White Oil Market is projected to reach US$ 2.69 Billion by 2028 from US$ 2.03 Billion in 2021. It is estimated to grow at a CAGR of 3.7% from 2021 to 2028. In-depth market segmentation, deep dive regional and country level analysis of 18+ countries across 5 key regions, key company profiles and industry landscape to provide latest market initiatives and competitive landscape, impact of COVID-19 pandemic on ecosystem.
New York, July 26, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has published a new research report titled Global 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)" includes the factors fueling the white oil market growth, revenue estimation, and market share analysis. It also entails the identification of significant market players along with their key developments.
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White Oil Market - Strategic Insights
No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
White Oil Market: Competition Landscape
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 are a few of the major players operating in the white oil market. Key companies in this white oil market are focusing on strategies such as R&D investments and new product launches.
In 2021, Asia Pacific held the largest share of the white oil market. With increasing investments from various manufacturers and the rise in support from government initiatives to increase the production of various grades of white oil, the region's production capacity 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.
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The cosmetics and personal care sector is one of the significantly propelling sectors in the region. The cosmetics and personal care market, which includes a wide variety of products, such as makeup, skincare, haircare, personal hygiene, and fragrances, has been experiencing white oil market growth over the last few years. This is further stimulating the demand for white oil in the region. In India, hair oil is the most prominent application of white oils, 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 increasing consumer inclination toward packaged food products due to a shift in eating habits and the transformation of lifestyles may positively impact 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 a wide variety of 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 to ensure the packaging material is transparent when used in cosmetics or food packaging.
The growing trend of using food packaging, such as in food service cups, packaging, and utensils, is all produced with white oil. It is used to soften rubber and polymer products used in packaging production. The packaging industry uses white oils typically in the products of polymers, thermoplastic elastomers, polyolefins, and polystyrene, as these packaging keep foods crisp. Furthermore, increasing focus on clean rooms and hygienic consumable goods packaging is one of the main factors that are likely to encourage the use of white oil adhesives in the food packaging industry over the forecast period.
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Based on grade, the white oil market is segmented into the market is segmented into food, pharmaceutical, and technical. The demand for pharmaceutical grade white oil is anticipated to grow significantly during the studied forecast period. The pharmaceutical grade white oil is high saturated paraffin oil, and it is odorless, colorless, and free frorm suspended particles. Owing to all these properties, it is widely used in the pharmaceutical, medicinal, and personal care industries. White oil is used as an additive or a basic ingredient in manufacturing pharmaceutical formulations, personal care, and cosmetic 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. All these properties are increasing the demand for white oil. Diaper rash and eczema irritation can be treated with white oil.
Moreover, major players are constantly increasing production capacity for manufacturing medicines, tablets, syrups, ointments, and other products, which are expected to drive the demand for white oil among manufacturers in the near future. 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 industry.
By application, the white oil market is segmented into personal care and cosmetics, pharmaceutical and healthcare, food industries, plastic processing, agriculture, and others. The personal care & cosmetics sectors are the major consumer of white oil. The increasing uptake of white oil for the formulation in 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 cosmetic sector. The product is also used to make lotions that are resistant to water as white oil has high hydrophobicity.
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Due to 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. Additionally, white oil is utilized as a base ingredient and emollient while processing various personal care products. It is extensively utilized 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.
White oil is a highly refined mineral oil that is extremely pure, stable, colorless, odorless, non-toxic, and chemically inert. All these factors of white oil make them suitable for application that values these properties, in applications such as pharmaceuticals, cosmetics, and chemical processing. In plastic industry it is used in the manufacturing of polystyrene and in food industry it is also employed for production of packaging, which is used in the packaging fruits and vegetables, food preservatives, etc.
The increasing consumer demand for packed food products due to a shift in eating habits and the transformation of lifestyles has positive impact on white oil market demand. The white oil is used in the production of adhesives for food packaging, in food packaging white oil is used to produce packaging from polymers. 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, wherein it acts as a diluent for ensuring material transparency when it is used in cosmetics or food packaging.
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.
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Changing lifestyles of consumers, and rising purchasing power in emerging countries, and quickening development of multifunctional personal care ingredients for cosmetics 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 for 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 as it resists moisture, maintains smoothness of the products.
Impact of COVID-19 Pandemic on White Oil Market
The COVID-19 pandemic caused significant economic losses across the world, especially in 2020 and early 2021. The white oil market also experienced the adverse effects of the pandemic in 2020. The pandemic temporarily hampered various industries' operational efficiencies, resulting in limited demand for white oil. Additionally, the product has low sulfur and aromatic content, which makes it perfect for combining with other oils to enhance end-product finishing. In 2020, various industries had to slow down their operations due to supply chain disruptions caused by the shutdown of national and international borders upon the onset of the COVID-19 pandemic.
The supply chain disruptions resulted in insufficient key raw materials and irregular manufacturing processes in various countries. The health crisis drastically affected the white oil market. It became difficult to extract white oil from crude paraffin feedstock during the pandemic. The high demand and low supply equation resulted in the rise in crude feedstock prices during the global COVID-19 outbreak. However, the demand for white oil increased in the food processing and pharmaceuticals & healthcare industries during the pandemic, with the surge in production and transportation of essential goods and the consumption of packaged food. White oil is extensively used in food packaging products, food-grade lubes, and release agents. It is also used in the production of food service cups.
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