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A17426 | Pages: 263 | Charts: 69 | Tables: 182 |
The global white oil market size 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.Rise in demand for white oil in personal care and cosmetics, driven by its non-toxic and moisturizing properties, is a major factor driving the growth of the market. In addition, rise in use of white oil in food processing for applications such as lubricants, release agents, and ingredient stabilizers further fuels the market growth. These industries rely on the oil's high purity and versatility, contributing to a steady rise in market demand.
Report Key Highlighters:
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White oil, also known as mineral oil or liquid paraffin, is a highly refined, clear, and odorless oil derived from petroleum. It is free of impurities and additives, making it safe for various applications. White oil is widely used in industries such as cosmetics, pharmaceuticals, food processing, and plastics due to its non-toxic and inert nature. Its versatility includes roles as a moisturizer in skincare products, a lubricant in machinery, and a release agent in food and polymer manufacturing.
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.
High manufacturing and processing costs significantly hinder the growth of the white oil market. Producing high-purity white oil involves complex refining and purification techniques, requiring advanced technology and substantial energy consumption. These processes increase operational expenses, making the final product costly. In addition, adhering to stringent quality standards for pharmaceutical, cosmetic, and food-grade applications adds to the overall cost. As a result, manufacturers face pricing challenges, especially in price-sensitive markets, limiting widespread adoption and impeding market expansion.
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.
[GRADEGRAPH]
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.
[APPLICATIONGRAPH]
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.
[REGIONGRAPH]
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.
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.
Key Market Segments
Key Market Players