The global white oil market was valued at $2.2 billion in 2021, and is projected to reach $3.1 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.
Report Key Highlighters:
- The white oil market is analyzed in both value and volume. The value data is studied in $ millions while the volume data is analyzed in kilotons.
- The white oil market is consolidated in nature with a few players such as Castrol Limited, Chevron USA Inc., China Petroleum & Chemical Corporation (Sinopec), Eastman Chemical Company, Exxon Mobil Corporation, Lanxess, Royal Dutch Shell Plc, Savita, and TOTAL ENERGIES that hold a significant share of the market.
- Countries such as China, U.S., India, Germany, and Brazil hold a significant share in the global white oil market.
White oil is colorless, odorless, and tasteless mineral oil that is used in medicine, pharmaceutical, and cosmetic preparations. It comprises of mineral oil distillate that is hydrogenated and separated into paraffin, naphthenes, and aromatics by adsorption on a solid adsorbent. It finds application in a wide range of sectors including textile, oil & gas, food packaging, and others.
The growth of the global white oil market is driven by increase in demand for plastic & polymer manufacturing sectors wherein white mineral oils are widely used for producing polystyrene, polyolefins, thermoplastic elastomers, and other polymers. Furthermore, both developed and developing economies have increased their spendings for the development of pharmaceutical sector, which in turn may surge the demand for white oil for producing a wide range of pharmaceutical formulations. This is anticipated to foster the demand for white oil during the forecast period.
However, the high costs associated with the formulation of white oil in personal care products, unavailability of quality white oil, volatility in prices of white oil, and others are few of the restrains that may hamper the growth of the white oil market during the forecast period.
On the contrary, the increasing trends toward healthy eating habits have surged the popularity packaged food items where white oil is applied on food packets to soften rubber and polymeric packaging materials. Furthermore, several studies have found that the use of white oil for food packaging applications adds benefit of prolong storage life, freshness & the appearance of meats, fish, poultry, fruit, and vegetables. This has made the key players of the packed food industry more linear toward using white oil. Thus, the growth in adoption of white oil in food & beverage sector is anticipated to create remunerative opportunities for the market.
The white oil market is segmented on the basis of grade, application, and region. On the basis of grade, it is fragmented into technical and pharmaceuticals grade. By application, it is classified into plastic & polymer, pharmaceuticals, food industry, personal care & cosmetics, textiles, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include, Adinath Chemicals, Asian Oil Company, Castrol Limited, Chevron USA Inc., China Petroleum & Chemical Corporation (Sinopec), Eastman Chemical Company, Exxon Mobil Corporation, Lanxess, Lodha Petro, Nandan Petrochem Ltd., RENKERT OIL, Royal Dutch Shell Plc, Savita, Sonneborn LLC, and TOTAL ENERGIES.
By Grade
Pharmaceuticals grade is the most lucrative segment
By grade, pharmaceuticals grade segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 3.9% during forecast period. The increasing severity of diseases has surged the R&D activities in the pharmaceutical sector where pharmaceutical grade white oil is widely used to produce various medicinal formulations. Furthermore, rise in awareness for personal care activities has increased the demand for various personal care products-based on pharmaceutical grade white oil formulations. These factors may augment the growth of the pharmaceutical grade segment.
Technical was the second largest contributor in terms of revenue in 2021, and is projected to grow at a CAGR of 3.5% during the forecast period. Technical grade white oil is refined, colorless and odorless paraffinic mineral oil that is used in various industrial grade applications. It is manufactured from high grade of paraffinic base oils that are biologically stable product with no tolerance liver or pathogenic bacteria. It is employed as lubricant in textile industries, paper manufacturing, as a process oil in food industry, and other applications.
By Application
Pharmaceuticals is projected as the fastest growing segment
In 2021, the pharmaceuticals segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.1% during the forecast period. This is attributed to the fact that both developed and developing economies have increased their spendings for the development of pharmaceutical sector which in turn may surge the demand for white oil for producing a wide range of pharmaceutical formulations. Furthermore, white oil is mainly used toward laxatives in pharmaceuticals applications that help increase stool motility, bulk, and frequency.
Personal care and cosmetics was the second largest contributor in terms of revenue in 2021, and is projected to grow at a CAGR of 3.8% during the forecast period. This is attributed to the increasing awareness for self-grooming activities which in turn have led the personal care sector to witness a significant increase in demand where white oil is widely used for producing a wide range of personal care products such as baby oil, baby shampoos, hair conditions, sunscreens, creams & lotions, and others. Furthermore, increasing elder population in countries such as Italy, Japan, and others have surged the demand for white oil-based anti-ageing creams. This factor is anticipated to increase the sales of white oil for personal care & cosmetics applications.
By Region
Asia-Pacific would exhibit highest CAGR of 4.1% during 2022-2031.
The Asia-Pacific white oil market size is projected to grow at the highest CAGR of 4.1% during the forecast period and accounted for 51.2% of the white oil market share in 2021. China's food packaging sector is increasing rapidly which has forced white oil manufacturers to increase their manufacturing capacities. This may act as one of the key drivers responsible for the growth of the white oil market. Furthermore, the personal hygiene & beauty sector in India is witnessing significant growth owing to the increasing number of newborns and rise in awareness regarding self-beauty and self-grooming activities where white oil is widely used to produce various cosmetic formulations such as baby oils, creams & shampoos, suntan oils, and others. For instance, according to a report published by United Nations Children's Fund (UNICEF), around 67,385 babies are born in India, that’s one-sixth of the world’s childbirths.
IMPACT OF COVID-19 ON THE GLOBAL WHITE OIL MARKET
- The white oil market was negatively impacted due to the wake of COVID-19 pandemic. However, the pharmaceutical sectors have shown an impressive growth during the COVID-19 period where pharmaceutical grade white oil is used for producing various medicinal formulations.
- Furthermore, factors such as rise in disposable income and healthy eating habits have led the food industry to recover rapidly post COVID-19 period where white oil is used to soften the food packaging items. Furthermore, increasing popularity of white oil as a food grade lubricant among key food producing players such as Nestle, Parle, and others may surge the demand for white oil in the food industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the white oil market analysis from 2021 to 2031 to identify the prevailing white oil market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the white oil market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global white oil market trends, key players, market segments, application areas, and market growth strategies.
White Oil Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 3.1 billion |
 Growth Rate | CAGR of 3.7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 263 |
 By Application |
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 By Grade |
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 By Region |
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 Key Market Players | Adinath Chemicals, China Petroleum & Chemical Corporation (Sinopec), Savita Oil Technologies Limited, Eastman Chemical Company, Exxon Mobil Corporation, Lodha Petro, Lanxess, TOTAL ENERGIES, Asian Oil Company, CASTROL LIMITED, RENKERT OIL, Chevron USA Inc., Royal Dutch Shell PLC, Sonneborn LLC, Nandan Petrochem Ltd. |
Analyst Review
According to the CXOs of the companies, the global white oil market is expected to exhibit high growth potential during the forecast period. White mineral oils are used in a variety of end-use sectors, such as plastic & polymer, rubber manufacturing, plastics & polymers, and others as external lubricant, catalyst carrier, and softener. The food packaging sector that requires good long-term soft food packaging lubricant can be accomplished with the use of white oil.
In addition, white oil possess excellent significant properties, such as outstanding lubrication, chemical stabilization, and water repellency that make it best-suited for use in the cosmetic sector for producing various cosmetic formulations. Pharmaceutical grade white oil serves as an excellent formulation and is used as a major medicinal formulation in producing a wide range of drugs. Furthermore, factors such as high onset action and efficiency have surged the popularity of white oil in the pharmaceuticals sector. The sustained economic growth and development of the plastics & polymer sector have increased the popularity of white oil.
The growing trend of white oil is driven by an increase in demand for plastic & polymer manufacturing sectors wherein white mineral oils are widely used for producing polystyrene, polyolefins, thermoplastic elastomers, and other polymers.
The pharmaceuticals segment was the leading application, and is anticipated to grow at a CAGR of 4.1% during the forecast period.
Asia-Pacific is the largest market for white oil across the globe.
The global white oil market is projected to reach $3.1 billion by 2031, growing at a CAGR of 3.7% from 2022 to 2031.
The major companies profiled in this report include Adinath Chemicals, Asian Oil Company, Castrol Limited, Chevron USA Inc., China Petroleum & Chemical Corporation (Sinopec), Eastman Chemical Company, Exxon Mobil Corporation, Lanxess, Lodha Petro, Nandan Petrochem Ltd., RENKERT OIL, Royal Dutch Shell Plc, Savita, Sonneborn LLC, and TOTAL ENERGIES.
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