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White Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The White Oil Market is Segmented by Application (Plastics and Elastomers, Adhesives, Personal Care, Agriculture, Textile, Food and Beverage, Pharmaceutical, Metalworking Applications, and Other Applications), Grade (Technical/Industrial Grade and Pharmaceuticals Grade), Base Oil (Group I, Group II, Group III, and Naphthenic), Viscosity (Low, Medium, and High), and Geography (Asia-Pacific, North America, Europe, and Rest of the World). The report offers market size and forecasts for white oil in volume (kilo tons) for all the above segments.

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White Oil Industry Overview

White Oil Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: > 1 %

Major Players

White Oil Market  Major Players

*Disclaimer: Major Players sorted in no particular order

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White Oil Market Analysis

The global white oil market is estimated to reach over 1,460 kilotons by the end of this year and is expected to grow with a CAGR of around 1.5% during the forecast period.

The COVID-19 pandemic negatively impacted the white oil market. To prevent the spread of the COVID-19 pandemic, many countries took a wide variety of restrictive measures, which had, in general, a negative effect on demand, and, thus, on industrial production in many areas. Moreover, the steel industry has been one of the major victims of this pandemic. Steel production witnessed a decline in 2020 due to production halts and decreased demand from various end-user industries because of the COVID-19 crisis. Similarly, the food and beverage industry was negatively affected due to significant disruptions in the supply chain.

  • Over the medium term, the major factors driving the growth of the white oil market are the growing demand from the cosmetics and personal care industry and the growing pharmaceutical industry.
  • However, the availability of substitute products is acting as a restraint to the market studied.
  • The potential usage of white oil in the food and beverage industry is expected to provide opportunities for the white oil market.
  • The Asia-Pacific region is expected to dominate the global white oil market owing to the rapid growth of countries like China, India, and Japan.

White Oil Industry Segments

White oils are highly refined paraffinic or naphthenic base oils with minimal aromatic content. These oils are colorless, tasteless, odorless, and hydrophobic and do not change their color over time. They are also known as light mineral oils, light liquid paraffin, and light paraffin oils in different parts of the world. White oils were prepared as by-products of sulfonate production, formed when paraffinic or naphthenic base oils were treated with sulfuric acid. 

The white oil market is segmented by application, grade, base oil, viscosity, and geography. By application, the market is segmented into plastics and elastomers, adhesives, personal care, agriculture, textile, food and beverage, pharmaceutical, metalworking applications, and other applications. By grade, the market is segmented into technical/industrial grade and pharmaceutical grade. By base oil, the market is segmented into group I, group II, group III, and naphthenic. By viscosity, the market is segmented into low, medium, and high. The report also covers the market size and forecasts for the white oil market in eight countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).

By Application
Plastics and Elastomers
Adhesives
Personal Care
Agriculture
Textile
Food and Beverage
Pharmaceutical
Metalworking Applications
Other Applications
By Grade
Technical/Industrial Grade
Pharmaceutical Grade
By Base Oil
Group I
Group II
Group III
Naphthenic
By Viscosity
Low
Medium
High
By Geography
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
Italy
Rest of Europe
Rest of the World
South America
Middle East and Africa

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White Oil Market Trends

This section covers the major market trends shaping the White Oil Market according to our research experts:

Increasing Demand from Personal Care across the World

  • White oils are an essential part of many cosmetic formulations. They are commonly used in almost all cosmetic and personal care products, from emulsions to anhydrous cosmetics, such as lip balm, baby oil, skincare, haircare products, creams, lotions, and emollients.
  • White oil can be used to ease diaper rash and eczema irritation. The cosmetic industry also makes good use of liquid paraffin. The substance is used in various beauty products, including detergent creams, cold creams, hydrated creams, bronzed oils, and makeup products.
  • In the United States, the revenue in the beauty and personal care market stood at USD 80.21 billion in 2021, of which USD 39.66 billion accounted for personal care products. These products include lotions, hair dyes, lipsticks, cosmetics, creams, deodorants, bath soaps, dental care products, shampoos, toothpaste, perfumes, UV filters, detergents, sunscreens, fragrances, and household items.​
  • According to Cosmetic Europe, the personal care association, Europe’s 500 million consumers use cosmetic and personal care products daily to protect their health, enhance their well-being and boost their self-esteem. They range from antiperspirants, fragrances, makeup, and shampoos to soaps, sunscreens, toothpaste, and cosmetics.
  • Key players, such as L’Oréal, P&G, Unilever, and Shiseidō, dominate the market for personal care products. According to the report by L’Oreal, the global beauty and personal care market revenue stood at USD 511 billion in 2021. It is anticipated to ascend to USD 784.6 billion in 2025.​
  • Thus, all the above factors are expected to drive the demand for white oil during the forecast period.
White Oil Market, Volume CAGR (%), by Application, Global, 2022-2027

Asia-Pacific is Expected to Dominate the Market

  • Asia-Pacific dominated the market as the largest and fastest-growing market for white oil in 2021.
  • China is the largest textile-producing and exporting country in the world. With its rapid growth over the last two decades, the Chinese textile industry has become one of the main pillars of the country’s economy. China's top export goods are clothing accessories, textile yarns, and textile articles.
  • 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.
  • In China, more women are joining the workforce, thus driving the instinct to look good. Interestingly, the cosmetics industry has also witnessed a surge in demand among men, owing to factors such as awareness, the importance of grooming, and a greater number of women in the workplace.
  • Products with natural ingredients, especially fruit- and plant-based products, are in high demand. L’Oreal group is coming up with a series of product introductions and a rollout of customized social initiatives in China. Such trends are driving the demand for white oil in the country.
  • The country’s most extensive application of white oils in India is hair oil, a part of the cosmetics and personal care industry. The overall cosmetics and pharmaceutical industries account for around three-fourths of the white oil consumption in the country.
  • India is also the second-largest producer of garments and textiles globally and the fifth-largest textile exporter, with a 23% contribution to India’s GDP and 12% to exports in 2021. In 2021, India’s textile and apparel exports stood at USD 30.4 billion.
  • Owing to such trends in various industries in Asia, the demand for white oils is likely to increase during the forecast period.
White Oil Market - Growth Rate by Region, 2022-2027

White Oil Market Competitor Analysis

The global white oil market is partially consolidated with many healthy competitions in the market. The major companies are China Petrochemical & Chemical Corporation (Sinopec), HF Sinclair Corporation, Calumet Specialty Products Partners, Savita Oil Technologies Limited, and Exxon Mobil Corporation (not in any particular order). 

White Oil Market Top Players

  1. HF Sinclair Corporation

  2. Savita Oil Technologies Limited

  3. Exxon Mobil Corporation

  4. Calumet Specialty Products Partners

  5. China Petrochemical & Chemical Corporation (Sinopec)

*Disclaimer: Major Players sorted in no particular order

White Oil Market Concentration

White Oil Market Recent Developments

  • April 2022: Indorama Ventures Public Company Limited (IVL) announced the completion of the acquisition of Oxiteno SA. Through the acquisition, IVL broadens its development profile into lucrative markets in Latin America and the United States, establishing itself as the continent's top producer of surfactants with additional opportunities to improve in Europe and Asia.

White Oil Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from Cosmetics and Personal Care Industry

      2. 4.1.2 Growing Pharmaceutical Industry

    2. 4.2 Restraints

      1. 4.2.1 Availability of Substitute Products

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree Of Competition

    5. 4.5 Distribution Channel Analysis

    6. 4.6 Factors Affecting Purchase Decisions

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 By Application

      1. 5.1.1 Plastics and Elastomers

      2. 5.1.2 Adhesives

      3. 5.1.3 Personal Care

      4. 5.1.4 Agriculture

      5. 5.1.5 Textile

      6. 5.1.6 Food and Beverage

      7. 5.1.7 Pharmaceutical

      8. 5.1.8 Metalworking Applications

      9. 5.1.9 Other Applications

    2. 5.2 By Grade

      1. 5.2.1 Technical/Industrial Grade

      2. 5.2.2 Pharmaceutical Grade

    3. 5.3 By Base Oil

      1. 5.3.1 Group I

      2. 5.3.2 Group II

      3. 5.3.3 Group III

      4. 5.3.4 Naphthenic

    4. 5.4 By Viscosity

      1. 5.4.1 Low

      2. 5.4.2 Medium

      3. 5.4.3 High

    5. 5.5 By Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Rest of North America

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 Italy

        4. 5.5.3.4 Rest of Europe

      4. 5.5.4 Rest of the World

        1. 5.5.4.1 South America

        2. 5.5.4.2 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Bharat Petroleum Corporation Ltd. (BPCL)

      2. 6.4.2 Calumet Specialty Products Partners

      3. 6.4.3 China Petrochemical & Chemical Corporation (Sinopec)

      4. 6.4.4 Columbia Petro Chem Pvt. Ltd.

      5. 6.4.5 Exxon Mobil Corporation

      6. 6.4.6 H&R Group

      7. 6.4.7 HF Sinclair Corporation

      8. 6.4.8 Nynas AB

      9. 6.4.9 Oxiteno (Indorama Ventures)

      10. 6.4.10 Renkert Oil

      11. 6.4.11 Shell PLC

      12. 6.4.12 Sasol

      13. 6.4.13 Savita Oil Technologies Limited

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Potential Usage in the Food and Beverage Industry

**Subject to Availability
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White Oil Market Research FAQs

The White Oil Market market is studied from 2017 - 2027.

The White Oil Market is growing at a CAGR of >1% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

HF Sinclair Corporation, Savita Oil Technologies Limited, Exxon Mobil Corporation, Calumet Specialty Products Partners, China Petrochemical & Chemical Corporation (Sinopec) are the major companies operating in White Oil Market.

White Oil Industry Reports

In-depth industry statistics and market share insights of the White Oil sector for 2020, 2021, and 2022. The White Oil research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the White Oil report PDF.

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