NEW YORK, May 29, 2019 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05778945/?utm_source=PRN
The global white oil market size is projected to reach USD 2.71 billion by 2025 expanding at a CAGR of 4.2%. Growing applications of white oils in the pharmaceutical industry, due to their superior blending characteristics are anticipated to drive the market over the forecast period. Pharmaceutical is the second-largest application segment. Increasing prevalence of diseases coupled with the advancement in technology pertaining to the healthcare industry has been driving the growth of this segment. Various governmental strategies have played a key role in driving domestic pharmaceutical industry, which is likely to fuel the demand for white oils.
For instance, the Government of Mexico eliminated stringent regulation against the establishment of new manufacturing units. Thus, different large-scale manufacturers, such as Astellas Pharma Inc., Daiichi-Ranbaxy, and Takeda Pharmaceutical Co. Ltd., have started their production facilities in the country. The packaged food industry is Europe's biggest manufacturing sector, in terms of value added. Improved living standards coupled with hectic lifestyle will drive the demand for packaged foods, which is expected to fuel the growth of the white oil market. Moreover, rapidly expanding online food market will drive the market further.
Further key findings from the study suggest:
• In terms of volume, the personal care segment led the market in 2018 due to higher demand from end users across the globe
• Adhesives and agriculture applications are anticipated to have substantial growth prospects. White oils offer high transparency, good thermal stability, and ease of lubrication, which is boosting their demand in adhesives segment
• Strict regulations governed by key authorities, such as NIOSH and the U.K. HSE, especially in U.S. and Western European countries, are considered as a key restraint for the global white oil market growth
• Manufacturers produce different commercial grades (technical, medicinal, and food grades) of white oil that vary based on properties, such as constituency, purity, and viscosity
• Key companies in the market include Sonneborn, Inc.; Sinopec Corporation; Nynas AB; Royal Dutch Shell N.V.; JX Nippon Oil & Energy Corporation; and Petro-Canada
Read the full report: https://www.reportlinker.com/p05778945/?utm_source=PRN
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