Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the White Oil market.
Trusted Business Insights presents an updated and Latest Study on White Oil Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the White Oil market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global White Oil Market
The global white oil market size was valued at USD 1.2 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 2.0% from 2021 to 2027. Rising demand from medical & cosmetics applications worldwide is projected to be a key driving factor for the market growth. White oils are typically refined mineral oils, which are pure, stable, colorless, odorless, and non-toxic.
These attributes make the product highly suitable for use in chemical manufacturing, cosmetics, and pharmaceutical industries. In the cosmetics sector, it is recognized as a key ingredient, which is incorporated in the formulations of topical skin care body lotions, petroleum jellies, moisturizing creams, cosmetics, cold creams, hair care products, and baby oils among others.
The personal care sector is diverse in nature and is growing at a steady rate, which is majorly attributed to the high concentration of several cosmetic product manufacturers across Asian countries, such as China, Indonesia, India, Japan, and South Korea. Increasing demand for personal care products in these countries has facilitated the cosmetic formulators toward innovation and new product development. Properties of white oil, such as lubricity, moisture barrier abilities, and chemical inertness, facilitates its utilization in cosmetics and beauty products.
It is also blended with coconut oil and other formulations to produce hair care products due to its compatibility with a robust range of oils. Increasing demand for skin care and hair care products is anticipated to have a positive impact on product demand. In the pharmaceutical sector, the product is utilized in the formulation of multiple lotions, ointments, laxatives, complexion creams, and is also used as a carrier for curative drug formulations.
From a technological standpoint, the two commercially adopted manufacturing processes include two stage hydrotreating method and acid treatment process to Vacuum Gas Oil (VGO) method. The product derived through both these processes produce thermally stable, pure base oil wherein factors, which might cause a detrimental effect, such as sulfur, aromatics, and other impurities, are removed in the process. Prominent industry participants focus more on process innovation to turn down production cost and time to gain an increased market share.
Application Insights: Global White Oil Market
In terms of volume, personal care applications led the market with a share of 28.7% in 2019. This is attributed to widespread product application in the formulation of baby oils and hair and skin care products, such as serums, creams & lotions and makeup products. Personal care product manufacturers are focusing on new product launches to meet the rising demand.
White oil has the ability to create a barrier on the skin from the external environment, thereby aiding in protection against skin damage. It is also broadly utilized in the formulation of anti-aging products, which have high demand, especially in various East & North Asian countries.
Moreover, white oil is observed to reflect high demand from polymer manufacturers as it is extremely important as a melt flow controller as well as for providing release characteristics of the polymers. This aids in imparting improved physical conditions of the polymers. Several companies are focusing on improving their product line for the consumption of white oils in various elastomers & adhesives, which are widely used for the production of diaper glues, toys, toothbrushes, and other common household products.
These factors are projected to result in substantial product demand in adhesives and elastomer applications. In the food industry, the product plays a crucial role in food product coating and packaging applications.
Regional Insights: Global White Oil Market
The Asia Pacific led the market in 2019 and accounted for over 51% of the global revenue share. This is attributed to the demand for pharmaceutical and personal care products. Moreover, the consumption of adhesives in the construction & automotive sector and polymer demand from household product manufacturers in the region are likely to boost the product demand. Moreover, countries, such as Japan, India, Thailand, South Korea, and Indonesia, are rapidly becoming major hubs for cosmetics manufacturers due to the availability of skilled & low-cost labor, ease of regulations, etc. This is also supporting market growth in APAC.
In North America, the product has high demands from the polymers and adhesive applications due to the rapidly evolving household goods sector. Rising consumer spending on household products across U.S. and Canada has led to increased consumption of polymers. Furthermore, the high dependence of the regional population on e-commerce for purchasing essentials has led to higher consumption of packaging products, which resulted in increased consumption of adhesives, thereby boosting product demand. The European market is predominantly run by significantly high consumption of personal care and cosmetic products. France, Italy, and Spain are major hubs for several cosmetics producing brands, such as Loreal, Augustinus Bader, Gisou, Kerluxe, and Lumene.
Key Companies & Market Share Insights: Global White Oil Market
The market is highly competitive with the presence of globally recognized brands by multinationals, such as ExxonMobil Corporation and Petro-Canada. Growing competition has led to new product launches, project expansions, and product positioning strategies along with structural process reforms adoption by these companies.
The increasing penetration of new participants in the ecosystem is likely to result in market fragmentation over the coming years. However, the majority of the multinationals have fully integrated operations across the value chain, which acts as a barrier to entry for new regional-level entrants. Some of the prominent players in the market include:
Key companies Profiled: Global White Oil Market Report
This report forecasts revenue growth at a global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global white oil market report on the basis of application and region:
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Personal Care
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