Expansion of Pharmaceuticals Industry Contributes to White Oil Market Growth
According to our latest market study, titled “White Oil Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Grade (Food, Pharmaceutical, and Technical), and Application (Personal Care and Cosmetics, Pharmaceutical and Healthcare, Food Industries, Plastic Processing, Agriculture, and Others),” the white oil market size is expected to grow from US$ 2030.13 million in 2021 to 2688.01 million by 2028. It is expected to grow at a CAGR of 3.7% from 2021 to 2028. The report highlights key factors governing the white oil market growth. It also profiles prominent market players, along with their developments, in the white oil market.
White oil is a highly refined mineral oil that is extremely pure, stable, colorless, odorless, non-toxic, and chemically inert. These attributes of white oil make them suitable for application that values these properties, such as pharmaceuticals, cosmetics, and chemical processing. White oils are widely used in plastic, food, pharmaceutical, and medicinal applications. In the plastic industry, it is used for polystyrene manufacturing. It is also employed for the protective packaging of fruits and vegetables, food preservatives, etc., in the food industry. Evolving consumers' lifestyles, rising purchasing power in developing countries, and quickening development of multifunctional personal care ingredients are the major factors contributing to the flourishment of the cosmetics and personal care industry. There is a huge need for high-quality ingredients, such as white oil, in North America and Europe. White oil aids the easy blending of personal care and cosmetic products. Moreover, because of its inertness, it has application in cosmetic formulations as it resists moisture and maintains the smoothness of the products.
The US is one of the world’s largest beauty markets and is home to some of the cosmetics giants. Moreover, France has a robust cosmetic industry. French cosmetic products are sold in over 200 countries, and the cosmetics companies continue to increase market shares worldwide, with a major focus on untapped, emerging countries. Further, the cosmetics industry in India is headed for a major boom in sales owing to social media marketing, rising digitization, and e-commerce platform surge. Improving socioeconomic standards and large-scale development of digital and manufacturing sectors are further benefitting the cosmetic industry in the country. Therefore, with the growth of the cosmetics and personal care industry, the demand for white oil is also increasing.
The growing consumer inclination toward packaged products due to a shift in eating habits and the transformation of lifestyles may have an imperative impact on the demand for white oil. The oil is used in the production of adhesives for food packaging. Technical white oil mineral is permitted as an indirect food additive in various food contact materials, including adhesives. It is also used as a defoaming agent component in paper and paperboard packaging. White oil is used in hot melt adhesives, which act as a diluent for ensuring material transparency when used in cosmetics or food packaging. The growing trend, such as in food service cups, packaging, and utensils, are all produced with white oil.
Impact of COVID-19 Pandemic on White Oil Market
The COVID-19 pandemic led to adverse effects in many industries, such as the chemical & materials, as they faced unprecedented challenges due to disruptions in supply chains and disharmony in manufacturing, delivery schedules, and sales of various goods. The demand for white oil decreased due to disturbances in the operations of several industrial sectors. Many white oil production sites were either closed partially or completely in 2020.
Moreover, fluctuations in raw material costs and availability resulted in the volatility of prices of white oil. However, with economies reviving gradually since 2021, the demand for white oil is expected to increase globally in the coming years.
Calumet Specialty Products Partners, L.P.; Chevron Corporation; ExxonMobil Corporation; Petro-Canada Lubricants Inc.; Renkert Oil; Atlantic Oil; Apar; Sasol; Sonneborn LLC; H AND R GROUP are the key players in the white oil market. These market players emphasize on developing high-quality and innovative products and expanding their product portfolios to address continuously evolving customer demands.
White Oil Market – Regional Overview
White Oil Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Grade (Food, Pharmaceutical, and Technical), and Application (Personal Care and Cosmetics, Pharmaceutical and Healthcare, Food Industries, Plastic Processing, Agriculture, and Others)
White Oil Market Size Report | Growth & Analysis 2028
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The report segments the white oil market as follows:
By Grade, the market is segmented into food, pharmaceutical, and technical. By application, the market is segmented into personal care and cosmetics, pharmaceutical and healthcare, food industries, plastic processing, agriculture, and others. By geography, the market is segmented into five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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