As per the latest report by Global Market Insights Inc., the global White Oil Market was estimated at $2 billion in 2020 and is slated to exceed USD 2.5 billion by 2027, registering a CAGR of 2.8% from 2021 to 2027. The report gives an in-depth assessment of wavering market trends, competitive scenario, drivers & opportunities, market size & estimations, top winning strategies, and major investment pockets.
White oils refer to highly refined mineral oils that are extremely pure, colorless, stable, non-toxic, odorless, and chemically inert. Due to these properties, white oil finds wide usage in varied industry verticals. Prominent product demand in pharmaceutical and medicinal applications as well as in the cosmetics, plastics, and food industries is forecast to stimulate the white oil market share through the assessment period.
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Pharmaceutical grade white oil is widely used as a base constituent lubricant in medical machinery and instruments. Technological advancements in the product as well as booming demand for product diversification and high purity in pharmaceutical formulations are speculated to create massive growth potential for key stakeholders. Furthermore, soaring pharmaceutical sales, along with increased consumer emphasis on health and hygiene, are slated to impel product demand. Driven by growing product prominence, the white oil industry from the pharmaceutical grade segment is projected to surpass a valuation of USD 650 million by 2027.
Key reasons for white oil market growth:
- Increased adoption in plastics and polymer manufacturing.
- Escalating product uptake in the APAC region.
- Rising usage as insecticides for plants.
- Prevalent utilization as food & beverage packaging material.
2027 forecasts show ‘textile’ segment retaining its dominance:
In terms of application, the textile segment is projected to be valued at more than USD 275 million by 2027. White mineral oil finds extensive applications in all types of circular, flat, and stocking knitting machines, and has demonstrated exceptional cleaning effects as a sinker and needle cleaner. It is also used for lubricating high-speed runners, sintered metal rings, and heavy load rings. Notably, fast-changing fashion trends, coupled with the growing population, is anticipated to fuel the segmental growth. Proliferating apparel industry, along with increasing number of stores and boutiques, is also expected to bolster product uptake in textile applications in the coming years.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe white oil market is slated to grow at over 2.5% CAGR through the assessment timeframe. Mounting number of manufacturing plants due to supportive government policies and favorable socio-economic scenario in the region is set to contribute to revenue growth of the market in the forthcoming years. Additionally, several initiatives taken by domestic research institutions and associations, including FuelsEurope, ECHA, and EUROPIA, to improve product quality is speculated to facilitate regional industry growth. Increasing presence of market leaders viz., Royal Dutch Shell and Nynas AB is also likely to foster business outlook. Moreover, the expanding personal care & cosmetic sector in the region is foreseen to impel product adoption in Europe in the future.
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Impact of COVID-19 pandemic on white oil market:
Following the COVID-19 outbreak, government and health agencies around the world sought effective solutions to curb the spread of the novel coronavirus indoors. With worldwide immunization drives and many facilities resuming operations, soaring demand for such solutions has been witnessed, particularly in confined spaces like schools and workplaces. Several leading organizations have recommended the use of the fog generator technology for antiviral air treatment in certain indoor spaces where it can be difficult to social distance. Since most fog generators run on mineral oil or white oil, there has been an upsurge in product demand during the pandemic. In addition, growing significance of white oil in pharmaceutical formulations has also played a vital role in promoting industry expansion in recent years.
Leading market players:
Some prominent players in the white oil industry include Savita Chemicals, BASF, Total SA, Royal Dutch Shell, Sasol, Apar Industries Limited, Renkert oil, Sinopec Corporation, and Sonneborn LLC, among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.