by White oil is a highly refined mineral oil which is used in multiple applications such as personal care & cosmetics, polymers, textiles, adhesives and many more. It provides advantages such as light texture, skin nourishment and protection. The global demand for white oil is increasing due to widespread applications in personal care and cosmetics industry where it is used as carrier oils and lubricants in formulations.
The global White Oil Market is estimated to be valued at US$ 4.5 billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Personal care products such as sun care, skin care, hair care etc. use white oil as it provides light and non-greasy texture when applied on skin or hair. Increasing spending on personal grooming along with rising awareness about personal care amongst consumers worldwide is driving the consumption of various personal care products which in turn is boosting the demand for white oil from this industry. Advancement in nanotechnology has also allowed white oil to deliver added benefits to personal care formulations.
Segment Analysis
The global white oil market is dominated by the pharmaceutical segment. White oil finds wide application in pharmaceutical formulations such as laxatives, antifungal, antiseptic and others owing to its purity, chemical inertness and stability. It poses no health hazards, does not support microbial growth and has GRAS (Generally Recognized as Safe) status. This makes white oil the preferred base oil for both topical as well as internal applications in the pharmaceutical industry.
Key Takeaways
The global white oil market is expected to witness high growth over the forecast period. With increasing demand from personal care products and pharmaceuticals, growth of white oil market remains positive.
Regional analysis: Asia Pacific dominates the global white oil market and is expected to maintain its lead position over the forecast period. Growing pharmaceutical industry along with rising health awareness drives demand for white oil in countries such as India, China, and Japan. North America and Europe follow Asia Pacific in terms of market share owing to the presence of major personal care producers and distributors in these regions.
Key players operating in the white oil market include ExxonMobil Corporation, BP PLC, Royal Dutch Shell N.V., Sonneborn LLC, Sinopec Petrochemical Corporation, Petro-Canada, JX Nippon Oil & Energy Corporation, Nynas AB, Indian Oil Corporation Limited and Renkert Oil. Among these, ExxonMobil Corporation holds the largest market share due to its wide distribution network and technologically advanced production facilities across major regions. BP PLC and Royal Dutch Shell N.V. follow ExxonMobil in terms of revenue. Nynas AB specializes in naphthenic and paraffinic base oils that find application in adhesives, sealants and polymers. Indian Oil Corporation has a strong presence in the Asian market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
