White Oil Industry Overview
The global white oil market size is expected to reach USD 3.0 billion by 2030, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.2% from 2022 to 2030. The product demand is attributed to the increase in the consumption of the product by various end-use industries such as personal care and pharmaceutical.
The personal care application segment extensively utilizes the product as a base ingredient, lubricant, softening agent, and a key processing additive for various personal care products mainly including cosmetics, make-up products, lipsticks, skin care lotions, and hair care products. Multiple uses of white oil, coupled with the growth of the personal care industry in developing countries, are driving the product demand.
White Oil Market Segmentation
Grand View Research has segmented the global white oil market based on application and region:
Based on the Application Insights, the market is segmented into Adhesives, Agriculture, Food, Pharmaceuticals, Personal Care, Textile, Polymers, and Others
- The personal care application segment dominated the market with a revenue share of over 25.0% in 2021. This is attributed to the increase in demand for personal care products owing to the increase in health awareness among people.
- White oil is utilized as a base ingredient and as an emollient during the processing of various personal care products.
- It is extensively consumed for the manufacturing of a wide range of personal care products such as cosmetics, skincare creams, moisturizers, baby products, body lotions, hair oils, shampoos, fragrances, and water-resistant creams.
- The adhesives application segment is anticipated to register the highest revenue-based CAGR of 4.6% over the forecast period.
- The growth is attributed to the rise in the requirements of the product as diluents for the processing of hot melt and pressure-sensitive adhesives.
- The consumption of white oil in the agriculture application segment is expected to increase significantly due to its performance characteristics.
White Oil Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market for white oil is highly competitive with the big international brands focusing on the development of a long-term relationship with the end-users. With the further growth in the personal care and pharmaceuticals sectors, the competition is anticipated to increase in the coming years.
Companies such as Exxon Mobil Corporation, British Petroleum, and Sinopec Corporation have a high degree of integration across the value chain as they are also engaged in the production of the product. These companies have established themselves as key manufacturers and they focus on research and development for novel uses of the product.
Some prominent players in the global White Oil market include:
- British Petroleum
- Renkert Oil, Inc.
- ExxonMobil Corporation
- JX Nippon Oil & Energy Corporation
- Nynas AB
- Petro-Canada
- Royal-Dutch Shell N.V.
- Sinopec Corporation
Order a free sample PDF of the White Oil Market Intelligence Study, published by Grand View Research.
