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  • Published On : Nov 2022
  • Code : CMI5318
  • Industry : Bulk Chemicals
  • Pages : 154
  • Formats :

The global white oil market size was valued at USD 2106.80 Mn in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.61% from 2022 to 2030. Growth in this market is expected to continue due to a growing demand for personal care products and an expanding application base in the textile and pharmaceutical industries. In addition to its growing demand, the market is also expected to grow due to the growing adoption of innovative technologies, including group II base oils and group III base oils. Its properties make it an ideal blending base for a range of applications, including skin care, fragrances, and cosmetics.

Global White Oil Market: Regional Insights

Regionally, Asia Pacific is projected to dominate the global white oil market over the forecast period owing to the increasing demand from textile industry. According to the National Bureau of Statistics of China, the textile production volume in China accounted for 12.4 billion meters in the first four months of 2022, compared to 11.8 billion meters during the same period in the previous year.

At the same time, North America is also expected to witness fastest growth in the global over the forecast period owing to the increasing demand from cosmetic and personal care industry. According to the Coherent Market Insights analysis, United States is one of the largest consumers of personal care and cosmetics in the North America region. The US cosmetic products market was valued at USD 17217.1 million in 2021, and it is expected to reach USD 21003.1 million by 2025.

Figure 1. Global White Oil Market Value (US$ Mn), by Region, 2021

White Oil  | Coherent Market Insights

Global White Oil Market Drivers:

Growing demand from cosmetic and personal care industry is a prime factor driving growth of the white oil market. White oil is majorly used in hand and body care cosmetics at levels ranging from 1% to 99%, based on the requirement. For example, pressed powders, mascara, eyeliner, and foundations have up to 60% white oil, and eye make-up removers contain 99% white mineral oil.

Rising pharmaceutical industry is another key factor propelling growth of the white oil market. As per AstraZeneca, global pharmaceutical sales have been witnessing an increasing trend since 2013 itself. The 2021 sales stood at USD 1,186 billion, almost an increase of 8% in comparison to the previous year’s total which stood at USD 1,101 billion. Furthermore, as per the annual report of AstraZeneca, Latin America and the Indian Subcontinent are projected for the highest growth rates in the pharmaceutical market till 2025, with 12.6% and 10.9% respectively.

Global White Oil Market Opportunities:

Increasing use of white oil in food and beverage industry is expected to hold potential market opportunities. As per US Census Bureau, the monthly sales of the US food and beverage stand at ~USD 75,000 million, an approximate USD 5,000 million higher than January data.  It is used for pan oils, bakery oils, divider oils, machinery lubricants/cleaners, protective coating, and food packaging materials.

Growing adoption of partnership and agreement among key players for market expansion is also projected to present significant growth opportunities. For instance, in February 2021, The Estée Lauder Companies Inc. (ELC) announced that it has entered into an agreement to increase its investment in the Canadian-based, vertically integrated, multi-brand company, DECIEM Beauty Group Inc. from approximately 29% to approximately 76%. Such trends are projected to fuel the cosmetics market in the country, which in turn is projected to benefit the demand for white oils in the country.

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White Oil Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 2106.80 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 5.61% 2030 Value Projection: US$ 3437.36 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Application: Plastics and Elastomers, Adhesives, Personal Care, Agriculture, Textile, Food and Beverage, Pharmaceutical, Metalworking Applications, Other Applications
  • By Grade: Technical/Industrial Grade, Pharmaceuticals Grade
  • By Base Oil: Group I, Group II, Group III, Naphthenic
Companies covered:

Bharat Petroleum Corporation Ltd. (BPCL), Calumet Specialty Products Partners, China Petrochemical & Chemical Corporation (Sinopec), Columbia Petro Chem Pvt Ltd., Exxon Mobil Corporation, H&R GROUP, HF Sinclair Corporation, Nynas AB, Oxiteno (Indorama Ventures), Renkert Oil, Shell PLC, Sasol, and Savita Oil Technologies Limited

Growth Drivers:
  • Growing demand from cosmetic and personal care industry
  • Rising pharmaceutical industry
Restraints & Challenges:
  • Availability of substitute
  • Absence of high-quality crude oil and fluctuating price

Global White Oil Market Trends:

Rapid industrialization and increasing disposable income of consumers are key factors acting as a trend for white oil market. For instance, China-backed Tanzania has experienced a significant growth in its industrial sector, resulting in sustained demand for white mineral oil. Other countries that have shown significant industrial growth include the Maldives, Myanmar, Bangladesh, and the Philippines.

Increasing spending on food products is fueling food &beverage industry expansion. This is again augmenting demand for white oil which in turn augmenting market growth.

Global White Oil Market Restraints:

Availability of substitute is projected to restrict the global white oil market growth. Recently, there has been a shift toward using vegetable oils in cosmetic products.

Absence of high-quality crude oil and fluctuating price are other major factors expected to hinder the market growth.

Figure 2. Global White Oil Market Share, By Metals, 2021

White Oil  | Coherent Market Insights

Global White Oil Market Segmentation:

The global white oil market report is segmented into application, grade, base oil, and geography

Based on application, the market is segmented into Plastics and Elastomers, Adhesives, Personal Care, Agriculture, Textile, Food and Beverage, Pharmaceutical, Metalworking Applications, and Other Applications. Out of which, Adhesives is expected to dominate the global market over the forecast period and this is attributed to the growing demand from hot-melt adhesives as a diluent and plasticizers.

Plastics and Elastomers segment is also expected to witness significant growth in the near future and this is owing to the increasing use of white oil in the manufacturing of plastics and elastomers due to its colorless, tasteless, odourless, and hydrophobic properties.

Based on grade, the market is segmented into Technical/Industrial Grade and Pharmaceuticals Grade. Out of which, Technical/Industrial Grade is expected to dominate the global market over the forecast period and this is attributed to the growing demand from petroleum chemical, textile, electric power, chemical fiber, and agriculture industries

Pharmaceuticals grade segment is also expected to witness significant growth in the near future and this is owing to its biologically and chemically stable property that does not promote pathogenic bacterial growth.

Based on base oil, the market is segmented into Group I, Group II, Group II, and Naphthenic. Out of which, Group II is expected to dominate the global market over the forecast period. Group II base oil are more refined than Group I base oil. Moreover, these base oils have at least 90% saturates and no less than 0.3% sulfur. Due to the higher percentage of saturates, these lubricants have much better antioxidation properties than Group I base oils.

Group I segment is also expected to witness significant growth in the near future and this is owing to the growing demand from high lubricant consumption applications.

Global White Oil Market: Key Companies Insights

The global white oil market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global white oil market are Bharat Petroleum Corporation Ltd. (BPCL), Calumet Specialty Products Partners, China Petrochemical & Chemical Corporation (Sinopec), Columbia Petro Chem Pvt Ltd., Exxon Mobil Corporation, H&R GROUP, HF Sinclair Corporation, Nynas AB, Oxiteno (Indorama Ventures), Renkert Oil, Shell PLC, Sasol, and Savita Oil Technologies Limited

*Definition: White mineral oil is widely used in the pharmaceutical industry. It is used in the production of penicillin, eye lubricants, and emollients. It is also used in the production of laxatives and other medications. Furthermore, it is a staple in the manufacturing of plastics. Its properties include lubricity and moisture prevention, which make it a valuable material for many different applications.

White oil is an excellent emollient, chemical contact inhibitor, and softening agent. It also possesses superior properties for the manufacturing of water-resistant creams. In addition, it is a great choice for hot melt adhesives. It also induces transparency and maintains color stability. This makes white oil an ideal candidate for cosmetics applications. They are colorless, odorless, and tasteless, and are non-toxic.

Market Dynamics:

The increasing demand for personal care products and the expansion of the textile and pharmaceutical industries are major drivers of the market growth. The pharmaceutical industry is one of the most important sectors driving the market growth. The market is also expected to get benefit from increased demand for polymers in various applications across the globe.

On the other hand, availability of substitute products is projected to hamper the market growth over the forecast period.

Key features of the study:

  • This report provides in-depth analysis of the global white oil market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global white oil market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Bharat Petroleum Corporation Ltd. (BPCL), Calumet Specialty Products Partners, China Petrochemical & Chemical Corporation (Sinopec), Columbia Petro Chem Pvt Ltd., Exxon Mobil Corporation, H&R GROUP, HF Sinclair Corporation, Nynas AB, Oxiteno (Indorama Ventures), Renkert Oil, Shell PLC, Sasol, and Savita Oil Technologies Limited
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global white oil market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global white oil market

Detailed Segmentation:

  • Global White Oil Market, By Application:
    • Plastics and Elastomers
    • Adhesives
    • Personal Care
    • Agriculture
    • Textile
    • Food and Beverage
    • Pharmaceutical
    • Metalworking Applications
    • Other Applications
  • Global White Oil Market, By Grade:
    • Technical/Industrial Grade
    • Pharmaceuticals Grade
  • Global White Oil Market, By Base Oil:
    • Group I
    • Group II
    • Group III
    • Naphthenic
  • Global White Oil Market, By Geography:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
    • Rest of World
  • Company Profiles:
    • Bharat Petroleum Corporation Ltd. (BPCL)
    • Calumet Specialty Products Partners
    • China Petrochemical & Chemical Corporation (Sinopec)
    • Columbia Petro Chem Pvt Ltd.
    • Exxon Mobil Corporation
    • H&R GROUP
    • HF Sinclair Corporation
    • Nynas AB
    • Oxiteno (Indorama Ventures)
    • Renkert Oil
    • Shell PLC
    • Sasol
    • Savita Oil Technologies Limited

Frequently Asked Questions

The global white oil market size is estimated to be valued at US$ 2106.80 Million in 2021 and is expected to exhibit a CAGR of 5.61% between 2022 and 2030.
Growing demand from cosmetic and personal care industry and rising pharmaceutical industry are fuelling the growth of the market.
The Pharmaceutical grade segment is the leading component segment in the market.
Availability of substitute and Absence of high-quality crude oil and fluctuating price are the major factors restraining growth of the market.
Bharat Petroleum Corporation Ltd. (BPCL), Calumet Specialty Products Partners, China Petrochemical & Chemical Corporation (Sinopec), Columbia Petro Chem Pvt Ltd., Exxon Mobil Corporation, H&R GROUP, HF Sinclair Corporation, Nynas AB, Oxiteno (Indorama Ventures), Renkert Oil, Shell PLC, Sasol, and Savita Oil Technologies Limited

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