White Oil Market - Forecast(2024 - 2030)

Report Code: CMR 53535 Report Format: PDF + Excel

White Oil Market Overview

White Oil Market is forecast to reach $2.16 billion by 2030, after growing at a CAGR of 4.8% during 2024-2030. The white oil market refers to a wide range of highly refined petroleum products that are colorless, odorless, and tasteless. These products are extensively utilized across various industries due to their purity and unique characteristics. White oils find significant applications in pharmaceuticals, personal care products, food processing, cosmetics, and textiles. Moreover, The cosmetics and toiletries industry alone accounts for more than one-fourth of total white oil demand. Nearly 70 percent of the demand for white oil in these main markets is currently for Group II-based products. White oils have historically been derived from paraffinic Group I and naphthenic base stocks and are misnomer as they are not white at all, but crystal clear. However, due to the decrease in Group I supply, the use of Group I has been shrinking, although Group II, III, and GTL supply have been increasing. With a growing emphasis on health and personal hygiene worldwide, there has been a substantial increase in the demand for pharmaceuticals and personal care products. White oils play a crucial role in these industries as essential ingredients for formulating creams, lotions, ointments, and various medicinal products. Furthermore, as environmental concerns continue to gain prominence, industries are increasingly focusing on sustainability and eco-friendliness. This trend is influencing the formulation of products in sectors where white oils are used. Manufacturers are opting for eco-friendly and biodegradable formulations, leading to the development of green alternatives to traditional white oils. Additionally, there is a rising demand for white oils derived from renewable sources, such as plant-based oils, driving innovation in the market.

Market Snapshot:


Report Coverage      

The report: “White Oil Market- Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the White Oil industry.

By Grade: Technical Grade, Pharmaceutical Grade, and Food Grade.
By Application: Coatings, Packaging, Plastics & Polymers, Cosmetics, Food Preservatives, Drugs, and Others.
By End-Use Industry: Pharmaceuticals, Personal Care & Cosmetics, Food & Beverages, Paints and Coatings, and Others.
By Geography: North America (U.S, Canada and Mexico), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), and RoW (Middle East and Africa).

Key Takeaways

• Asia-Pacific dominates the White Oil market owing to increase in demand from personal care and the pharmaceutical industry.
• In order to decrease manufacturing costs and time to achieve an expanded market share, influential industry players concentrate more on process innovation.
• The market drivers and restraints have been assessed to understand their impact over the forecast period.
• The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
• The other key areas of focus include the various applications and end-use industry in PVC Additives market and their specific segmented revenue.

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White Oil Market Segment Analysis - By Grade

Technical Grade held the largest share of 48% in the White Oil market in 2023. In different industrial-grade applications, Technical Grade refines the use of colorless & odorless paraffinic mineral oil. This oil is derived from high-grade paraffinic base oils. White Oils are a biologically stable substance with no level of tolerance for pathogenic support for bacteria. It is free of aromatic hydrocarbons and has a high degree of lubrication and insulation. Due to their colorless, odorless, tasteless, and hydrophobic properties, these products are used in many different end-use industries.  
White Oil Market Segment Analysis - By Application
Cosmetics has been the primary market for White Oil in 2023 growing at a CAGR of 5.6%. The growing emphasis on skincare and nourishing products for hairstyling, coloring products, and suntan products are augmenting the industry's growth. In varied applications, including cosmetics and personal care, white oil has become an important ingredient. For laxative applications in the pharmaceutical industry, pharmaceutical white mineral oils are used as internal lubricants. Furthermore, these products are used as a foundation for ointments and creams, as a carrier for solid and semi-solid ingredients, and as a capsule and tablet separator.

White Oil Market Segment Analysis - By End-Use Industry
The personal Care & Cosmetics industry has been the primary market for White Oil in 2023 growing at a CAGR of 9.3%. The personal care industry is diverse and is growing at a steady pace, mainly due to the high concentration of many manufacturers of cosmetic products in various countries. Europe's cosmetics and personal care industry thrives as a global leader, boasting $95.18 billion in retail sales in 2022. Key markets include Germany ($15.47 billion), France ($ 13.95 billion), Italy ($12.44 billion), the UK ($11.36 billion), Spain ($10.06 billion), and Poland (€4.5 billion). This sector's economic significance underscores Europe's pivotal role in shaping beauty trends and consumer preferences worldwide. The increasing demand for personal care goods in these nations has made it easier for cosmetic formulators to innovate and produce new products. In addition, white oil represents high demand from manufacturers of polymers as it is extremely necessary as a melt flow controller as well as to provide polymers with release characteristics. This helps to impart enhanced polymer physical conditions.

White Oil Market Segment Analysis - Geography
APAC dominated the White Oil market with a share of more than 52% in 2023, followed by Europe and North America. China has become the world's biggest market for cosmetics and skincare products. Over the past ten years, the beauty sector in the country has seen a growth of around 5 percent, and it is set to rise at around the same pace over the coming years as well. In India, hair oil, which is part of the cosmetics and personal care industry, is the biggest application of white oils in the country. Around three-fourths of the country's consumption of white oil is accounted for by the general cosmetics and pharmaceutical industries. Moreover, with the demand from Asian consumers for Japanese-made cosmetics, manufacturers are investing in the country's cosmetic production. For instance, Shiseido's strategy focuses on brand promotion, portfolio expansion, and new business development, aiming to achieve an 80% Skincare Sales Ratio by 2023. According to India Invest, the beauty and personal care market in India comprises skin care, oral care, hair care, men's grooming, makeup & cosmetics, fragrance, and bath & shower segments. With 90% of manufacturing localized, key growth drivers include growing awareness, disposable income, and the rise of online and offline stores. Skin care, hair care, and bath & shower products dominate the market.  

White Oil Market Drivers 

Rising Emerging Economies and Investment by Suppliers.  
Inside emerging economies, substantial growth potential lurks. A High Up in countries like India, China and South Korea, the market for white oil is which is more likely to drive the worldwide white oil demand in these regions. Since the white oil market is consolidated, investment in the commodity and development by key producers could create a major opportunity for end-use industries that would lead to an increase in demand for thermoplastic polymers, personal care & cosmetic products and pharmaceutical products. Thus, raising the demand and consumption for white oil.

White Oil Market Challenges

Stringent Government Regulations can restrict market growth.
White oils are high purity severely refined mineral oils. Mineral oils are a liquid by-product of refining crude oil to make gasoline and other petroleum products. As these oils are used in food, cosmetic products and in pharmaceuticals which is highly regulated industry. As this industry is directly connected with the consumer and to not have any adverse effect on the health of consumers the regulations has been made stricter.

Fluctuations in Crude Oil Prices and alternative materials can restrict the market.
The outlook of oil and gas is challenging owing to factors such as low oil prices, and the emergence of new hydrocarbon sources. The long-term trend of oil prices is determined by supply and demand, which is accompanied by frequent oil-related events. According to the U.S. Energy Information Administration, in 2022, the WTI price mirrored Brent crude oil, averaging $5/b less. This spread widened from $3/b in 2021 due to European countries substituting Russian imports with alternative sources. Also, The U.S. Energy Information Administration predicts Brent crude oil to average $81/b in December 2024, decreasing to $78/b by December 2025.

White Oil Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the White Oil market. Major players in the White Oil market are Bharat Petroleum Corporation Ltd., Univar Solutions Inc., Columbia Petro Chem Pvt., ExxonMobil Corporation, Total S.A, Savita Oil Technologies Limited, H&R Group, Renkert Oil, Sasol Limited, Chevron Corporation, among others

Acquisition/Technology Launches/Product Launches

In October 2023, Exxon Mobil was in advanced talks for a $60 billion acquisition of Pioneer, enhancing its presence in a highly profitable US oil region, signaling strategic expansion and potential growth opportunities.
In January 2024, Chevron Lummus Global LLC (CLG) successfully commissioned the world's largest white oil hydroprocessing unit for Hongrun Petrochemical (Weifang) Co., Ltd. in Weifang, Shandong Province, China. The plant, featuring CLG's ISODEWAXING and ISOFINISHING technologies, includes a 500,000 MTPA API Group III lubricating base oil unit and a 200,000 MTPA food-grade white oil unit.

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1.White Oil Market - Overview
    1.1 Definitions and Scope
2. White Oil Market - Executive Summary
    2.1 Key Trends by Grade
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3.White Oil Market - Comparative Analysis
    3.1 Company Benchmarking 
    3.2 Global Financial Analysis
    3.3 Market Share Analysis
    3.4 Patent Analysis
    3.5 Pricing Analysis
4.White Oil Market - Start-up Companies Scenario  
    4.1    Key Start-up Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5.White Oil Market – Market Entry Scenario Premium (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Case Studies of Successful Ventures
6.White Oil Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porter’s Five Force Model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes 
7. White Oil Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. White Oil Market– By Grade (Market Size -$Million/Billion) 
    8.1 Technical Grade
    8.2 Pharmaceutical Grade
    8.3 Food Grade 
9. White Oil Market– By Application (Market Size -$Million/Billion) 
    9.1 Coatings
    9.2 Packaging
    9.3 Plastics & Polymers
    9.4 Cosmetics
    9.5 Food Preservatives
    9.6 Drugs
    9.7 Others
10. White Oil Market– By End Use Industry (Market Size -$Million/Billion) 
    10.1 Pharmaceuticals
    10.2 Personal Care & Cosmetics
    10.3 Food and Beverages
    10.4 Paints and Coatings
    10.5 Others 
11. White Oil Market – By Geography (Market Size - $Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherland
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe 
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia Rest of Asia-Pacific
    11.4 South America
        11.4.1 Brazil  
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of The World
        11.5.1 Middle East
        11.5.2 Africa
12. White Oil Market - Entropy
13. White Oil Market – Industry/Segment Competition Landscape (Premium)  
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key Companies
        13.1.3 Market Share by Countries – Key Companies
    13.2 Competition Matrix
    13.3 Best Practices for Companies
14. White Oil Market – Key Company List by Country Premium (Premium)
15. White Oil Market- Company Analysis
    15.1 Bharat Petroleum Corporation Ltd.
    15.2 Univar Solutions Inc.
    15.3 Columbia Petro Chem Pvt.
    15.4 ExxonMobil Corporation
    15.5 Total S.A
    15.6 Savita Oil Technologies Limited
    15.7 H&R Group
    15.8 Renkert Oil
    15.9 Sasol Limited 
    15.10 Chevron Corporation
 * "Financials would be provided to private companies on best-efforts basis." 

LIST OF TABLES

1.Global White Oil Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
1.1 Adhesive Market 2019-2024 ($M) - Global Industry Research
1.2 Agriculture Market 2019-2024 ($M) - Global Industry Research
1.3 Food Market 2019-2024 ($M) - Global Industry Research
1.4 Pharmaceutical Market 2019-2024 ($M) - Global Industry Research
1.5 Personal Care Market 2019-2024 ($M) - Global Industry Research
1.6 Textile Market 2019-2024 ($M) - Global Industry Research
1.7 Polymer Market 2019-2024 ($M) - Global Industry Research
2.Global White Oil Market:Application Estimate Trend Analysis Market 2019-2024 (Volume/Units)
2.1 Adhesive Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Agriculture Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Food Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Pharmaceutical Market 2019-2024 (Volume/Units) - Global Industry Research
2.5 Personal Care Market 2019-2024 (Volume/Units) - Global Industry Research
2.6 Textile Market 2019-2024 (Volume/Units) - Global Industry Research
2.7 Polymer Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America White Oil Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
3.1 Adhesive Market 2019-2024 ($M) - Regional Industry Research
3.2 Agriculture Market 2019-2024 ($M) - Regional Industry Research
3.3 Food Market 2019-2024 ($M) - Regional Industry Research
3.4 Pharmaceutical Market 2019-2024 ($M) - Regional Industry Research
3.5 Personal Care Market 2019-2024 ($M) - Regional Industry Research
3.6 Textile Market 2019-2024 ($M) - Regional Industry Research
3.7 Polymer Market 2019-2024 ($M) - Regional Industry Research
4.South America White Oil Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
4.1 Adhesive Market 2019-2024 ($M) - Regional Industry Research
4.2 Agriculture Market 2019-2024 ($M) - Regional Industry Research
4.3 Food Market 2019-2024 ($M) - Regional Industry Research
4.4 Pharmaceutical Market 2019-2024 ($M) - Regional Industry Research
4.5 Personal Care Market 2019-2024 ($M) - Regional Industry Research
4.6 Textile Market 2019-2024 ($M) - Regional Industry Research
4.7 Polymer Market 2019-2024 ($M) - Regional Industry Research
5.Europe White Oil Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
5.1 Adhesive Market 2019-2024 ($M) - Regional Industry Research
5.2 Agriculture Market 2019-2024 ($M) - Regional Industry Research
5.3 Food Market 2019-2024 ($M) - Regional Industry Research
5.4 Pharmaceutical Market 2019-2024 ($M) - Regional Industry Research
5.5 Personal Care Market 2019-2024 ($M) - Regional Industry Research
5.6 Textile Market 2019-2024 ($M) - Regional Industry Research
5.7 Polymer Market 2019-2024 ($M) - Regional Industry Research
6.APAC White Oil Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
6.1 Adhesive Market 2019-2024 ($M) - Regional Industry Research
6.2 Agriculture Market 2019-2024 ($M) - Regional Industry Research
6.3 Food Market 2019-2024 ($M) - Regional Industry Research
6.4 Pharmaceutical Market 2019-2024 ($M) - Regional Industry Research
6.5 Personal Care Market 2019-2024 ($M) - Regional Industry Research
6.6 Textile Market 2019-2024 ($M) - Regional Industry Research
6.7 Polymer Market 2019-2024 ($M) - Regional Industry Research
7.MENA White Oil Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
7.1 Adhesive Market 2019-2024 ($M) - Regional Industry Research
7.2 Agriculture Market 2019-2024 ($M) - Regional Industry Research
7.3 Food Market 2019-2024 ($M) - Regional Industry Research
7.4 Pharmaceutical Market 2019-2024 ($M) - Regional Industry Research
7.5 Personal Care Market 2019-2024 ($M) - Regional Industry Research
7.6 Textile Market 2019-2024 ($M) - Regional Industry Research
7.7 Polymer Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US White Oil Market Revenue, 2019-2024 ($M)
2.Canada White Oil Market Revenue, 2019-2024 ($M)
3.Mexico White Oil Market Revenue, 2019-2024 ($M)
4.Brazil White Oil Market Revenue, 2019-2024 ($M)
5.Argentina White Oil Market Revenue, 2019-2024 ($M)
6.Peru White Oil Market Revenue, 2019-2024 ($M)
7.Colombia White Oil Market Revenue, 2019-2024 ($M)
8.Chile White Oil Market Revenue, 2019-2024 ($M)
9.Rest of South America White Oil Market Revenue, 2019-2024 ($M)
10.UK White Oil Market Revenue, 2019-2024 ($M)
11.Germany White Oil Market Revenue, 2019-2024 ($M)
12.France White Oil Market Revenue, 2019-2024 ($M)
13.Italy White Oil Market Revenue, 2019-2024 ($M)
14.Spain White Oil Market Revenue, 2019-2024 ($M)
15.Rest of Europe White Oil Market Revenue, 2019-2024 ($M)
16.China White Oil Market Revenue, 2019-2024 ($M)
17.India White Oil Market Revenue, 2019-2024 ($M)
18.Japan White Oil Market Revenue, 2019-2024 ($M)
19.South Korea White Oil Market Revenue, 2019-2024 ($M)
20.South Africa White Oil Market Revenue, 2019-2024 ($M)
21.North America White Oil By Application
22.South America White Oil By Application
23.Europe White Oil By Application
24.APAC White Oil By Application
25.MENA White Oil By Application
26.British Petroleum, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Renkert Oil, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Exxon Mobil Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Jx Nippon Oil Energy Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Nynas Ab, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Petro, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Royal Dutch Shell N V, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Sasol, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Seojin Chemical Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Sinopec Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Sonneborn, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)

White Oil Market is forecast to grow at 4.8% CAGR during the forecast period 2023-2030.

White Oil Market size is estimated to reach $2.16 billion by 2030

Top Companies in the White Oil Market are Corporation Ltd., Univar Solutions Inc., Columbia Petro Chem Pvt., ExxonMobil Corporation, Total S.A, Savita Oil Technologies Limited, H&R Group, Renkert Oil, Sasol Limited, Chevron Corporation,