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White Oil Market Size Is Predicted To Touch $3.0 Billion By 2030 Based on Positive Outlook Towards Personal Care, Pharmaceutical, Food And Polymer Processing Sectors | Grand View Research, Inc.

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White Oil Market Size Is Predicted To Touch $3.0 Billion By 2030 Based on Positive Outlook Towards Personal Care, Pharmaceutical, Food And Polymer Processing Sectors | Grand View Research, Inc.

May 23
05:15 2022
White Oil Market Size Is Predicted To Touch $3.0 Billion By 2030 Based on Positive Outlook Towards Personal Care, Pharmaceutical, Food And Polymer Processing Sectors | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, rapidly increasing demand for the white oil in the agriculture, adhesives, and textile application markets are projected to be significant factor supporting the growth of the white oil industry during the forecast period.

White Oil Market Overview

The global white oil market size was valued at USD 2.0 billion in 2021 and is expected to reach USD 3.0 billion by 2030, expanding at a CAGR of 4.2% during the forecast period.

The demand for the product is anticipated to be driven by the increased demand for the product in the personal care and pharmaceutical industries. Globally, rising product demand from medicinal and cosmetics applications is expected to be a major driver in the market. White oils are mineral oils that have been purified to be pure, stable, colorless, odorless, and non-toxic.

Gather more insights about the market drivers, restrains and growth of the Global White Oil Market

The product is a highly refined and colorless mineral oil made from the paraffinic crude feedstock. It has a variety of performance characteristics, including good hydrophobicity, low odor and taste, and bio-stability, making it suitable for a wide range of applications. The product also has a low aromatic and Sulphur content, making it ideal for blending with other oils to improve end-product finishing. The main product grades of the product accessible on the global market are technical, food, and medical.

 

U.S. White Oil Market size, by application, 2020-2030 (USD Million)

 

The product is manufactured from the refining of paraffinic and naphthenic crude oil feedstock and can be processed from natural gas by gas to liquid conversion technology. Royal Dutch Shell N.V. manufactures white oil from natural gas through the use of the Fischer-Tropsch process that converts natural gas to highly purified white oils with low aromatic hydrocarbon content. Volatile raw material prices, coupled with geophysical and political conflicts among key oil trading regions, are expected to affect the overall supply-demand scenario in the future. This, in turn, is anticipated to adversely influence the production and consumption of the product in the global market during the next few years.

A positive outlook toward the growth of the personal care, pharmaceutical, food, and polymer processing sectors has resulted in boosting the demand for the product in various developing and developed regions. Furthermore, rapidly mounting demand for the product in the agriculture, adhesives, and textile application markets are projected to be another significant factor supporting the growth of the market during the forecast period. Although the tight supply of raw materials, coupled with a drop in their prices, might hinder the market growth, a technological breakthrough is likely to contribute to the firm growth of the industry over the next couple of years.

The product is used in the production of pharmaceutical goods which include emollients, internal lubricants, ointments, and laxatives as an addition or as basic material. When combined with other synthetic goods, white oil has good antibacterial qualities and is chemically stable. The product is often used in medicinal applications due to its excellent mixing properties. As a result, the demand for the product is likely to rise in the forecast period as the pharmaceutical sector expands.

 

White Oil Market Segmentation

Based on the Application Insights, the market is segmented into adhesives, agriculture, food, pharmaceuticals, personal care, textile, polymers and others      

  • The personal care application segment dominated the market with a revenue share of over 25.0% in 2021. This is attributed to the increase in demand for personal care products owing to the increase in health awareness among people.
  • White oil is utilized as a base ingredient and as an emollient during the processing of various personal care products. It is extensively consumed for the manufacturing of 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 adhesives application segment is anticipated to register the highest revenue-based CAGR of 4.6% over the forecast period.
  • The consumption of white oil in the agriculture application segment is expected to increase significantly due to its performance characteristics. White oil is odorless, tasteless, and prevents dust when applied directly on grains to suppress dust formation. 

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa

  • The Asia Pacific region dominated the market with a revenue share of more than 50.0% in 2021. The growth is attributed to the increase in demand for the product by the pharmaceutical industry in the region. 
  • The Middle East and Africa are anticipated to register a significant revenue-based CAGR of 4.4% over the forecast period.  The pharmaceutical industry growth in the Middle East, especially Saudi Arabia, on account of rising health expenditure, coupled with government support, is expected to have a positive impact on the market growth over the forecast period.
  • Growing demand for fast food and bakery products in North America on account of changing lifestyles will augment the demand for the product to be used for handling dough and for food handling machinery lubrication over the upcoming years. The growth of the pharmaceutical industry is expected to fuel the market expansion in North America.

 

Key Companies Profile

The market for white oil is highly competitive with the big international brands focusing on the development of a long-term relationship with the end-users. With the further growth in the personal care and pharmaceuticals sectors, the competition is anticipated to increase in the coming years.

Some prominent players in the white oil market include:

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

 

Order a Free sample PDF of the White Oil Market Intelligence Study, published by Grand View Research.

 

About Grand View Research 

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services. 

Web: https://www.grandviewresearch.com

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Website: https://www.grandviewresearch.com/industry-analysis/white-oil-market