White oil is a highly refined mineral oil which is colorless, odorless, and tasteless. It is used as a lubricant, release agent, moisture barrier, and flavor/food additive in a wide range of industries such as personal care, pharmaceutical, food, and polymers. White oils help condition and moisturize skin while also creating a protective barrier against external irritants.
The global White Oil Market is estimated to be valued at US$ 3.5 billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing demand in personal care products is driving the white oil market. Personal care products that incorporate white oil, including body lotions, creams, and hair oils, are gaining popularity due to white oil's ability to nourish and hydrate the skin without clogging pores. Growing personal care industry in emerging markets such as Asia Pacific and South America is fueling the demand for white oil. Rapid urbanization, rising working population, and increasing spending power on personal care have boosted the sales of skin and hair care products incorporating white oil in these regions. Manufacturers are focusing on developing innovative white oil formulations suitable for various personal care applications to tap into the opportunities in fast growing personal care markets.
SWOT Analysis
Strength: White oil has wide applications across industries like personal care, pharmaceuticals, food packaging, and others owing to its purity and stability properties.
Weakness: Presence of substitute products like petroleum jelly and mineral oil.
Opportunity: Growing demand for white oil from end use industries like personal care and cosmetics is expected to create new opportunities.
Threats: Stringent regulations regarding mineral oil content in cosmetic products could impact the market. Volatility in crude oil prices affects the overall production cost.
Key Takeaways
The global white oil market is expected to witness high growth.
Regional analysis: Asia Pacific dominates the global white oil market and is expected to grow at the fastest pace during the forecast period. Expanding personal care and pharmaceutical industries are driving the demand for white oil in the region. Countries like China, India, Japan, and South Korea are the major consumers in Asia Pacific.
North America is another prominent market for white oil owing to the strong presence of personal care producers. Stringent regulations regarding the usage of mineral oil in cosmetic applications are shifting the preference towards white oil in the region.
Key players: Key players operating in the white oil market are ExxonMobil Corporation, Royal Dutch Shell Plc, Sonneborn LLC, Sasol, Savita Chemicals, Sinopec Corporation, Renkert Oil Inc., JXTG Nippon Oil & Energy Corporation. ExxonMobil Corporation dominates the global white oil market with a wide product portfolio and strong geographical presence across regions.
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