The global white oil market is poised for steady growth, with a projected Compound Annual Growth Rate (CAGR) of 4 percent during the forecast period, according to the latest market report. In 2021, the market size for white oil reached USD 1.8 billion, and this growth trajectory is expected to continue in the coming years.
Growing Demand in Pharmaceutical and Personal Care Industries
The key driver of market demand is the increasing need for white oil in the pharmaceutical and personal care sectors. White oil, characterized by its purity, stability, colorlessness, odorlessness, and non-toxic properties, is derived from refined paraffinic and naphthenic crude oil as feedstock. It can also be produced using gas-to-liquid conversion technology, such as the Fischer-Tropsch method employed by Royal Dutch Shell N.V.
Impact of COVID-19
While the white oil market demonstrated resilience, it was not immune to the impacts of the COVID-19 pandemic. Global demand witnessed a 5% decline in 2020, with variations across different regions. Developed markets like Germany, the United States, France, and the United Kingdom experienced higher declines due to temporary factory closures and reduced production activities. However, other Asian nations such as South Korea, Japan, and Indonesia saw more stable demand.
Market Drivers
- Expanding Personal Care Sector: The rapidly growing personal care and pharmaceutical industries are expected to fuel the markets growth. The demand for grooming products, organic, and natural goods is on the rise, leading to increased white mineral oil supply. Its ability to withstand moisture makes it a preferred choice in cosmetic and personal care products.
- Growing Application in Pharmaceuticals: White oil plays a vital role in the pharmaceutical industry as a primary lubricant in medical equipment and machinery. It is also used in insecticide sprays and the production of medicinal formulations like laxatives, ointments, and gelatin capsules.
Market Restraints
- Crude Oil Supply Disruptions: The Russia-Ukraine conflict disrupted the global crude oil supply chain, affecting white oil production. Price spikes in crude oil hindered white oil usage in various applications.
- Availability of Substitutes: White oil can occasionally cause skin irritations, and untreated mineral oils may pose health risks. The easy availability of substitutes could limit market expansion.
Segment Analysis
- Personal Care and Cosmetic Industry: Dominates the market due to rising demand for personal care products.
- Light Paraffinic Category: Led the market in 2021, driven by its use in personal care products.
Regional Landscape
- Asia Pacific: Dominates the market, with China leading the way in cosmetics and skincare product consumption.
- Middle East and Africa: Expected to experience significant growth due to the expansion of the pharmaceutical sector.
- North America: Market growth driven by the pharmaceutical industrys expansion and the demand for white oil in various industries.
Key Players
Notable players in the white oil market include China Petroleum & Chemical Corp (Sinopec Corporation), Exxon Mobil Corporation, Chevron Corp, Total S.A., Royal Dutch Shell plc., and others.
As the personal care and pharmaceutical industries continue to thrive, the white oil market is poised for steady growth, driven by its diverse applications and unique properties. With a focus on innovation and market expansion, industry players are well-positioned to meet the growing global demand for white oil.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/white-oil-market
Visit Our Blogs:
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_442467042/2840/2023-10-26T02:15:50