Demand for specialty petrochemicals and refined oil products is rising rapidly in various industrial segments. White oil is an important product used in the chemical, pharmaceutical, cosmetics, and food processing industries. White oils are generally recognized as a class of highly refined and versatile mineral oils, and are generally produced from paraffinic or naphthenic base-stocks from the refineries.
Major chemical composition of white oils comprises saturated aliphatic hydrocarbons and alicyclic nonpolar, which are odorless, tasteless, chemically inert, colorless, and biologically stable in nature. White oils have excellent storage life, and they also do not change color over time. White oils are available in five different grades which are chemically distinct from each other: 65/75 (ISO VG 10/15), 50/60 (ISO VG 7), 200/215 (ISO VG 32/46), 80/90 (ISO VG 15), and 340/365 (ISO VG 68). Most white oils contain Vitamin E, which protects it from natural oxidation and stabilizes it during storage.
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White oils find applications in a variety of products such as baby oils, food & meat packs, protective coating on raw fruits and vegetables, furniture polishes, creams & lotions, hair conditioners & shampoos, liquid soaps, egg shell sealant, dog and cat food, animal medication, makeup, and kitchen cleaners. Furthermore, white oils are employed to provide smoothness, lubrication, and softness in many chemical processes and formulations due to their excellent water-resistant property.
Rising demand for personal care products, coupled with the expanding personal care and pharmaceutical industry around the globe, has led to rise in demand for white oils. This rising demand is further anticipated to increase due to expansion of the personal care product segment, and the pharmaceutical industry.
Rising demand from the cosmetic industry due to the strong moisture-resistant property of white oils is likely to further propel the market during the forecast period. White oils are also widely utilized in the manufacturing of specialty adhesives and elastomers due to their water- and moisture-resistant properties, which are also estimated to fuel the expansion of the global white oil market during the forecast period. White oils are certified safe for their application in food and dietary products attributed by the recent halal and the kosher certification to white oil, which has resulted in its rising demand around the globe. Conversely, fluctuating oil prices have hampered the expansion of the white oil market significantly and are acting as a major restraint for the white oil market.
The Asia Pacific (APAC) region is likely to witness significant demand for white oil due to an increased consumption of white oils and their derivatives. The personal care and pharmaceutical industries in APAC are expanding rapidly. APAC has also shown an increased demand for cosmetics and personal care products, which in turn has accelerated the consumption of white oils in the region over time. APAC is anticipated to dominate the market for white oils with a healthy CAGR during the forecast period. North America is the second largest region in terms of production and consumption of white oil in the world. Expansion of the white oil market in North America is anticipated to be significant during the forecast period due to significant demand from the food, cosmetics, and chemical industries.
The white oil market in Europe is anticipated to expand consistently during the forecast period. Economic and industrial expansion in Middle East & Africa coupled with the rising demand for polymers and specialty chemicals in the region are estimated to propel the white oil market during the forecast period. The white oil market in Latin America is likely to expand at a sluggish pace during the forecast period.
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Major market players and participants in the global white oil market are Exxon Mobil Corporation, British Petroleum, Seojin Chemical Co. Ltd., Renkert Oil Inc., Sasol, Nynas AB, Sonneborn Inc., Royal Dutch Shell N.V., JX Nippon Oil & Energy Corporation, and Petro-Canada. Manufacturers of white oils around the globe are putting their best efforts to strengthen their market position by acquisitions and technology licensing, adding portfolio of value added products, and developing an improved and robust distribution network around the globe.