Research Nester’s recent market research analysis on “White Oil Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global white oil market in terms of market segmentation by product type, application, grade, and by region.
Growing Demand for Automobiles to Promote Global Market Share of White Oil
The global white oil market is estimated to grow majorly on account of the increased demand for both fuel-based and electricity-based vehicles. White oil is used in the production of automobile tires as well as the formulation of engine lubricants. Prior to the COVID-19 outbreak, the global sales of automobiles were expected to reach around 80 million. Following the pandemic, the automotive industry recovered dramatically; with over 66 million cars sold globally in 2022, up from approximately 67 million units in 2021. White oil is required for electric vehicles. Although electricity powers the majority of electric vehicles, many of them use lithium batteries, which require, well, lithium, often known as white oil. By 2030, Europe is expected to have over 40 million EVs. Nonetheless, lithium imports for batteries account for nearly half of the continent's lithium supply.
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Besides this, the market growth is also expected due to the rising use of white oil in various industries including agriculture and pharmaceutical. White oil is used as a pesticide to control a range of insect pests in plants. The spray prevents insects from breathing, resulting in suffocation and death. Pests are estimated to account for up to 40% of yearly crop production losses in the United States by the Food and Agriculture Organization of the United Nations. Each year, plant diseases cost approximately USD 220 billion, and invading insects cost at least USD 70 billion.
Some of the major growth factors and challenges that are associated with the growth of the global white oil market are:
Growth Drivers:
• Surging Need for Personal Care Products
• Increasing Demand for Plastic
Challenges:
There are various alternative product present in the market and there is also a serious lack of raw materials. Besides this, the production of white oil imposes a serious threat to the environment. The need for lithium supplies for electric vehicles has generated a mining boom, and excessive mining or hunting of white oil is harming the environment. Countries are promoting electric vehicles and even converting petrol vehicles to electric vehicles in order to cut carbon emissions. Anyone who owns an electric vehicle is responsible for a considerable amount of mining, refining, and other hazardous operations.
By application, the global white oil market is segmented into plastics and elastomers, adhesives, personal care, agriculture, textile, food and beverage, pharmaceutical, metalworking applications, and other applications. The personal care segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increased demand for personal care products from both adults and children can be attributed to the growth of the segment. Shampoo, hair oils, scents, moisturizers, baby oil, and other infant goods are among these items. Because white oil has anti-bacterial characteristics, it is used in infant products to enhance their advantages. The usage of store-brand shampoo by around 4 million Americans was around 8 times every week in 2020. In addition to this, Johnson & Johnson, a multinational American firm that makes medical supplies, medicines, and packaged products for consumers, sold around USD 2 billion in baby care items in 2021.
By region, the Asia Pacific white oil market is to generate the highest revenue by the end of 2035. Higher manufacturing in the textile industry primarily attributes to market growth in the region. White mineral oils are used in the textile industry for a variety of reasons, including yarn lubrication, sewing machine oil, industrial fabrics, and fiber lubricant. It provides lubricity and oxidative stability, which reduces the possibility of discoloration. China produced over 3 billion meters of textiles for garments in December 2022. Each month, the volume of textiles produced was consistent and exceeded three billion meters.
This report also provides the existing competitive scenario of some of the key players of the global white oil market which includes company profiling of Calumet Specialty Products Partners, L.P, Chevron Corporation, ExxonMobil Corporation, Petro-Canada Lubricants Inc., Renkert Oil, Atlantic Performance Oils, Sasol, Sonneborn LLC, H & R GROUP, and NYNAS AB.
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