White Oil Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

White Oil Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of White Oil Market

The white oil market size was valued at USD 2.88 billion in 2023, and the market is now projected to grow from USD 2.43 billion in 2024 to USD 3.26 billion by 2032, exhibiting a CAGR of 4.3% during the forecast period of 2024-2032.

The white oil market however was affected by the COVID-19 pandemic where supply chains of the product were disrupted, there was a decrease in industrial activities causing uptake of the product to decline besides manufacturing processes being slowed down. Due to several restrictions and lockdowns of different countries, it was observed that white oil is used in sectors such as cosmetics, pharmaceutical, and automotive which has reduced to some extent. Moreover the transportation was limited as well as the availability of workforce added to the problems of the industry. But in the new environment, the inability to make up for the loss of demand for automotive additives and lubricants was found, at least partially, with the help of the growth in the use of pharmaceutical-grade white oil as a component of Healthcare and hygiene products caused by the pandemic. Over the years, the market is thought to return to its normalcy when the economies of various regions begin to recover.

Currently, there are the following tendencies in white oil market. They are caused by the growing demand for white oil mainly in the cosmetic, pharmaceutical and food industries. Concern for health and hygiene has gone high, which is further increasing the application of pharmaceutical-grade white oil in personal care products. Changing consumer preferences source towards environmentally sustainable, bio- derived products are driving innovation. High technology implemented in the refining processes has raised the standards and purity of the white oil. There, the demand is increasing because of the industrialization and growing sectors for consumers, especially in Asian-Pacific countries in particular. Thus, all the above mentioned factors are contributing towards the white oil market growth.

The major forces at the ground level in white oil market are momentous in terms of it rising usage in cosmetic, pharma, and foods industries. In cosmetics and personal care it is used mainly as an emollient, and since white oil possesses good moisturizing property, its use is expected to grow in lotions and creams among other products. White oil is used extensively in the formulation of sophisticated pharmaceutical and medicinal ointments and products because of its’ high purity. Informed by higher buyer power in developed markets, plus a demographic dividend resulting from enhanced education and affordability factors, rapid industrialization and growth in emerging economies particularly Asia-Pacific breaks the demand bar. The processes used in refining also play a role in market growth, thanks to technological developments.

Comprehensive Analysis white oil Market

White oil market is classified into pharmaceutical and technical white oil that meets the purity and application requirements of its users. In pharmaceutical industry, white oil is widely used as an ingredient of formulations, ointments or medicinal products because of its pharmaceutical grade purity and stability. In personal care and cosmetics it acts as an ebullient in lotions, creams among others. The food and beverage industry deploys white oil for food contact lubricants and plastic products. In textiles it acts as a lubricant for the textile machineries. Further, in applications connected with plastic and polymer industries, white oil is used in processing, while in other industries, it is in use in adhesives or lubricants.

The Asia-Pacific region is the largest market for white oil because of industrialization and growing industries of cosmetics, Pharmaceuticals, and food industries. Manufacturing nations like China, India and Japan make large contributions because they are rapidly becoming consumption economies. White oil consumption is also buoyed by rising demand of personal care and cosmetics products other than the growth in the consumption of pharmaceuticals in the region. Also, the evolution of the food and beverages segment and the plastics segment in the Asia-Pacific region increases the growth of the market and places the region at the forefront worldwide.

Key players in this sector include Exxon Mobil Corporation (U.S.), Bharat Petroleum Corporation Limited (India), Calumet Refining, LLC (U.S.), Petro‐Canada Lubricants LLC (Canada), RENKERT OIL (U.S.), Repsol (Spain), S.A. White Oil Company (U.S.), Sasol (South Africa), Shell plc (U.K.), TotalEnergies (France)

Writing in 2024, some changes identified in the white oil market include the manufacture and launch of bio-based white oil, a sign of growing market responsiveness to sustainable production. These green materials are bio-based, synthesized to suit the current global trend of responding to the need to use green products across such sectors as cosmetics, drugs, and food products. In this regard, this innovation is consistent with the global shift towards decarbonizing Chemistries and decreasing dependence on petrochemical-based products while providing counterparts of high purity and performance to traditional white oil for various industries and to meet sustainability goals in diverse sectors.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 6.1% from 2023 to 2030

Unit Value (USD million)

Segmentation By Product Type, End-User, and Region

Segmentation By Product Type

Rolling Flat Dies

Thread Rolling Cylindrical Dies

Rotary Type Thread Rolling Dies

Rack Type Rolling Dies

Trimming Dies

Round Dies

Others (Drill Point Dies)

By End-User

Automotive

White Goods

Medical

Cutlery

Consumer Electronics

General Engineering

Others (Marine)

By Region

North America (By Product Type, End-User and Country)

U.S.

Canada

Europe (By Product Type, End-User and Country)

U.K.

Germany

France

Italy

Spain

Russia

BENELUX

Nordics

Rest of Europe

Asia Pacific (By Product Type, End-User and Country)

China

India

Japan

South Korea

ASEAN

Oceania

Rest of Asia Pacific

Middle East & Africa (By Product Type, End-User and Country)

Israel

Turkey

GCC

North Africa

South Africa

Rest of Middle East & Africa

South America (By Product Type, End-User and Country)

Brazil

Argentina

Rest of South America


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