Global White Oil Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), The size of the Global White Oil market was worth around USD 2.8 billion in 2021 and is expected to reach USD 3.0 billion in 2022 and is predicted to grow to around USD 3.8 billion by 2030 with compound annual growth rate (CAGR) of roughly 4.8% between 2022 and 2030.

The report analyses the White Oil market’s drivers and restraints and their impact on demand throughout the projection period. In addition, the report examines global opportunities in the global White Oil market.

White Oil Market Overview

White oil is a very stable, refined, and pure mineral oil, also known as white mineral oil or mineral white oil. Depending on the procedure employed, it can be manufactured from various feedstocks and possesses colourless, odourless, and almost tasteless qualities. Because the substance is non-toxic and chemically inert, it is frequently used as an insecticide in gardens to control a variety of insect pastes. Additionally, a positive outlook in the food, pharmaceutical, polymer, cosmetics, and other industries is predicted to increase the market share for white oil.

White Oil Market: COVID–19 Impact Analysis

The COVID-19 pandemic significantly negatively impacted the world market for mineral oil. Nearly all key countries witnessed slower economic growth due to the COVID-19 epidemic, which impacted consumer purchasing patterns. The supply-demand gap has widened due to the lockdown enacted in several nations’ transportation systems, adversely affecting domestic and international supply chains. Thus, inadequate raw material supply is anticipated to hinder mineral oil production, negatively affecting the market’s growth. However, during the pandemic, several governments-imposed trade movements of trade, which impacted the market during 2020-2021.

The hindrance in the supply chain resulted in the scarcity of raw materials, which hampered the finished White Oil. However, with the relaxation of restrictions on lockdown and the movement of goods, the market is expected to witness strong growth during the forecast period. 

White Oil Market: Growth Drivers

High demand from the personal care industry

White oils are frequently used in practically all cosmetic and personal care products, including emulsions to anhydrous cosmetics, covering baby oil, lip balm, haircare, skincare, creams, lotions, and emollients. White oils are an essential component of several cosmetic formulations. White oil can be applied to soothe eczema and diaper rash inflammation. Liquid paraffin is also used in the cosmetic sector. The ingredient can be found in various cosmetics and beauty products, such as detergent creams, cold creams, bronzed oils, hydrating creams, and makeup.

Rising demand for medicinal use 

The product is used as a basic ingredient or an additive or in manufacturing pharmaceutical products such as internal lubricants, emollients, ointments, and laxatives. White oil is chemically stable and has useful 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 result of the growth of the pharmaceutical industry, the demand for the product is most likely to increase throughout the projection period.

White Oil Market Segmentation Analysis

The white oil market is segmented into products and applications in our research scope. By product, the Light paraffinic segment is anticipated to hold the largest share globally throughout the forecast period. Due to favourable regulatory circumstances, the naphthenic category is also anticipated to hold a significant market share in demand. The light paraffinic segment leads in volume, followed by the heavy paraffinic and naphthenic segments. 

Report Scope

Key Insights: 

• Per the analysis shared by our research analyst, the White Oil market is estimated to grow annually at a CAGR of around 4.8% over the forecast period (2022-2030).
• In terms of revenue, the White Oil market size was valued at around USD 2.8 billion in 2021 and is projected to reach USD 3.8 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on product segmentation, the light paraffinic segment was estimated to hold the maximum market share in 2021.
• The personal care segment was the leading revenue-generating category based on application segmentation in 2021.
• Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

• August 2022: Palmer Holland, a distributor of fine ingredients and speciality chemicals in North America, reports that it has entered into a distribution arrangement with Petro-Canada Lubricants. Palmer Holland will distribute the white mineral oil brands PURETOLTM and KRYSTOLTM from Petro-Canada throughout North America.
• July 2021: Resolute Oil, a market leader in high-quality white mineral oil serving both industrial and consumer customers, and Flotek Industries, Inc., a leader in green speciality chemistries serving industrial, commercial, and consumer markets, have entered a long-term agreement to share resources and advance growth in related green chemistry markets. There are options for extensions through 2036 in the deal.

Regional Landscape

In 2021, the Asia Pacific region dominated the market and had a revenue share of over 50%. The expansion is attributed to the region’s expanding pharmaceutical industry’s need for the product. The pharmaceutical sector has been primarily propelled by increased customer awareness, affordability, and purchasing power. Industry participants continually invest in R&D, release new products, and set their prices to appeal to customers with various levels of purchasing power.

Over the projected period, the Middle East and Africa are expected to experience a sizable revenue-based CAGR. The growth of the pharmaceutical industry in the MEA region is supporting the white oil market demand. In the Middle East, particularly Saudi Arabia, the pharmaceutical sector is likely to develop due to rising healthcare costs and government assistance, which is anticipated to affect market growth throughout the projection period positively.

Competitive Landscape

Creating a long-term relationship with the end-users is a top priority for the major worldwide brands in the fiercely competitive white oil market. In the upcoming years, it is projected that competition will intensify due to the continued growth of the pharmaceutical and personal care industries.

As the players are also involved in the product’s production, businesses such as Exxon Mobil Corporation, British Petroleum, and Sinopec Corporation have a high level of integration across the value chain. These businesses have made a name for themselves as leading producers and concentrate on product innovation and research.

List of the prominent players in the global White Oil market:

• British Petroleum
• ExxonMobil Corporation
• Renkert Oil, Inc.
• JX Nippon Oil & Energy Corporation
• Petro-Canada
• Nynas AB
• Royal-Dutch Shell N.V.
• Sinopec Corporation

The global White Oil market is segmented as follows:

By Product

• Heavy Paraffinic
• Light Paraffinic
• Naphthenic

By Application

• Personal Care and Cosmetic
• Adhesive
• Pharmaceutical
• Textile
• Agriculture
• Polymers
• Food and Beverage
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America