White Oil Market Share, Size, Trends, Industry Analysis Report, By Application (Adhesives, Agriculture, Food, Pharmaceuticals, Personal Care, Textile, Polymers, Others); By Grade; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM3153
- Base Year: 2023
- Historical Data: 2019 - 2022
Report Outlook
The global white oil market was valued at USD 2220.18 million in 2023 and is expected to grow at a CAGR of 4.4% during the forecast period. The growing of the product for a variety of end-use industries, including personal care and pharmaceuticals, and its high prevalence among medicinal and cosmetics applications, along with the increasing consumer awareness regarding its numerous benefits such as good hydrophobicity, bio-stability, low odor, and taste are primary factors influencing the global market growth. In addition, favorable government regulatory compliance and increasingly ongoing product advancements, especially in the healthcare sector, will likely create lucrative growth opportunities for the market in the coming years.
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For instance, in January 2023, ExxonMobil announced that their affiliate, "Imperial Oil," will invest over USD 560 Mn to construct Canada's world's largest diesel production facility. Under this project, the upcoming company capacity is projected to produce around 20,000 barrels of renewable diesel daily, mainly from locally sourced feedstocks, helping reduce greenhouse emissions.
Furthermore, changes in consumer lifestyles and extensive rise in consumer per capita income, especially in emerging economies such as India and China, coupled with the quickening development of the various multifunctional personal care ingredients, are likely to gain significant traction and push the market growth forward. Due to its inertness towards the other chemicals in contact, color stability, and absence of odor, white oil has found its vast applications as a softening agent or emollient in various types of creams and other cosmetic products.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the white oil market. The extensive spread of the deadly coronavirus worldwide has severely impacted almost every industry, including pharmaceuticals and textiles, due to highly disrupted supply chains of raw materials, the closure of most manufacturing facilities, and many other restrictions on trade activities. However, the ease of lockdown measures and resumption of operational activities in many industries have helped the market revive the global demand for white oil.
Industry Dynamics
Growth Drivers
The growth of the pharmaceutical industry across several major countries and the continuous rise in consumer demand for cosmetics and medical applications are the key factors driving the global white oil market growth. The viscosity of the white oil, ranging from light to medium, and the highest degree of purity in these oils have paved the way for wider acceptance in pharmaceutical applications. For instance, according to the Indian Pharmaceutical Alliance, the Indian pharma industry is currently valued at USD 49 billion, which is 3rd largest in the world, and it is expected to reach over USD 130 billion by 2030 and become the world’s largest medicines provider.
Report Segmentation
The market is primarily segmented based on application, grade, and region.
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By Application |
By Grade |
By Region |
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Personal care segment accounted for the highest market share in 2022
The personal care segment accounted for more than the highest market share in 2022. This is primarily due to the rapid increase in the need and demand for various personal care products worldwide because of growing awareness regarding health and well-being. White oil is widely used as a major base ingredient and emollient while processing personal care products. The growing use of white oil for manufacturing a wide range of personal care products such as skin care creams, body lotions, shampoos, fragrances, hair oils, and moisturizers owing to its excellent binding characteristics and hydrophobicity, thereby influencing the market growth.
The adhesive segment is anticipated to expand at the fastest growth rate during the projected period, mainly attributed to the growing adoption of the product as diluents for processing pressure-sensitive and hot melt adhesives. White oil is highly compatible with human skin, induces transparency, and maintains the color stability which is largely required for obtaining the desired production yield of adhesives, propelling the demand and growth of the segment market.
Technical grade segment is expected to witness fastest growth during forecast period
The technical grade segment is expected to grow at the fastest CAGR throughout the forecast period because of its widespread use in various industrial grade applications owing to its characteristics like colorless and odorless paraffinic mineral. It is being highly employed as a lubricant in the textile industry and paper manufacturing, as a process oil in the food sector, and many other applications, which is likely to create significant growth opportunities for the segment market over the coming years.
The pharmaceutical segment was the largest contributor to the market in terms of revenue in 2022 and is likely to retain its position in the coming years. Increasing spending on developing and advancing the pharmaceutical sector across both developed and developing countries and improving government support to establish large manufacturing facilities in countries like India and China is fueling the demand for white oil for manufacturing many pharmaceutical formulations.
The Asia Pacific region dominated the global market in 2022
Asia Pacific region dominated the global market for white oil in 2022 and is anticipated to maintain its dominance over the projected period. The regional market growth is highly accelerated by rapid growth in the pharmaceutical industry, increased consumer purchasing power, and rising awareness among consumers regarding the benefits of white oil in their skin and body. Moreover, the large presence of major industry players and manufacturing facilities in the region, who are continuously spending on research & development activities and are further introducing new products to cater to a wide range of consumers lying across different spending capacities, are also likely to be the key factor propelling the market growth in the region.
The Middle East and Africa region is projected to account for substantial market growth over the anticipated period, owing to the increasing government support and rising healthcare expenditure, especially in countries like Saudi Arabia, Israel, and South Africa. Growing demand for fast food and a variety of bakery products due to changes in consumer living standards and easy availability of products associated with white oil is creating huge product demand and will augment the growth during the forecast period.
Competitive Insight
Some of the major players operating in the global market include British Petroleum, Renkert Oil, JX Nippon Oil, Nynas AB, Sinopec Corporation, ExxonMobil Corporation, Petro-Canada, Calumet Specialty, Atlantic Oil, Sonneborn, H and R Group, Chevron Corporation, Adinath Chemicals, Eastman Chemical, Royal Dutch Shell, Savita Oil, & Castrol Limited.
Recent Developments
- In October 2022, British Petroleum acquired Archaea Energy, accelerating the company’s bioenergy transition growth engine. The agreed acquisition will be for a cash consideration of USD 3.3 billion and around a net debt of USD 800 million. With this acquisition, the company will support the customer's decarbonization goals and reduce carbon intensity.
- In March 2022, the Board of Supreme Petrochem announced the approval for its Phase II expansion of the Expandable Polystyrene plant located in Maharashtra. Board has further approved the “Extruded Polystyrene Board” with a total capacity of 1,00,000 M3 & increasing the capacity of Masterbatch & Compounds by 50,000 MTA.
White Oil Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 2313.2 million |
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Revenue forecast in 2032 |
USD 3,268.25 million |
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CAGR |
4.4% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
By Application, By Grade, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
British Petroleum, Renkert Oil Inc., JX Nippon Oil & Energy Corporation, Nynas AB, Sinopec Corporation, ExxonMobil Corporation, Petro-Canada, Calumet Specialty Products Partners, Atlantic Oil, Sonneborn LLC, H and R Group, Chevron Corporation, Adinath Chemicals, Eastman Chemical Company, Royal Dutch Shell Plc, Savita Oil Technologies Ltd., and Castrol Limited. |
FAQ's
Key companies in the white oil market are British Petroleum, Renkert Oil, JX Nippon Oil, Nynas AB, Sinopec Corporation, ExxonMobil Corporation, Petro-Canada, Calumet Specialty, Atlantic Oil, Sonneborn.
The global white oil market expected to grow at a CAGR of 4.39% during the forecast period.
The white oil market report covering key segments are application, grade, and region.
Key driving factors in white oil market are growth of the global pharmaceutical market and consumption in personal care industry.
The global white oil market size is expected to reach USD 3,268.25 million by 2032.
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