The white oil market in North America is expected to grow from US$ 427.47 million in 2022 to US$ 516.09 million by 2028. It is estimated to grow at a CAGR of 3.2% from 2022 to 2028.
Expansion of Pharmaceuticals Industry
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. According to the Pharm approach, the US has the world’s largest pharmaceutical industry in terms of drug development, production, and revenue generation. According to Investopedia, the US leads the position in medical research and development in the global pharmaceutical industry. 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.
Market Overview
US, Canada, and Mexico are the key contributors to the white oil market in the North America. North America is one of the prominent markets for white oil due to its increasing application in various end-use industries across the region. The increasing emphasis on health and wellbeing and the willingness of customers in the region to pay more for high-end products will help increase the rate at which consumers adopt pharmaceuticals, food, personal care, and cosmetics products. Due to favorable regulatory compliance and ongoing product advancements, notably in the healthcare sector, the region will experience significant growth. Additionally, the region's rising polymer and adhesive usage will open up lucrative opportunities for the North America white oil market in the forecast period. The North America white oil market is witnessing high growth due to the presence of leading companies, including ExxonMobil Fuels & Lubricants, Sonneborn, and Chevron Corporation. The increasing demand for protective diluents, moisturizers, emollients, hair care, and baby care products is projected to propel the North America market in the years to come. The rise in spending on personal care and cosmetic products will create new avenues for market growth in the region. White oil can be used to ease diaper rash and eczema irritation. According to the National Eczema Association, 31.6 million people in the US (10.1%) have eczema. Eczema is a chronic skin problem in which the skin becomes dry, discolored, itchy, and inflamed. White oil can be administered to the affected area to reduce eczema symptoms. These factors are boosting the North America white oil market in North American countries.
North America White oil market Revenue and Forecast to 2028 (US$ Million)
Strategic insights for the North America White Oil provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the North America White Oil refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.North America White Oil Strategic Insights
North America White Oil Report Scope
Report Attribute
Details
Market size in 2022
US$ 427.47 Million
Market Size by 2028
US$ 516.09 Million
Global CAGR (2022 - 2028)
3.2%
Historical Data
2020-2021
Forecast period
2023-2028
Segments Covered
By Grade
By Application
Regions and Countries Covered
North America
Market leaders and key company profiles
North America White Oil Regional Insights
North America White oil market Segmentation
The North America white oil market is segmented into grade, application, and country.
Calumet Specialty Product Partners, Chevron Corporation; EXXON Mobil Corporation; Petro-Canada Lubricants Inc; RENKERT OIL; APAR; Sasol; Sonneborn LLC; and H AND R GROUP are the leading companies operating in the white oil market in the North America.
The North America White Oil Market is valued at US$ 427.47 Million in 2022, it is projected to reach US$ 516.09 Million by 2028.
As per our report North America White Oil Market, the market size is valued at US$ 427.47 Million in 2022, projecting it to reach US$ 516.09 Million by 2028. This translates to a CAGR of approximately 3.2% during the forecast period.
The North America White Oil Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America White Oil Market report:
The North America White Oil Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America White Oil Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America White Oil Market value chain can benefit from the information contained in a comprehensive market report.