According to a new research report by Global Market Insights Inc., the White Oil Market size is set to surpass USD 2.5 billion by 2027.
White oil also known as white mineral oil is a class of extremely versatile and refined mineral oils produced from naphthenic or paraffinic base-stocks. It is widely used for fulfilling the lubrication requirements of pharmaceutical, food, and cosmetic industry. Growing prevalence of diseases and the increase in geriatric population are projected to propel the product demand in cosmetics and pharmaceuticals sector. Besides, increasing product utilization for production of adhesives, plastics & elastomers will further stimulate the industry size.
Rapid industrial growth along with rise in production of various industrial products should augment demand for technical grade of white oil
Technical grade segment is predicted to grow at a CAGR of over 2.5% between 2021 to 2027. Innovations in the field of technology along with rapid industrialization are anticipated to boost technical grade segment growth. Moreover, rise in production of various industrial products such as plasticizers, paint strippers, lubricants, solvents, polymers, adhesives, rubbers, and elastomers will propel the product adoption rate. Key benefits of technical grade such as high degree of purity, color stability, and excellent resistance to aging will further boost segment dominance.
In the agriculture industry, technical grade is used as a base for low-toxicity insecticide for plants, lubricants for pump, and as an impregnating agent for cork shavings in oenological processes. Moreover, increasing demand for high-quality oils and lubricants designed to protect equipment & machinery in manufacturing sector should propel segment growth. Besides, steady growth of leather, textile, and paper processing industries is anticipated to positive impact the overall industry size.
Browse key industry insights spread across 289 pages with 336 market data tables and 18 figures & charts from the report, “Global White Oil Market By Grade (Food, Pharmaceutical, Technical), By Application (Plastics & Polymers, Pharmaceuticals, Personal Care & Cosmetics, Food Industry, Textile), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing product demand for personal and cosmetic application due to its low viscosity grade should stimulate market growth
Personal care and cosmetics applications is expected to exceed USD 800 million by 2027. Low viscosity grades are commonly prefeed in health & beauty applications owing to pure, durable, and consistent features. Moreover, favorable properties such as strong moisture resistance, high lubrication, and good insulation have enhanced product adoption in several personal care and cosmetic products. Besides, increasing consumer inclination towards personal health and beauty products is anticipated to further drive the white oil market growth.
Increasing product utilization in personal care and cosmetic formulations from emulsions to anhydrous cosmetics such as eye lubricants, anti-aging creams, lotions, makeup removers, baby oil, lip balm, suntan oil, etc. and rising consumer purchasing power supported by easy availability of personal care and cosmetic products is likely to create opportunities for the white oil market. High consumer preferences for baby lotions, bath baby emollients, and creams are strongly supporting factors for product advancement. Besides, rising adoption of water-resistant creams due to their excellent moisture barrier benefits is likely to boost the product development.
Growth in the textile and polymer industries in the Asia Pacific region should drive product demand
Asia Pacific region is predicted to grow at a CAGR of over 3.0% between 2021 to 2027. The regional market is dominated by countries including China, South Korea, India, and Taiwan majorly due to growth in polymer and textile industries. The initiatives by regional governments to enhance product quality will further support product penetration. Besides, changing lifestyle and rise in living standards accompanied by the presence of large personal care and cosmetic manufacturers will propel regional industry size.
The white oil industry is competitive and includes various players such BASF, Savita Chemicals, Total SA, Apar Industries Limited, Sasol, Renkert oil, Sinopec Corporation, Royal Dutch Shell, Sonneborn LLC. Companies are primarily engaged in business strategies such as expanding production capacity, merger and acquisitions for business expansion.