.75 million. It is projected to garner US$ 792.23 million by 2028 to expand at 4.2% CAGR during 2022–2028.
- Based on application, the Asia Pacific white oil marketis segmented into personal care and cosmetics, pharmaceutical and healthcare, food industries, plastic processing, agriculture, and others. The personal care and cosmetics segment held 28.4% market share in 2022, amassing US$ 305.08 million. It is projected to garner US$ 403.78 million by 2028 to expand at 4.8% CAGR during 2022–2028.
- Based on country, the Asia Pacific white oil markethas been categorized into Australia,China,India,Japan,South Korea,and rest of APAC. Our regional analysis states that China captured 46.8% market share in 2022. It was assessed at US$ 503.19 million in 2022 and is likely to hit US$ 658.51 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the Asia Pacific white oil market Calumet Specialty Product Partners; Chevron Corporation; EXXON Mobil Corporation; Petro-Canada Lubricants Inc; ATLANTIC OIL; APAR; Sasol; Sonneborn LLC; and H AND R GROUP among others.
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