White Oil Market Research Report and Outlook by 2028

The white oil market was valued at approximately US$ 2030.13 million in 2021 and is anticipated to grow to US$ 2688.01 million by 2028. This growth represents a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028.

White oil is a highly refined mineral oil characterized by its exceptional purity, stability, colorlessness, odorlessness, non-toxicity, and chemical inertness. These attributes make white oil ideal for a diverse array of applications, particularly in the fields of pharmaceuticals, cosmetics, and chemical processing. It finds extensive use in industries such as plastics, food, pharmaceuticals, and medicine. In the plastics sector, white oil is utilized in the production of polystyrene. Within the food industry, it serves various purposes, including protective packaging for fruits and vegetables and as a food preservative.

Moreover, the changing lifestyles of consumers, along with increasing purchasing power in emerging markets like India and China, are significant factors driving the demand for superior personal care ingredients. As the demand for cosmetic products rises, the white oil market is expected to expand considerably. White oil facilitates the seamless blending of cosmetic ingredients, helps resist moisture, and ensures the smooth texture of the final products.

In 2020, the Asia Pacific region dominated the white oil market in terms of revenue share. This growth is largely attributed to the expansion of the personal care industry. The cosmetics and personal care market encompasses a wide range of products, including makeup, skincare, haircare, personal hygiene items, and fragrances, all of which have been experiencing growth during the forecast period. Consequently, this has led to an increased demand for white oil in the region. In India, for instance, hair oil represents a significant application of white oils within the cosmetics and personal care sector. Collectively, the cosmetics and pharmaceutical industries account for approximately three-fourths of the white oil consumption in the country.

Furthermore, market participants are making substantial investments in the production of cosmetics and personal care products in Japan, driven by the rising demand for locally produced cosmetics from consumers across the Asia Pacific. Shiseido, a leading cosmetics manufacturer in Japan, has announced plans to invest between US$ 387.37 billion and US$ 484.22 billion in a new factory expected to be established on the southern main island of Kyushu, with operations slated to commence around 2021. To bolster its domestic production capacity, the company also constructed two additional facilities in Tochigi Prefecture in 2019 and Osaka Prefecture in 2021. Such strategic initiatives by manufacturers are likely to enhance the demand for white oil and are expected to further propel the growth of the white oil market in the region in the coming years.

Key players in the white oil market include Calumet Specialty Products Partners, L.P., Chevron Corporation, ExxonMobil Corporation, Petro-Canada Lubricants Inc., Renkert Oil, Atlantic Oil, Apar, Sasol, Sonneborn LLC, and H AND R GROUP. These leading companies are focusing on strategies such as research and development investments and the launch of new products. They aim to create high-quality and innovative offerings that meet the evolving needs of their customers.

The overall size of the white oil market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the white oil market.