SELBYVILLE, Del., Dec. 12, 2017 /PRNewswire-iReach/
White Oil Market revenue is projected to observe a massive surge over the next few years, driven by the escalating product popularity in the healthcare, cement, pharmaceuticals, textile, plastic & polymer, food, precision equipment, bakery, wood, and personal care & cosmetics sectors. The product also finds massive utilization in tanks, gears, compressor cylinders, hydraulic equipment, vats, medical equipment, and packaging. Pertaining to the broad application spectrum alone, white oil industry exhibits the competence to flourish over the forthcoming years. As per estimates, white oil industry, which accumulated a revenue of more than USD 1.1 billion in 2015, is anticipated to surpass USD 2 billion by 2024.
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White oil is used in manufacturing medical devices, laxatives, ointments and various excipients in healthcare industry. Prevalence of disease and demographic rise in APAC is expected to initiate the pharmaceuticals market demand in China and India.
Rapid industrialization and urbanization particularly in the emerging countries have supported the product development. High product usage as hydraulic fluids and gear lubricants in industrial applications including compressors, machinery, vats and tanks will further favour white oil market growth.
Plastics & polymers dominates the white oil market share, accounted for over 50% in 2015. Surging demand for PVC lubricants, extenders, plastic annealing, thermoplastic elastomers, rubber and catalyst carriers are he stimulating factors of business demand. Moreover, mold release agents and extrusion aids are extensively used in the polymer production.
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High product popularity across food & packaging and healthcare sectors along with a greater urge for refined as well as clean oil will augment the growth of Europe white oil industry. North America white oil industry is projected to expand at a CAGR of over 2.7% over the period of 2016-2024, subject to the introduction of new products specifically in the healthcare sector. The U.S. is predicted to make remarkable contributions toward the regional revenue.
Asia Pacific led by China, India and Taiwan accounted for more than 60% of the overall white oil market consumption. Expansion in textile, agriculture and cement industry will enhance the revenue growth in this region.
U.S. will witness a significant market growth at over 4.5%, with strong consumption in protective diluents, emollients, moisturizers, baby care and hair care products will propel the regional demand. Regulatory compliance accompanied by product innovations particularly in healthcare industry will surge the white oil market growth.
MEA white oil market will witness growth over 2.5% by 2024. Technological advancement in production process accompanied by substantial petroleum reserves will drive the regional demand size. Changing consumer tastes along with increased cosmetics and personal care product consumption has also enhanced regional product penetration.
Browse key industry insights spread across 160 pages with 83 market data tables & 10 figures & charts from the report, "White Oil Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:
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