White Oil Market Size, Share and Industry Forecast by 2028

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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)

Publication Month: Jul 2022 | Report Code: TIPRE00018256 | No. of Pages: 170 | Category: Chemicals and Materials | Status: Published

The white oil market was valued at US$ 2030.13 million in 2021 and is projected to reach US$ 2688.01 million by 2028. It is expected to register a CAGR of 3.7% from 2021 to 2028.

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.

Strategic Insights

Report Coverage - White Oil Market
Report CoverageDetails
Market Size Value inUS$ 2030.13 Million in 2021
Market Size Value byUS$ 2688.01 Million by 2028
Growth rateCAGR of 3.7% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages170
No. of Tables87
No. of Charts & Figures102
Historical data availableYes
Segments coveredGrade, and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

Impact of COVID-19 Pandemic on White Oil Market

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.

White Oil Market Breakdown – by Region

White Oil Market Breakdown – by Region

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Market Insights

Growth of Cosmetics and Personal Care Industry Favors 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.

Application Insights

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.

White Oil Market, by Application– 2021 and 2028

White Oil Market, by Application– 2021 and 2028

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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.

Report Spotlights

  • Progressive industry trends in the white oil market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the white oil market from 2020 to 2028
  • Estimation of global demand for white oil
  • Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in the white oil market
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook and factors driving and restraining the growth of the white oil market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
  • The size of the white oil market at various nodes
  • Detailed overview and segmentation of the market, as well as the white oil industry dynamics
  • Size of the white oil market in various regions with promising growth opportunities

Grade

  • Polyethylene Terephthalate
  • Food
  • Pharmaceutical
  • Technical

Application

  • Plastic Bottles
  • Personal Care and Cosmetics
  • Pharmaceutical and Healthcare
  • Food Industries
  • Plant Processing
  • Plastic Processing
  • Agriculture
  • Others

Company Profiles

  • 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

Frequently Asked Questions

The major players operating in the global white oil market are Calumet 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.
In 2022, Asia Pacific held the largest share of the global white oil market. The rise in the number of personal care and cosmetics industries would propel the demand of white oil in the region. The region is also flourishing owing to presence of manufacturing facilities and cheap labor. Japan is one of the largest producers of personal care and cosmetics products due to abundance of resources.
The pharmaceutical segment held the largest market share. Pharmaceutical grade white oil is high saturated paraffin oil, pharmaceutical grade white oil is odorless, colorless, and free form suspended particles and is widely used in pharmaceutical, medicinal, and personal care industries. White oil is used as an additive or a basic ingredient in manufacturing pharmaceuticals and personal care products such as emollients, internal lubricants, ointments, and laxatives.
The personal care and cosmetics segment held the largest market share. The increasing application of white oil for the formulation of various cosmetic and personal care products due to its high hydrophobicity is one of the major factors fueling the demand for white oil in the personal care and cosmetic industry. The product is also used to make lotions which are resistant to water owing 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.
Asia Pacific is estimated to register the fastest CAGR in the global white oil market over the forecast period. The Asia Pacific white oil market comprises various potential economies, such as Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China, India, and other southeast Asian countries are the key markets in the region. Due to heavy investments from various manufacturers and the rise in government initiatives to support the production of different grades of white oil, the production capacity of the region is expected to increase in the coming years. For instance, Weifang Hongrun Petrochemical Technology Co. has recently awarded a contract to Chevron Lummus Global for the licensing and design of a 500,000-metric ton per year white oil hydro processing unit and a 200,000 t/y food-grade white oil unit in Shandong, China. Moreover, the cosmetics and personal care sector is one of the significantly growing sectors in the region. The cosmetics and personal care market, which includes a wide variety of industries, such as makeup, skincare, haircare, personal hygiene, and fragrances, has been experiencing growth over the last few years. Thus, stimulating the market demand for white oil in the region. In India, the most prominent application of white oils is hair oil, which is a part of the cosmetics and personal care industry. The overall cosmetics and pharmaceutical industries account for around three-fourths of the white oil consumption in the country.

The List of Companies - White Oil Market

  1. Calumet Specialty Products Partners, L.P.
  2. Chevron Corporation
  3. ExxonMobil Corporation
  4. Petro-Canada Lubricants Inc.
  5. Renkert Oil
  6. Atlantic Oil
  7. Apar
  8. Sasol
  9. Sonneborn LLC
  10. H AND R Group
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global white oil market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global white oil market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the white oil market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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