May 10, 2022 (Market Insight Reports) -- Global Market Insights, Inc, has introduced a research study on White Oil Market Value which offers a precise outline of the industry valuation, SWOT Analysis, market size, revenue estimation and the geographical outlook of the business. The report accurately depicts the key opportunities and business challenges experienced by pivotal players of this industry, while expanding on their present competitive settings and growth strategies.
As per the India Brand Equity Foundation, in August 2021, the pharmaceutical sector in India grew by 17.7% per year, up from 13.7% in July 2020, thereby strengthening white oil market expansion in the region. Likewise, the growing burden of musculoskeletal conditions in the UK is further increasing the application scope of white oils. The substance is used extensively in the preparation of gelatinous capsules, for the treatment of conditions like osteoarthritis, which affects nearly 8.5 million people in the United Kingdom, according to data from Versus Arthritis.
White oils are increasingly gaining traction due to their positive attributes including colorlessness, stability, purity, chemically inertness, and non-toxicity, making them ideal for pharma and other major industrial applications. With the pharmaceutical industry witnessing tremendous growth, especially in developing nations, white oil manufacturing process and development are slated to expand as well.
In addition to the pharmaceutical sector, this mineral oil is gaining widespread adoption in formulations used across myriad industry landscapes, including cosmetics.
Given below are 4 key factors contributing to white oil market growth worldwide:
Development of cost-effective alternatives to silicone sealants
Despite the growing popularity of silicone sealants, the increasing pressure on the global silicone supply is driving up their prices. Factors like these are influencing manufacturers to make a shift to cost-effective and compatible alternatives.
To that end, in November 2021, Nynas launched NYFLEX 2120B, a white oil, and a range of naphthenic special oils for use in sealant formulators. This expanded product portfolio was intended to offer cost-effective alternatives for silicone fluids while mitigating issues associated with microbial growth and maintaining the right balance between volatility, color stability, and viscosity.
Growing agricultural productivity in the U.S.
A range of farm-related industries is included in the agricultural sector, of which, food manufacturing and foodservice are among the largest in developed nations including the U.S. As per the U.S. Department of Agriculture's report, food, agriculture, and related industries contributed around $1.055 trillion to the gross domestic product in the country in 2020.
This growth in agricultural productivity is generating several lucrative opportunities for the white oil market, as this oil is considered an essential ingredient of agricultural products, like pesticides, and dust suppression products.
High emphasis on aggressive marketing investments in personal care and beauty
As the beauty and personal care industry is gradually starting to recover from the coronavirus pandemic, several brands are taking strategic initiatives globally to regain their footing in the global market space. To cite an instance, in November 2021, Japan-based Shiseido announced plans to make aggressive marketing investments of over $132 million in the fourth quarter of 2021 as compared to a year earlier.
