White Oil Market Forecasts to 2030 – Global Analysis By Type (Heavy Paraffinic Oil, Light Paraffinic Oil, Aromatic Oil, Naphthenic Oil and Other Types), Grade, Application, End User and By Geography

White Oil Market Forecasts to 2030 – Global Analysis By Type (Heavy Paraffinic Oil, Light Paraffinic Oil, Aromatic Oil, Naphthenic Oil and Other Types), Grade, Application, End User and By Geography

According to Stratistics MRC, the Global White Oil Market is accounted for $1.68 billion in 2023 and is expected to reach $2.65 billion by 2030 growing at a CAGR of 6.7% during the forecast period. White oil, also known as mineral oil or liquid paraffin, is a colourless, odourless, and tasteless petroleum derivative. Comprising highly refined and purified hydrocarbons, it finds versatile applications in various industries. In the cosmetic and pharmaceutical sectors, white oil serves as a base for skincare products, laxatives, and medicinal ointments due to its non-irritating and hypoallergenic properties.

According to the WHO, NCDs cause an estimated 9 million deaths per year, half of which are premature, in Southeast Asia.

Market Dynamics:

Driver:

Rising demand for cosmetics, skincare products, and baby care items

As a crucial component in these formulations, white oil's purity and hypoallergenic properties make it ideal for sensitive applications, driving its adoption in baby care products. The beauty and skincare industry's continuous expansion further amplifies the need for white oil as consumers prioritize high-quality and safe ingredients. This surge in demand, particularly in the cosmetics and baby care sectors, positions white oil as a vital ingredient, ensuring its sustained growth and relevance in meeting the evolving preferences of consumers seeking safe and effective personal care solutions.

Restraint:

Contains impurities that can irritate the skin

Impurities, even in trace amounts, can lead to skin irritation and adverse reactions, undermining the product's reputation for purity. Consumer concerns about skin sensitivity and health risks associated with impurities may result in reduced trust and demand. To mitigate this, manufacturers must prioritize rigorous purification processes, adhere to stringent quality standards, and communicate transparently with consumers hamper the growth of the market.

Opportunity:

Growing potential for food-grade white oil

As consumers increasingly prioritize food safety and quality, the demand for white oil as a food-grade lubricant, release agent, and anti-foaming agent rises in the food processing industry. Its compliance with strict regulatory standards and its inert, tasteless, and odorless properties make it an ideal choice for applications in food production. This expanding usage in the food sector contributes to the diversification and increased demand for white oil.

Threat:

Development of alternative products or substitutes

As industries explore alternatives with comparable properties, there is a risk of market share erosion for traditional white oil applications. The emergence of bio-based lubricants and environmentally friendly substitutes may divert demand, impacting the market's growth. To navigate this negative effect, white oil manufacturers must focus on innovation, efficiency, and sustainability, adapting to changing market dynamics.

Covid-19 Impact

While the pandemic initially disrupted supply chains and manufacturing, the subsequent emphasis on hygiene and healthcare bolstered demand. White oil, a crucial component in pharmaceuticals, personal care, and sanitization products, saw increased use. The shift towards online retail further influenced market dynamics. However, economic uncertainties and fluctuations in raw material prices posed challenges. As industries adapt to the evolving post-pandemic landscape, the White Oil market anticipates continued growth.

The heavy paraffinic oil segment is expected to be the largest during the forecast period

The heavy paraffinic oil segment is estimated to have a lucrative growth, as heavy paraffinic oils share similar properties, such as lubrication and stability, they may offer cost advantages. This shift could lead to pricing pressures within the White Oil market, affecting profit margins for traditional white oil producers. Moreover, considerations related to environmental sustainability and regulatory compliance may influence consumer preferences, favouring alternatives which propel the growth of the market.

The lubricants & coolants segment is expected to have the highest CAGR during the forecast period

The lubricants & coolants segment is anticipated to witness the highest CAGR growth during the forecast period, owing to the demand for high-performance lubricants and coolants. Industrial applications, including manufacturing and metalworking, heavily rely on these formulations, propelling the need for quality white oil. Additionally, technological advancements and sustainability concerns further impact market dynamics, as manufacturers seek eco-friendly alternatives encourage the market growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the growth is attributed to the increase in demand for the product by the pharmaceutical industry in the region. The pharmaceutical industry has mainly been driven by improved purchasing power, increasing affordability, and rising awareness among consumers. Industry players are continuously spending on R&D and are coming out with new products and pricing these products to suit consumers across different levels of purchasing power.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increasing usage of the product as a lubricant in several industries such as food, bakery, and textile will drive the industry demand. 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. Moreover the growing pharmaceutical industry in the U.S. as a result of the increased spending on medicines is expected to have a positive impact on the market growth.

Key players in the market

Some of the key players in the White Oil Market include Asian Oil Company, Bharat Petroleum Corporation Limited, British Petroleum, Calumet Refining, LLC, Castrol Company, China Petroleum and Chemical Corporation, Eastman Chemical Company, Exxon Mobil Corporation, JX Nippon Oil & Energy Corporation, Lanxess, Nynas AB, Petro-Canada, Renkert Oil, Inc., Repsol, Royal-Dutch Shell N.V., S.A. White Oil Company, Sasol, Shell plc , Sinopec Corporation and TotalEnergies

Key Developments:

In February 2024, Eastman partners with mechanical recycler Dentis Group/Nord Pal Plast to unlock new feedstock for its planned facility in France. These materials, which currently lack a circular solution, will be recycled at Eastman's molecular recycling facility in Port-Jérôme-sur-Seine, Normandy.

In November 2023, Ostium Group partners with Eastman to integrate sustainable packaging solution for medical devices. The collaboration aims to incorporate Eastman’s sustainable packaging solution, Eastar™ 6763 Renew copolyester, into Ostium Group’s innovative CILLAR® Acetabular and Femoral kits for total hip replacements.

In April 2021, bp and Infosys Announce Strategic Collaboration to Drive Integrated Energy Offers to Reduce Emissions at Campuses and Cities. To be piloted at Infosys’ Pune campus, and later be scaled to other Infosys campuses, cities, and industrial and business parks

Types Covered:
• Heavy Paraffinic Oil
• Light Paraffinic Oil
• Aromatic Oil
• Naphthenic Oil
• Other Types

Grades Covered:
• Technical Grade
• Food & Pharmaceutical Grade
• Industrial Grade
• Other Grades

Applications Covered:
• Lubricants & Coolants
• Textile Processing
• Food Additives
• Cosmetics & Personal Care
• Household Products
• Other Applications

End Users Covered:
• Automotive
• Plastics & Polymer Industries
• Wood & Furniture Manufacturers
• Agriculture
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements