White Oil Industry Overview
The global white oil market size was valued at USD 2.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030.
The demand for the product is anticipated to be driven by the increased demand for the product in the personal care and pharmaceutical industries. Globally, rising product demand from medicinal and cosmetics applications is expected to be a major driver in the market. White oils are mineral oils that have been purified to be pure, stable, colorless, odorless, and non-toxic.
Gather more insights about the market drivers, restrains and growth of the Global White Oil Market
The product is a highly refined and colorless mineral oil made from the paraffinic crude feedstock. It has a variety of performance characteristics, including good hydrophobicity, low odor and taste, and bio-stability, making it suitable for a wide range of applications. The product also has a low aromatic and Sulphur content, making it ideal for blending with other oils to improve end-product finishing. The main product grades of the product accessible on the global market are technical, food, and medical.
The product is manufactured from the refining of paraffinic and naphthenic crude oil feedstock and can be processed from natural gas by gas to liquid conversion technology. Royal Dutch Shell N.V. manufactures white oil from natural gas through the use of the Fischer-Tropsch process that converts natural gas to highly purified white oils with low aromatic hydrocarbon content. Volatile raw material prices, coupled with geophysical and political conflicts among key oil trading regions, are expected to affect the overall supply-demand scenario in the future. This, in turn, is anticipated to adversely influence the production and consumption of the product in the global market during the next few years.
A positive outlook toward the growth of the personal care, pharmaceutical, food, and polymer processing sectors has resulted in boosting the demand for the product in various developing and developed regions. Furthermore, rapidly mounting demand for the product in the agriculture, adhesives, and textile application markets are projected to be another significant factor supporting the growth of the market during the forecast period. Although the tight supply of raw materials, coupled with a drop in their prices, might hinder the market growth, a technological breakthrough is likely to contribute to the firm growth of the industry over the next couple of years.
The product is used in the production of pharmaceutical goods which include emollients, internal lubricants, ointments, and laxatives as an addition or as basic material. When combined with other synthetic goods, white oil has good antibacterial qualities and is chemically stable. The product is often used in medicinal applications due to its excellent mixing properties. As a result, the demand for the product is likely to rise in the forecast period as the pharmaceutical sector expands.
Browse through Grand View Research’s Petrochemicals Industry Research Reports.
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Key Companies profiled:
Some prominent players in the global white oil market include:
- British Petroleum
- Renkert Oil, Inc.
- ExxonMobil Corporation
- JX Nippon Oil & Energy Corporation
- Nynas AB
- Royal-Dutch Shell N.V.
- Sinopec Corporation
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