White Oil Market

You may or may not be familiar with “white oil.” It is a highly refined oil that is colorless and odorless. It is majorly used in various industries and applications due to its desirable properties. In this blog, we will explore key aspects related to this remarkable substance, that is white oil which also known as liquid paraffin or mineral oil.

What Purpose Does White Oil Serve?

White oil is used for a variety of purposes across different industries. White oil is frequently used in the production of plastic. All cups, containers, and utensils used in the food service industry are made with white oil. Products made of rubber and polymers are softened using it. Some of the other applications of white oil:

  • Pharmaceuticals
  • Personal Care Products
  • Food Processing
  • Industrial Applications
  • Veterinary and Animal Care

What Is the Current and Estimated White Oil Market Size?

The global white oil market was valued at USD 2,131.92 million in 2022 and is predicted to reach USD 3,268.25 million with a CAGR of 4.39% during the forecast period.

What Are the Key Influencers?

The growing use of white oil for a variety of end-use industries and rising consumer awareness regarding its benefits, such as good hydrophobicity, bio-stability, low odor, and taste, are prominent factors driving the market growth. Also, a shift in consumer lifestyles, along with an increase in consumer per capita income, especially in emerging countries such as India and China, are expected to propel the market growth during the forecast period.

Segmentation Analysis

  • By application, personal care segment held the largest white oil market share in 2022 due to a surge in demand for various personal care products globally as a result of rising awareness regarding health and well-being. When making personal care products, white oil is frequently utilized as a key base component and emollient.
  • By grade, technical grade segment is anticipated to grow at the fastest rate during the forecast period. This is primarily because of the technical grade’s widespread use in various industrial grade applications due to its properties like colorless and odorless paraffinic mineral.
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Which Region Leads the White Oil Market?

The Asia Pacific region witnessed the major market share in 2022 and is expected to continue its dominance during the projected period. This growth can be attributed to the fast expansion of the pharmaceutical sector, expanding consumer spending power, and growing consumer knowledge of the health benefits of white oil for the skin and body.

Recent Developments

In October 2022, British Petroleum (BP) made a significant move in its bioenergy transition by acquiring Archaea Energy, a strategic step that will fuel the company’s growth engine in this sector. The acquisition has been agreed upon for a cash consideration of USD 3.3 billion, coupled with assuming a net debt of approximately USD 800 million. Through this purchase, BP aims to actively contribute to its customers’ decarbonization objectives and effectively lower carbon intensity.

In March 2022, Supreme Petrochem’s Board gave the green light to the Phase II expansion of its Expandable Polystyrene (EPS) plant situated in Maharashtra. Additionally, the Board has approved the development of an “Extruded Polystyrene Board” with a total capacity of 100,000 cubic meters, and an increase in the capacity of Masterbatch and Compounds by 50,000 metric tons per annum (MTA).

In January 2023, ExxonMobil made an announcement regarding its affiliate, Imperial Oil, which revealed plans to invest more than USD 560 million in the construction of Canada’s largest diesel production facility. The project aims to establish a state-of-the-art facility with a significant capacity to produce approximately 20,000 barrels of renewable diesel per day. This production will primarily rely on locally sourced feedstocks, contributing to a reduction in greenhouse gas emissions.

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To sum up

The white oil market continues to experience steady growth and is expected to expand further in the coming years. With its versatile applications and desirable properties, white oil is expected to witness sustained growth and find new opportunities in various industries.

By Ankita Padiyar

Ankita Padiyar likes to play with words! She has been working in the content industry, with expertise in SEO content, social media content, website content, blogs, and articles for over 5 years. In addition to content writing, Ankita is a content publisher too, with hands-on experience with different CMSs. She works closely with B2B and B2C companies delivering engaging content that converts viewers into customers. She believes in "Dream Big" and thrives to achieve those dreams. When she isn’t writing, you can find her spending quality time with her 2-year toddler. Also, in her free time, she loves to explore new places. Don’t miss connecting with her on LinkedIn for networking!