The white oil market was valued at US$ 2030.13 million in 2021 and is projected to reach US$ 2688.01 million by 2028. It is expected to register a CAGR of 3.7% from 2021 to 2028.
White oil is a highly refined mineral oil that is extremely pure, stable, colorless, odorless, non-toxic, and chemically inert. These attributes of white oil make them suitable for application that values these properties, such as pharmaceuticals, cosmetics, and chemical processing. White oils are widely used in plastic, food, pharmaceutical, and medicinal applications. In the plastic industry, it is used for polystyrene manufacturing. It is also employed for the protective packaging of fruits and vegetables, food preservatives, etc., in the food industry.
Evolving consumers' lifestyles, rising purchasing power in developing countries, and quickening development of multifunctional personal care ingredients are the major factors contributing to the flourishment of the cosmetics and personal care industry. There is a huge need for high-quality ingredients, such as white oil, in North America and Europe. White oil aids the easy blending of personal care and cosmetic products. Moreover, because of its inertness, it has application in cosmetic formulations as it resists moisture and maintains the smoothness of the products.
Calumet Specialty Products Partners, L.P.; Chevron Corporation; ExxonMobil Corporation; Petro-Canada Lubricants Inc.; Renkert Oil; Atlantic Oil; Apar; Sasol; Sonneborn LLC; H AND R GROUP are the key players in the white oil market. These market players emphasize on developing high-quality and innovative products and expanding their product portfolios to address continuously evolving customer demands.
The COVID-19 pandemic led to adverse effects in many industries, such as the chemical & materials, as they faced unprecedented challenges due to disruptions in supply chains and disharmony in manufacturing, delivery schedules, and sales of various goods. The demand for white oil decreased due to disturbances in the operations of several industrial sectors. Many white oil production sites were either closed partially or completely in 2020.
By Grade, the market is segmented into food, pharmaceutical, and technical. By application, the market is segmented into personal care and cosmetics, pharmaceutical and healthcare, food industries, plastic processing, agriculture, and others. By geography, the market is segmented into five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
The growing consumer inclination toward packaged products due to a shift in eating habits and the transformation of lifestyles may have an imperative impact on the demand for white oil. The oil is used in the production of adhesives for food packaging. Technical white oil mineral is permitted as an indirect food additive in various food contact materials, including adhesives. It is also used as a defoaming agent component in paper and paperboard packaging. White oil is used in hot melt adhesives, which act as a diluent for ensuring material transparency when used in cosmetics or food packaging. The growing trend, such as in food service cups, packaging, and utensils, are all produced with white oil.
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