White Oil Market Size And Forecast By Application (Adhesives, Agriculture, Food, Pharmaceutical, Personal Care, Textile, Polymers), By Region (North America, Europe, Asia Pacific, Latin America, MEA (Middle East & Africa)) And Trend Report

White Oil Market Size And Forecast By Application (Adhesives, Agriculture, Food, Pharmaceutical, Personal Care, Textile, Polymers), By Region (North America, Europe, Asia Pacific, Latin America, MEA (Middle East & Africa)) And Trend Analysis From 2013 To 2024

Published: October 2016  |  80 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-203-7

Market Size and Trends

The global white oil market was valued at USD 1.83 billion in 2015 and is expected to witness steady growth over the next eight years on account of rising demand for the product in a broad range of applications including personal care, polymers, and pharmaceutical. The product is extensively consumed as a base ingredient during the processing of personal care formulations, thermoplastics elastomers, and medicines.

Rising usage in adhesives, agriculture, food, and textile sectors will stimulate industry expansion coupled with the development of these end-use industries is expected to augment market growth over the forecast period. Different commercial grades of the product are available in the market such as technical, pharmaceutical or medicinal, and food categories.

The product is an odorless, colorless, tasteless substance and is characterized by excellent hydrophobicity and acts as a good lubricant, softener, and as a release agent. However, stringent government regulations on the production and consumption of white oil especially in developed nations are likely to act as restraint over the next eight years.

Global white oil market volume share, by application, 2015 (%)

Global white oil market


While personal care and pharmaceutical segments are the key drivers of the market, other growing application sectors such as adhesives and agriculture applications are estimated to offer lucrative growth opportunities over the forecast period.

The ingredient is used as a diluent and helps in maintaining the color and transparency required during processing of adhesive formulations. It is highly consumed for manufacturing hot melt and pressure sensitive adhesives.

In the agricultural sector, the product is used as base oil and is blended with other nutrients and chemicals. Rising consumption in spray oil which is required for protection of crops, dust control on grains, and horticultural applications will fuel growth.

Application Insights

Personal care was the dominant application segment in 2015 and accounted for 28.5% of the overall market volume share. The segment is expected to witness substantial growth owing to numerous factors including the utilization of white oil in a broad range of personal care products and rapid development of cosmetic & skin care industry in Asia Pacific, the Middle East & Africa, and Latin America.

Global personal care market, 2013 - 2024 (USD Billion)

Global personal care market


Pharmaceutical is expected to show revenue growth at a CAGR of 4.0% from 2016 to 2024. White oil is used for manufacturing laxatives, ointments, and other cosmeceuticals. The increase of the pharmaceutical industry on account of increasing prevalence of diseases is expected to play a vital role in driving the demand for the p over the forecast period.

Regional Insights

Asia Pacific accounted for 52.6% of the overall consumption in 2015. This trend is likely to continue over the forecast period on account of growing application sectors mainly personal care, polymers, adhesives, and pharmaceutical in the major countries including China, India, South Korea, and countries in Southeast Asia.

North America white oil market is expected to witness growth new product developments by companies such as P&G, Maybelline, Avon, Colgate-Palmolive, Johnson & Johnson and Unilever. The market is likely to grow at a CAGR of 2.6%, in terms of volume, over the forecast period.

MEA white oil market revenue, by application, 2013 - 2024 (USD Million)

MEA white oil market

Middle East & Africa is anticipated to witness significant growth as a result of current changes in consumer preferences over the use of value-added cosmetics, medicines, and plastics. Saudi Arabia and South Africa are projected to be the key emerging countries in the region over the next eight years. The demand for white oil in the region is expected to be 151 kilo tons by 2024.

Competitive Insights

Key players include Sinopec Corporation, Exxon Mobil Corporation, British Petroleum, Renkert Oil, Inc., Sonneborn, Inc., Seojin Chemical Co., Ltd., Nynas AB, Petro-Canada, Royal Dutch Shell N.V., Sasol, and JX Nippon Oil & Energy Corporation.

The industry is highly fragmented and competitive in nature owing to the presence of various global and regional players present in the U.S., China, and India. Furthermore, the prominent market participants have well-established brands and good company positioning. This scenario is considered to be a significant barrier for new entrants.

Prominent market participants are focusing on strengthening their position through implementing key strategies such as improvement in distribution networking, launch of new products, and technology licensing. In April 2016, Sonneborn, Inc., renewed the distribution agreement with Connell Bros. Co., LLC, for product supply in Asia Pacific.

In March 2015, Petro-Canada announced its growth strategy of launching value-added food grade lubricants to cater to the growing requirements for beverage, dairy, and meat processing equipment. In April 2015, Exxon Mobil Corporation signed a distribution contract with TAT Petroleum (HK) Pte Ltd., for the supply of lubricants and fuels including medicinal white oil, asphalt, and other products in Vietnam and other countries located in the Asia Pacific region.

White Oil Report Scope

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Base year

2015

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Historic

2013 - 2014

Extended historic data (2012 to 2015)

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Forecast

2016 - 2024

Extended Forecast data (2025 - 2027)

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Report details

Market size, company market share, competitive Landscape, growth factors, trends

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Market representation

Kilo Tons, USD Million

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Global & Regional (by country)

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All major market players

Profiles of 10 additional companies

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Market segments covered in the report

Grand View Research has segmented the white oil market by application and region.

  • White Oil Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
    • Adhesives
    • Agriculture
    • Food
    • Pharmaceutical
    • Personal Care
    • Textile
    • Polymers
    • Others
  • White Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
    • North America
      • U.S.
    • Europe
      • Germany
      • Russia
    • Asia Pacific
      • China
      • India
      • South Korea
    • Latin America
      • Brazil
    • MEA
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