Report : North America 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 3.2% CAGR, the North America White Oil Market is speculated to be worth US$ 516.09 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America white oil market was valued at US$ 427.47 million in 2022 and is expected to reach US$ 516.09 million by 2028, registering an annual growth rate of 3.2% from 2022 to 2028. Growth of cosmetics and personal care industry and expansion of pharmaceuticals industry are the critical factors attributed to the market expansion.
Evolving lifestyles of consumers, rising purchasing power in several countries, and quickening development of multifunctional personal care ingredients are the major factors contributing to the flourishment of the cosmetics and personal care industry. There is a huge need for high-quality ingredients, such as white oil. White oil aids the easy blending of personal care and cosmetic products. Moreover, because of its inertness it has application in cosmetic formulations as it resists moisture, maintains smoothness of the products. The elevated consumer demand for different cosmetic products can be associated with the high disposable incomes of people in this country, the growing inclination toward self-care products, and the ability of social media to enhance the customer reach of products. Moreover, people are increasingly embracing online platforms to purchase their cosmetics and skincare products. Furthermore, improving socioeconomic standards, and large-scale development of digital and manufacturing sectors are further benefitting the cosmetic industry in the country. Therefore, with the growth of the cosmetics and personal care industry, the demand for white oil is also increasing.
On the contrary,fluctuating prices of crude oil hurdles the growth of North America white oil market.
- Based on grade, the market is segmented into food, pharmaceutical, and technical. The pharmaceutical segment held 53.3% market share in 2022, amassing US$ 227.93 million. It is projected to garner US$ 278.68 million by 2028 to expand at 3.4% CAGR during 2022–2028.
- Based on application, the North America 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 28.9% market share in 2022, amassing US$ 123.71 million. It is projected to garner US$ 155.98 million by 2028 to expand at 3.9% CAGR during 2022–2028.
- Based on country, the North America white oil markethas been categorized into U.S.,Canada,and Mexico. Our regional analysis states that U.S captured 82.8% market share in 2022. It was assessed at US$ 353.81 million in 2022 and is likely to hit US$ 430.02 million by 2028, exhibiting a CAGR of 3.3% during the forecast period.
Key players dominating the North America white oil Calumet Specialty Product Partners; Chevron Corporation; EXXON Mobil Corporation; Petro-Canada Lubricants Inc; RENKERT OIL; APAR; Sasol; Sonneborn LLC; and H AND R GROUP among others.
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