“Global White Oil Market to reach a market value of USD 2.2 Billion by 2031 growing at a CAGR of 4.6%”
The Global White Oil Market size is expected to reach $2.2 billion by 2031, rising at a market growth of 4.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,243.79 kilo tonnes, experiencing a growth of 16.9% (2020-2023).
White oils, also known as mineral oils or liquid paraffin, are widely used in skincare and cosmetics formulations due to their excellent emollient and moisturizing properties. The personal care and cosmetics segment held 31.7% revenue share in the market in 2023. In terms of volume the cosmetics & personal care segment attained a volume of 373.98 kilo tonnes in the market 2023. They serve as base oils in various products such as lotions, creams, moisturizers, and makeup removers.
Refining and purification processes are continually refined to achieve higher purity levels in white oils. Advanced filtration techniques, such as molecular distillation and hydrotreating, enable the removal of impurities, contaminants, and undesirable components, resulting in white oils with superior clarity, cleanliness, and consistency.
Additionally, they are commonly used as carriers, solvents, and diluents in liquid and semi-solid medications such as oral suspensions, syrups, and topical preparations. Thus, these factors will boost the demand for it in the upcoming years.
However, the volatility heavily influences the market in crude oil prices, as white oils are derived from crude oil through refining. Fluctuations in crude oil prices can significantly impact the cost of production for white oils, affecting profit margins and pricing strategies within the industry. Therefore, these factors will hamper the growth of the market.
Based on application, the market is segmented into plastic & polymer, pharmaceutical, food industry, cosmetics & personal care, textiles, and others. In 2023, the plastic and polymer segment garnered 14.4% revenue share in the market. In terms of volume the plastic and polymer segment would attain a volume of 261.72 kilo tonnes by 2030.
On the basis of grade, the market is bifurcated into technical and pharmaceutical. The pharmaceutical segment recorded 41.2% revenue share in the market in 2023. In terms of volume the pharmaceutical segment would attain a volume of 752.77 kilo tonnes in the market 2029.
Free Valuable Insights: Global White Oil Market size to reach USD 2.2 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region acquired 17.3% revenue share in the market. In terms of volume, the Europe region would attain a volume of 268.33 kilo tonnes by 2031.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.5 Billion |
| Market size forecast in 2031 | USD 2.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.6% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 266 |
| Number of Tables | 550 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Grade, Application, Region |
| Country scope |
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| Companies Included | Castrol Ltd. (BP P.L.C.), Sinopec Group (China Petrochemical Corporation), Eastman Chemical Company, Exxon Mobil Corporation, Lanxess AG, Shell plc, TotalEnergies SE, Indian Oil Corporation Ltd., Sasol Limited, Reliance Petrochem Industries (Pvt) Limited |
By Grade (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $2.2 billion by 2031.
Growing demand for plastic and rubber products are driving the Market in coming years, however, Volatility in crude oil prices and supply chain disruptions restraints the growth of the Market.
Castrol Ltd. (BP P.L.C.), Sinopec Group (China Petrochemical Corporation), Eastman Chemical Company, Exxon Mobil Corporation, Lanxess AG, Shell plc, TotalEnergies SE, Indian Oil Corporation Ltd., Sasol Limited, Reliance Petrochem Industries (Pvt) Limited
In the year 2023, the market attained a volume of 1,243.79 kilo tonnes, experiencing a growth of 16.9% (2020-2023).
The Technical segment is leading the Market by Grade in 2023; thereby, achieving a market value of $1.3 billion by 2031, growing at a CAGR of 4.2 % during the forecast period.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,150.8 Million by 2031.
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