Publication Month: Jul 2022 | Report Code: TIPRE00018256 | No. of Pages: 170 | Category: Chemicals and Materials | Status: Published
The demand for white oil in end-use industries, such as pharmaceutical, food, personal care, and cosmetics products, is expected to boost the market significantly in the near future. Further, favorable regulatory compliance and ongoing product advancements, notably in the healthcare sector, in various regions will experience significant growth during the forecast period. Additionally, the increasing usage of polymer and adhesives in packaging has created lucrative opportunities for the white oil market during the forecast period.
Moreover, the increasing usage of the product as a lubricant in end-use industries, such as food, bakery, and textile, is anticipated to drive the white oil market significantly. Due to changing lifestyles in regions, such as North America, the rising need for fast food and bakery products is likely to fuel the demand for white oil over the next few years. It is used in dough handling and food handling machinery lubrication, which is utilized in the production of food products. White oil also has a low aromatic and sulfur content, making it ideal for blending with other oils to improve end-product finishing. All these properties of white are expected to boost the market during the forecast period.
In 2020, Asia Pacific held the largest share of the global white oil market. The major factor contributing to the growth of the market in this region is the growing demand for white oil from the personal care and cosmetics, pharmaceutical and healthcare, food industries, plastic processing, and other manufacturing industries. The most common use of white oils in India is hair oil, a component of cosmetics and personal care products. Three-fourths of the nation's usage of white oil is accounted for by the pharmaceutical and cosmetics industries combined.
|Market Size Value in||US$ 2030.13 Million in 2021|
|Market Size Value by||US$ 2688.01 Million by 2028|
|Growth rate||CAGR of 3.7% from 2021 to 2028|
|No. of Pages||170|
|No. of Tables||87|
|No. of Charts & Figures||102|
|Historical data available||Yes|
|Segments covered||Grade, and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The COVID-19 pandemic severely impacted the global market in 2020 due to disrupted supply chains of raw materials used to produce white oil. Ease in lockdown measures in several countries and resumption of operational activities in many industries helped revive the demand for white oil from 2021. In addition, the rapid pace of COVID-19 vaccination programs has been supporting the growth of the white oil market.
Increasing lifestyles of consumers, and further rise in per capita income in emerging countries, and quickening development of multifunctional personal care ingredients are the major factors contributing to the growth of white oil in cosmetics and personal care industry. White oil aids the easy blending of personal care and cosmetic products. Moreover, because of its inertness, it has application in cosmetic formulations white oil helps in resisting water and helps in maintaining the moisture the products. There is a huge need for high-quality ingredients, such as white oil, in North America and Europe.
Australia has a flourishing beauty industry. The country’s resilience and steady economic activity create an ideal environment for the progress of local and international beauty brands present in the country. According to Statista, the country's beauty and personal care market is expected to grow at a 3.10% CAGR from 2022 to 2026. The elevated consumer demand for different cosmetic products can be associated with the high disposable incomes of people in this country, the growing inclination toward self-care products, and the ability of social media to enhance the customer reach of products. Moreover, people are increasingly embracing online platforms to purchase cosmetics and skincare products. According to Statista, the Australian beauty industry’s revenue rose by 10.9% in 2022, and the industry is quickly recovering from the devastating blow of the COVID-19 pandemic.
Based on application, the market is segmented into personal care and cosmetics, pharmaceutical and healthcare, food, plastic processing, agriculture, and others. The personal care and cosmetics segment held a larger market share in 2021. The increasing adoption of white oil for the formulation of various cosmetic and personal care products due to its high hydrophobicity is one of the major factors driving the demand for white oil in the cosmetic industry. Additionally, white oil is utilized as a base ingredient and emollient while processing various personal care products. It is extensively consumed for manufacturing a wide range of personal care products such as cosmetics, skincare creams, moisturizers, baby products, body lotions, hair oils, shampoos, fragrances, and water-resistant creams. The product is also used to make lotions resistant to water due to its high hydrophobicity. Because of the product's inertness toward other chemicals in contact, color stability, and absence of odor, white oil is used as a softening agent or emollient in creams.
A few key market players in the white oil market are Specialty Products Partners, L.P.; Chevron Corporation; ExxonMobil Corporation; Petro-Canada Lubricants Inc.; Renkert Oil; Atlantic Oil; Apar; Sasol; Sonneborn LLC; and H AND R GROUP. These companies provide a wide range of product portfolios for the white oil market. These companies have their presence in developing regions, which provides a lucrative opportunity for white oil. These market players are highly focused on developing high-quality, innovative products to fulfill customer requirements.