At 2.7% CAGR, the Middle East & Africa White Oil Market is projected to be worth US$ 87.41 million by 2028, says Business Market Insights

According to the Insight Partners’ research, the Middle East & Africa white oil market was valued at US$ 74.47 million in 2022 and is expected to reach US$ 87.41 million by 2028, registering an annual growth rate of 2.7% from 2022 to 2028.Expansion of pharmaceuticals industry and growth of cosmetics and personal care industry are the critical factors attributed to the market expansion.

In the pharmaceuticals industry, white oil is used as a spray and ointment carrier, a capsule adjuvant, and a release agent. The pharmaceutical market is one of the fastest-growing markets in the region. The pharmaceutical market has also grown without any interruption in recent years. The pharmaceutical companies are primarily involved in producing generics, therapeutic medicines, active pharmaceutical ingredients, and traditional medicines. Therefore, the robust growth of the pharmaceuticals industry in various countries creates the need for white oil in pharmaceutical formulations.

On the contrary, fluctuating prices of crude oil hurdles the growth of Middle East & Africa white oil market.

• Based on grade, the market is segmented into food, pharmaceutical, and technical. The pharmaceutical segment held 61.4% market share in 2022, amassing US$ 45.72 million. It is projected to garner US$ 54.21 million by 2028 to expand at 2.9% CAGR during 2022–2028.
• Based on application, the Middle East & Africa white oil market is segmented into personal care and cosmetics, pharmaceutical and healthcare, food industries, plastic processing, agriculture, and others. The personal care and cosmetics segment held 33.6% market share in 2022, amassing US$ 24.99 million. It is projected to garner US$ 30.58 million by 2028 to expand at 3.4% CAGR during 2022–2028.
• Based on country, the Middle East & Africa white oil market has been categorized into South Africa, Saudi Arabia, UAE, and rest of MEA.  Our regional analysis states that UAE captured 41.7% market share in 2022. It was assessed at US$ 31.03 million in 2022 and is likely to hit US$ 36.85 million by 2028, exhibiting a CAGR of 2.9% during the forecast period.  

Key players profiled in the Middle East & Africa white oil market report are Calumet Specialty Product Partners; Chevron Corporation; EXXON Mobil Corporation; Petro-Canada Lubricants Inc; APAR; Sasol; Sonneborn LLC; and H&R GROUP among others.

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