White Oil Market 2023-2030: Overview and Growth Prospects
The global white oil market, valued at USD 1.8 billion in 2021, is expected to witness steady growth during the forecast period, projecting a Compound Annual Growth Rate (CAGR) of 4 percent. The market's progress is primarily driven by the increasing demand for white oil in the pharmaceutical and personal care industries. Additionally, rising applications in cosmetics, medical products, and other sectors are anticipated to bolster market demand globally.
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White oil, a refined form of mineral oil, is chemically stable, colorless, odorless, and nontoxic, making it suitable for various applications. The product is derived from refining paraffinic and naphthenic crude oil as feedstock or through gas-to-liquid conversion technology, such as the Fischer-Tropsch method utilized by Royal Dutch Shell N.V. to produce white oil from natural gas.
The COVID-19 pandemic had a notable impact on the global white oil market, with a 5 percent decline in demand observed in 2020. Developed markets like Germany, the United States, France, and the United Kingdom experienced higher declines due to temporary factory closures and reduced production activities during the pandemic's first wave. However, Asian nations like China, India, South Korea, Japan, and Indonesia showed resilience in demand for white oils during the same period.
Market Drivers:
1. Expanding Personal Care Sector: Increasing demand for grooming products and consumer preferences shifting towards organic and natural goods are driving the personal care industry's growth. The pharmaceutical and personal care sectors' expansion is expected to contribute significantly to white oil market revenue, as it is used in products such as body lotions, facial creams, hair oils, and hair creams.
2. Growing Pharmaceutical Application: White oil serves as a primary lubricant in medical equipment and machinery in the pharmaceutical industry. Its usage in medicinal formulations like laxatives, gelatin capsules, ointments, and excipients is also contributing to market growth. The demand for gelatin capsules is increasing due to health issues like osteoarthritis, aged skin, weak bones, and obesity.
Market Restraints:
1. Crude Oil Supply Shock: The Russia-Ukraine conflict disrupted the global crude oil supply, impacting white oil production from different sources. The disruption resulted in increased prices and limited accessibility of white oil, affecting market growth.
2. Availability of Substitutes: The easy availability of white oil substitutes and its occasional adverse effects on direct use, such as irritation and redness, may limit market expansion.
Regional Landscape:
Asia Pacific leads the global white oil market, with China being a significant consumer, driven by the expanding cosmetics and skincare products market. India's hairdressing industry also contributes to the region's white oil consumption. The Middle East and Africa are expected to experience substantial growth, primarily due to the pharmaceutical industry's expansion.
Competitive Landscape:
Key players in the white oil market include China Petroleum & Chemical Corp (Sinopec Corporation), Exxon Mobil Corporation, Calumet Specialty Products Partners, L.P., Chevron Corp, Total S.A., Royal Dutch Shell plc, and others. As the pharmaceutical and personal care industries continue to grow, the demand for white oil is expected to rise steadily over the forecast period. Despite challenges from the COVID19 pandemic and supply disruptions, the market shows resilience and holds potential for sustained growth in the coming years.
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