White Oil Industry - Regional Synopsis
APAC Market Statistics
The Asia Pacific white oil market, amongst the market in all the other regions, is projected to hold the largest market share of about 33 % by the end of 2037. The growth of the market can be attributed majorly to the increasing manufacturing in the textile industry. In the textile business, white mineral oils are used for a wide range of purposes, including yarn lubricant, sewing machine oil, industrial fabrics, and fiber lubricant. It offers lubricity and oxidative stability, while lowering the risk of discoloration. In December 2022, China manufactured around 3 billion meters of textiles for garments. The volume of textiles produced each month was consistent and was greater than three billion meters. In addition to this, India ranks seventh in the world for textile exports, that include clothes, household goods, and technological products. It is the second-largest manufacturer of textiles and apparel in the world. The textile and apparel sector contributes 12% of exports, 13% of industrial production, and 2.3% of the nation's GDP.
North American Market Forecast
The North American white oil market, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market can be attributed majorly to the increasing demand and sales of automobiles. White oil is used as an essential raw material in the automobile industry. The third quarter of 2022 saw a 24 percent growth in new vehicle sales in the US market. Moreover, around 600,000 light trucks and vehicles were sold in the three months that concluded on September 30, 2022. It was higher than nearly 400,000 during the same time in 2021.
Latin America Market Forecast
Further, the market in Latin America, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for hair oil and other hair care products. Owing to the cheap manufacturing of white oil, it is used as a moisturizing agent in various skincare and hair care products. It traps moisture and reduces the dryness and fizziness in the hair. In 2020, with trade values of around 130 and nearly 107 million dollars in Chile and Mexico, respectively. They are the top Latin American countries for hair product imports. Moreover, Mexico exports hair products to other countries as well.
