White mineral oils are highly refined mineral oil, it is a mixture of liquid hydrocarbons, essentially paraffinic and naphthenic in nature obtained from petroleum. They are hydrophobic, colorless, tasteless, odorless, and do not change color over time. The inert nature of this white mineral oil makes it easy to use it as lubricate, smoothens, soften and resist moisture in many formulations making it very useful in the pharmaceutical and personal care preparations. Apart from this the white mineral oil is also used in pesticides, textile auxiliaries, dye intermediates, agrochemicals, polymer, specialty lubricants, specialty chemicals, incenses and as a carrier solvent for industrial applications. These wide applications of white mineral oil is creating a high demand pharmaceutical, industrial and food sectors and this demand is anticipated to grow during the forecast period.
White mineral oil market is segmented on the bases of application and region. On the basis of application white mineral oil is segmented as pharmaceutical, cosmetic/personal care and industrial. The pharmaceutical use of this oil is branch out to various forms of preparations such as pain balms, creams, lotions, salves, petroleum jelly, bulk drugs, animal vaccines etc., owing to this diversity in use the white mineral oil is expected to see a sustainable rise in CAGR during the forecast period. The pharmaceutical white mineral oil is found in two different varieties namely light grade and heavy grade and are prepared according to the standard pharmacopoeia (B.P., U.S.P., I.P. etc.).
The industrial application of white mineral oil is further expected to see an upsurge in demand in certain rising economies on the backdrop of high industrialization schemes in the respective countries.
The demand of for white mineral oil is expected to grow throughout the globe and certain regions are anticipate to witness a higher growth rate, the countries such as Tanzania in East Africa backed up by China has reported a significant growth in industrial sector. This has led to continuous demand for materials such as lubricants, wire rope lubricant, aerosol lubricants and other materials used in mundane operations in the industry. The countries in the south eastern regions such as Maldives, Myanmar, Cambodia, Bangladesh, Philippines etc. have also shown sizeable growth in industrial sector, creating an immense demand for industrial materials including white mineral oil.
Good political environment for investors in Ethiopia, Mozambique China, coupled with high overall growth of industrial sector in these countries is expected to drive the demand for industrial lubricants such as white mineral oil.
White mineral oil is a widely used in the pharmaceutical industry as a release agent, binder, and lubricant in or on capsules and tablets containing concentrates of flavoring, spices, condiments, and used in variety of preparations. The extent of use of this oil is expected to continue during the forecast period. With a high pharmaceutical exporting countries such as Germany, Switzerland, Belgium, U.S., requirement for the pharmaceutical excipient including white mineral oil is expected to remain high whereas a significant rise in demand is expected from countries such as Canada and India which reflects the fastest growing countries in terms of pharmaceutical exports and thus requiring more excipients to continue this rise in growth.
Furthermore white mineral oil is used in as a float on fermentation fluids in the manufacture of vinegar and wine to prevent or retard access of air, evaporation, and wild yeast contamination during fermentation, it is also used in bakery products, as a release agent and lubricant and the overall rise in consumption of bakery product. These miscellaneous uses are creating high demand and thus supplementing the growth of white mineral oil market.
Some of the key players participating in the global white mineral oil market includes; Exxon Mobil Corporation, Chevron Corporation, Total S.A., BASF S.E., Huntsman Corporation, Clarion Co., Ltd. among others.
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