White Oil Market Outlook, Analyzing Supply and Demand

 The global white oil market was valued at USD 2.0 billion in 2021 and is projected to reach USD 3.0 billion by 2030, growing at a CAGR of 4.2% from 2022 to 2030. This growth is largely attributed to increasing demand from the personal care and pharmaceutical industries.

Worldwide, the rising demand for white oil in medicinal and cosmetic applications is expected to be a significant market driver. White oils are highly refined mineral oils that are pure, stable, colorless, odorless, and non-toxic. Made from paraffinic crude feedstock, they possess various performance characteristics, including excellent hydrophobicity, low odor and taste, and bio-stability, making them suitable for numerous applications. Additionally, their low aromatic and sulfur content enables effective blending with other oils for enhanced end-product quality. The main grades available in the global market include technical, food, and medical.

White oil is produced by refining paraffinic and naphthenic crude oil feedstock and can also be derived from natural gas through gas-to-liquid conversion technology. Royal Dutch Shell N.V. manufactures white oil from natural gas using the Fischer-Tropsch process, which converts natural gas into highly purified white oils with minimal aromatic hydrocarbon content. Fluctuating raw material prices, along with geopolitical conflicts in key oil trading regions, are expected to impact the overall supply-demand balance in the future, potentially adversely affecting the production and consumption of white oil in the global market over the next few years.

Key Market Trends & Insights

• The Asia Pacific region led the market with a revenue share exceeding 50.0% in 2021. This growth is largely driven by rising demand from the pharmaceutical industry, fueled by improved purchasing power, greater affordability, and increased consumer awareness.

• The Middle East and Africa are projected to experience a notable revenue-based CAGR of 4.4% during the forecast period. This growth is linked to the expansion of the pharmaceutical industry in the region, particularly in Saudi Arabia, where rising health expenditures and government support are expected to positively influence market growth.

• In terms of application, the personal care segment dominated the market with a revenue share of over 25.0% in 2021. This is due to a growing demand for personal care products, driven by heightened health awareness among consumers. White oil serves as a key base ingredient and emollient in the formulation of various personal care items.

Order a free sample PDF of the White Oil Market Intelligence Study, published by Grand View Research.

Market Size & Forecast

• 2021 Market Size: USD 2.0 Billion
• 2030 Projected Market Size: USD 3.0 Billion
• CAGR (2022-2030): 4.2%
• Asia Pacific: Largest market in 2021

Key Companies & Market Share Insights

The white oil market is fiercely competitive, with major international brands prioritizing the cultivation of long-term relationships with end-users. As the personal care and pharmaceuticals sectors continue to expand, competition is expected to intensify in the coming years.

Companies like Exxon Mobil Corporation, British Petroleum, and Sinopec Corporation possess significant vertical integration, as they are also involved in the production of white oil. These firms have solidified their positions as leading manufacturers, emphasizing research and development to explore innovative applications for the product.

Key Players

• British Petroleum
• Renkert Oil, Inc.
• ExxonMobil Corporation
• JX Nippon Oil & Energy Corporation
• Nynas AB
• Petro-Canada
• Royal-Dutch Shell N.V.
• Sinopec Corporation

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion

The global white oil market market's growth is supported by rising demand for white oil in medicinal and cosmetic applications. White oils, which are highly refined, pure, and non-toxic mineral oils made from paraffinic crude feedstock, offer excellent properties for various uses. Key grades in the market include technical, food, and medical. Production methods involve refining crude oil or converting natural gas through technologies like the Fischer-Tropsch process. However, volatile raw material prices and geopolitical conflicts in key oil trading regions may impact supply and demand dynamics, potentially affecting future production and consumption levels.

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