New York, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The global white oil market size is expected to expand at ~5% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 3 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022. There is a growing demand for polymers from the automotive and electronics industries resulting in increased use of white oil in plastics and elastomers production. LG Polymers India planned to increase its production capacity from 415 to 655 tons per day of polymers (including polystyrene) in 2021. Low-volatility white oils are chosen for plastics and elastomers production as they are non-volatile and have a low viscosity. This allows them to be easily dispersed in the polymer resin and helps to reduce the melt viscosity of the resin, resulting in better flow, lower cycle times, and improved surface finish.
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White Oil Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The Personal Care segment to garner the highest growth
- Market in North America to grow at a highest rate
Rapid Rise in The Demand for The White Oil In The Agriculture To Boost Market Growth
A growing number of pesticide sprays are used in agriculture to reduce pest damage to crops. Also, insecticide sprays can help to increase crop yield and improve overall crop health. The amount of pesticides used in agriculture worldwide has remained stable at 2.7 million tonnes (Mt) in 2020. Pesticides were applied to cropland worldwide at a rate of 1.7 kilograms per hectare. White oil contains mineral oil which is toxic to insects. It blocks the breathing pores, or spiracles, on the insect's body, preventing oxygen from entering the body and causing the insect to suffocate. White oil has been proven to be effective in controlling a variety of pests, which is why it is in high demand in the agricultural industry.
White Oil Market: Regional Overview
The global white oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Production of Textiles Due to Growing Fashion and Style Demands to Drive the Growth in The Asia Pacific Region
The white oil market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The sector is growing rapidly due to rising income levels, the increasing production of textiles in the region, and the increasing demand for fashionable clothing. Around 3 billion meters of textiles were manufactured in December 2022 in China, a consistent volume greater than 3 billion meters each month. Over 2.3% of India's GDP comes from the textile and apparel sector, which contributes 12% of exports, 13% of industrial output, and 13% of industrial production.
Additionally, the emergence of new technologies, such as digital printing, has made it easier and more cost-effective for manufacturers in the region to produce textiles and apparel. White mineral oils are non-toxic and have a low evaporation rate which makes them ideal for use in the textile industry. They are also resistant to water and most chemicals, which makes them useful for lubricating and protecting textiles from wear and tear.
Increased Number Of Pharmaceutical Companies And Production Of Drugs To Drive The Growth In The North America Region
The North America white oil market is expected to generate the majority of revenue by the end of 2035. The demand for white oil products has been steadily increasing as countries such as the United States and Canada have seen a rise in the number of pharmaceutical companies and the number of drugs they produce. A growing awareness of healthcare needs, new drugs, and an aging population have led to a surge in demand for pharmaceutical products. According to estimates, American spending on medicine will rise from USD 577 billion in 2021 to USD 600-630 billion by 2025. The U.S. dispensed approximately 4.60 billion prescriptions in 2021. White oil is considered a very safe and inert oil, making it an ideal choice for use in pharmaceutical products and medications. It is odorless, tasteless, and has excellent stability and lubricity, making it suitable for use in a variety of formulations.
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White Oil, Segmentation by Application
- Plastics & Elastomers
- Adhesives
- Personal Care
- Agriculture
- Textile
- Food & Beverage
- Pharmaceutical
- Metalworking Applications
- Other Applications
The personal care segment in the white oil market is anticipated to hold the largest revenue by the end of 2035. This is because of the increasing demand for personal care products such as creams, lotions, and soaps, as well as the growing awareness among consumers about the importance of personal hygiene. A total of USD 170 billion is expected to be generated by skin and personal care products by 2025. During lockdowns and remote work, women's personal care routines changed, with 23% spending more time and money on it. White oil is a mineral oil that has been highly refined for use in personal care products. It acts as an emollient, providing a protective barrier on the skin and helping to lock in moisture. It also helps to keep products from separating, and it can be used to reduce the greasiness of other oils. Additionally, the rising trend of luxury and natural personal care products is expected to drive segment growth.
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White Oil, Segmentation by Product Type
- Light Paraffinic
- Heavy Paraffinic
- Naphthenic
The naphthenic segment in the white oil market is anticipated to hold the largest revenue by the end of 2035 due to its superior properties such as low pour point and high flash point, which make it an ideal choice for use in lubricants, greases, and other applications. Additionally, the growing demand for safety and performance features in vehicles has led to an increased demand for tires with higher quality and improved performance. As of 2024, global tire production is expected to reach 23 million tonnes, up from 20 million tonnes in 2019. This production has led to the growth of naphthenic white oil as this oil provides superior performance in terms of wear and tear while also improving the overall durability of the tire. It also helps enhance the flexibility of the tire, which reduces the risk of cracking and other damage.
White Oil, Segmentation by Grade
- Pharmaceutical
- Industrial
A few of the well-known market leaders in the global white oil market that are profiled by Research Nester are NYNAS AB, Calumet Specialty Products Partners, L.P, Chevron Corporation, ExxonMobil Corporation, Petro-Canada Lubricants Inc., Renkert Oil, Atlantic Performance Oils, Sasol, Sonneborn LLC, H & R GROUP, and other key market players.
Recent Development in the Market
- August 04, 2022: Palmer Holland has signed a distribution agreement with Petro-Canada Lubricants, Inc. By partnering with Palmer Holland, Petro-Canada will distribute its popular white mineral oils PURETOLTM and KRYSTOLTM in the United States.
- The NYNAS AB reported that the use of NYTEX and NYFLEX naphthenic oils in fertilizers reduced caking and dust problems. By treating NPK fertilizers with NYTEX 846, dusting is reduced by 50% compared to untreated fertilizers.
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