Global White Oil Market Insights Forecasts to 2030
- The global White Oil Market was valued at USD 200.50 Billion in 2021.
- The Market is growing at a CAGR of 5% from 2022 to 2030
- The global White Oil Market is expected to reach USD 311.04 Billion by 2030
- North America is expected to grow the fastest during the forecast period.
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The global White Oil Market is expected to reach USD 311.04 Billion by 2030, at a CAGR of 5% during the forecast period 2022 to 2030. The growing need for White Oil in the pharmaceutical and personal care sectors is projected to be the main driver of market demand. Rising White Oil demand from cosmetics and medical applications is anticipated to be a key market driver globally.
A highly refined and colorless mineral oil called "white oil" is produced from the paraffinic crude feedstock. It is excellent for a number of applications thanks to its performance features, which include good hydrophobicity, little flavor and odor, and bio-stability. Additionally, the product has a low Sulphur and aromatic content, which makes it perfect for combining with other oils to enhance end-product finishing. Technical, food and medical product grades are the three that are most widely available on the international market. The product is widely used in the personal care application segment as a basic component, lubricant, softening agent, and important processing additive for a variety of personal care goods, primarily including cosmetics, make-up products, lipsticks, skin care lotions, and hair care products. The demand for the product is being driven by the wide range of uses for white oil as well as the expansion of the personal care market in developing nations. For usage in adhesive compositions, white oil can be simply incorporated with various base oils and substances. It makes it possible for the glue to keep its transparency for a longer time. The demand for white oil is anticipated to increase significantly in the adhesive application area over the next couple of years as a result of its performance-improving qualities. The market for white oil has decreased because of the COVID-19 outbreak.
Many nations used a wide range of restrictive measures to stop the COVID-19 pandemic from spreading, which generally had a negative impact on demand and, consequently, on industrial production in many industries. Additionally, the epidemic has caused many large victims, including the steel sector. Due to production halts and lower demand from several end-user sectors brought on by the COVID-19 crisis, steel output declined in 2020. Similarly, due to substantial supply chain disruptions, the food and beverage industries suffered. The product is used as an additive or a basic ingredient in the manufacture of pharmaceutical products such as emollients, internal lubricants, ointments, and laxatives. White oil is chemically stable and has effective antibacterial properties when coupled with other synthetic products. Due to the product's outstanding mixing capabilities, it is frequently employed in therapeutic applications. As a consequence of the expansion of the pharmaceutical industry, the demand for the product is most likely to increase throughout the projection period.
Global White Oil Market Report Coverage
|Market Size in 2021:||USD 200.50 Billion|
|Forecast Period 2022-2030 CAGR:||5 %|
|2030 Value Projection:||USD 311.04 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||225|
|Tables, Charts & Figures:||87|
|Segments covered:||By Application, By Region|
|Companies Covered:||Adinath Chemicals, Bharat Petroleum Corporation Limited, BP PLC, C.J. Robinson Company, Inc., Calumet Specialty Products Partners, L.P., Chevron Corporation, China Petrochemical Corporation, Eastern Petroleum Pvt. Ltd., Exxon Mobil Corporation, H&R GmbH & Co. KGaA, HollyFrontier Corporation, Nandan Petrochem Ltd., and Nynas AB.|
|Growth Drivers:||The development of Cosmetic companies is expected to drive the markets growth over the forecast period.|
|Pitfalls & Challenges:||Crude oil supply shock brought on by the Russia-Ukraine conflict.|
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This research report categorizes the Market for global White Oil based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global White Oil Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global White Oil Market sub-segments.
- Establishment of a pharmaceutical company
- Development of Cosmetic companies
- Rapid growth of personal care companies
- High Cost and Low Awareness of Benefits
- Allergic reaction to white oil
- Negative impact on demand of the product due to Covid 19
- Crude oil supply shock brought on by the Russia-Ukraine conflict
- Rising demand from the plastic industry
- Businesses are focusing on releasing new items to gain market share.
- In 2021, the Personal Care segment accounted for the largest share of the Market, with 21.6% and a Market revenue of 43.30 Billion.
Based on the application, the White Oil Market is categorized into Adhesives, Agriculture, Food, Pharmaceutical, Personal Care, Textile, Polymers and Others. In 2021, the Personal Care segment accounted for the largest share of the Market, with 21.6% and a Market revenue of 43.30 Billion. Throughout the forecast period, the Personal Care segment is anticipated to maintain its leading position while expanding at the fastest CAGR Because this is explained by the rise in demand for personal care goods brought on by people's increased awareness of their health. While creating various personal care products, white oil is used as a basic component and as an emollient. It is widely used in the production of a variety of personal care goods, including cosmetics, skincare products, moisturizers, baby items, body lotions, hair oils, shampoos, scents, and creams that are water-resistant. Because of the product's inertness toward other compounds in contact, colour stability, and lack of odor, creams employ it as a softening agent or emollient. Due to its great hydrophobicity, the substance is also used to make lotions that are resistant to water. Due to its superior binding properties, Ondina X, a white oil of the pharmaceutical grade, is produced and distributed by Royal Dutch Shell N.V. for use in the personal care business.
Regional Segment Analysis of the White Oil Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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Asia Pacific emerged as the largest Market for the global White Oil Market, with a Market share of around 45.5% and 91.22 Billion of the Market revenue in 2021.
- Asia Pacific emerged as the largest Market for the global White Oil Market, with a Market share of around 32.5% and 91.22 Billion of the Market revenue in 2021. The demand for White Oil is being driven by the rising acceptance by the market. The market for White Oil was dominated by the Asia Pacific region because there is a developing market for White Oil products in end-use sectors and The expansion is linked to the region's expanding pharmaceutical industry's need for the product. The pharmaceutical sector has been primarily propelled by increased customer knowledge, affordability, and purchasing power. Industry participants continually invest in R&D, release new goods, and set their prices to appeal to customers with various degrees of purchasing power.
- North America Market is expected to grow at the fastest CAGR between 2021 and 2030, The demand for White Oil from the healthcare care industries is expected to expand over the course of the forecast period, which reflects well for the North American White Oil market. The product's rising use as a lubricant in a number of industries, including the food, bakery, and textile sectors, will drive industry demand. Over the future years, the demand for the product used for handling dough and for lubricating food handling machinery will increase due to the rising popularity of fast food and bakery items in North America as a result of changing lifestyles. The rise of the market in North America is anticipated to be driven by the expansion of the pharmaceutical sector. The U.S. pharmaceutical sector is expanding as a result of rising medical spending, which is expected to increase market expansion.
The report offers the appropriate analysis of the key organizations/companies involved within the global White Oil Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- Adinath Chemicals
- Bharat Petroleum Corporation Limited
- BP PLC
- C.J. Robinson Company, Inc.
- Calumet Specialty Products Partners, L.P.
- Chevron Corporation
- China Petrochemical Corporation
- Eastern Petroleum Pvt. Ltd.
- Exxon Mobil Corporation
- H&R GmbH & Co. KGaA
- HollyFrontier Corporation
- Nandan Petrochem Ltd.
- Nynas AB
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In October 2021, A multi-grade white oil pipeline project was declared to be signed by GO & PAPCO and Gas & Oil Pakistan Ltd. (GO) with the consent of both parties. The ambitious goal is still being built by this greatest network.
- In August 2022, Palmer Holland claims that it has entered into a distribution agreement with Petro-Canada Lubricants. Palmer Holland is a distributor of high-end ingredients and specialty chemicals in North America. The white mineral oil brands PURETOLTM and KRYSTOLTM from Petro-Canada will be distributed by Palmer Holland in North America.
- In July 2021, Flotek Industries, Inc., a leader in green specialty chemistries serving industrial, commercial, and consumer markets, and Resolute Oil, a market leader in high-quality white mineral oil serving both industrial and consumer customers, have entered a long-term agreement to share resources and promote growth in related green chemistry markets. The agreement includes potential for extensions through 2036.
- In April 2022, Oxiteno S.A.'s acquisition by Indorama Ventures Public Company Limited (IVL) has been finalized, according to IVL. With the purchase, IVL expands its development profile into competitive sectors in Latin America and the United States, strengthening its position as the continent's largest surfactant manufacturer with extra room to grow in Europe and Asia.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global White Oil Market based on the below-mentioned segments:
Global White Oil Market, By Application
- Personal Care
Global White Oil Market, Regional Analysis
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the White Oil market?As per Spherical Insights, the size of the White Oil market was valued at USD 200.50 billion in 2022 to USD 311.04 billion by 2030.
What is the market growth rate of the White Oil market?The White Oil market is growing at a CAGR of 5% from 2022 to 2030.
Which country dominates the White Oil market?Asia-Pacific emerged as the largest market for White Oil.
Who are the key players in the White Oil market?Key players in the White Oil market are Adinath Chemicals, Bharat Petroleum Corporation Limited, BP PLC, C.J. Robinson Company, Inc., Calumet Specialty Products Partners, L.P., Chevron Corporation, China Petrochemical Corporation, Eastern Petroleum Pvt. Ltd., Exxon Mobil Corporation, H&R GmbH & Co. KGaA, HollyFrontier Corporation, Nandan Petrochem Ltd., and Nynas AB.
Which factor drives the growth of the White Oil market?The development of Cosmetic companies is expected to drive the market's growth over the forecast period.
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