Global White Oil Market Size, Share & Trends Analysis Report By Grade (Technical and Pharmaceutical), By Application (Cosmetics & Personal Care, Food, Pharmaceutical, Plastic & Polymer, Textile, and Others), By Regional Outlook and Forecast, 2024 - 2031
The Global White Oil Market size is expected to reach $2.2 billion by 2031, rising at a market growth of 4.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,243.79 kilo tonnes, experiencing a growth of 16.9% (2020-2023).
White oils, also known as mineral oils or liquid paraffin, are widely used in skincare and cosmetics formulations due to their excellent emollient and moisturizing properties. The personal care and cosmetics segment held 31.7% revenue share in the market in 2023. In terms of volume the cosmetics & personal care segment attained a volume of 373.98 kilo tonnes in the market 2023. They serve as base oils in various products such as lotions, creams, moisturizers, and makeup removers.
Refining and purification processes are continually refined to achieve higher purity levels in white oils. Advanced filtration techniques, such as molecular distillation and hydrotreating, enable the removal of impurities, contaminants, and undesirable components, resulting in white oils with superior clarity, cleanliness, and consistency.
Additionally, they are commonly used as carriers, solvents, and diluents in liquid and semi-solid medications such as oral suspensions, syrups, and topical preparations. Thus, these factors will boost the demand for it in the upcoming years.
However, the volatility heavily influences the market in crude oil prices, as white oils are derived from crude oil through refining. Fluctuations in crude oil prices can significantly impact the cost of production for white oils, affecting profit margins and pricing strategies within the industry. Therefore, these factors will hamper the growth of the market.
By Grade Analysis
On the basis of grade, the market is bifurcated into technical and pharmaceutical. The pharmaceutical segment recorded 41.2% revenue share in the market in 2023. In terms of volume the pharmaceutical segment would attain a volume of 752.77 kilo tonnes in the market 2029.
By Application Analysis
Based on application, the market is segmented into plastic & polymer, pharmaceutical, food industry, cosmetics & personal care, textiles, and others. In 2023, the plastic and polymer segment garnered 14.4% revenue share in the market. In terms of volume the plastic and polymer segment would attain a volume of 261.72 kilo tonnes by 2030.
By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region acquired 17.3% revenue share in the market. In terms of volume, the Europe region would attain a volume of 268.33 kilo tonnes by 2031.
List of Key Companies Profiled
- Castrol Ltd. (BP P.L.C.)
- Sinopec Group (China Petrochemical Corporation)
- Eastman Chemical Company
- Exxon Mobil Corporation
- Lanxess AG
- Shell plc
- TotalEnergies SE
- Indian Oil Corporation Ltd.
- Sasol Limited
- Reliance Petrochem Industries (Pvt) Limited
Global White Oil Market Report Segmentation
By Grade (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Cosmetics & Personal Care
- Food
- Pharmaceutical
- Plastic & Polymer
- Textile
- Others
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA