
Published On: Oct 2022
Published On: Oct 2022
At 4.0% CAGR, the Asia Pacific White Oil Market is projected 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.
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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