The global white oil market size is expected to reach USD 3,268.25 million by 2032, according to a new study by Polaris Market Research. The report “White Oil Market Share, Size, Trends, Industry Analysis Report, By Application (Adhesives, Agriculture, Food, Pharmaceuticals, Personal Care, Textile, Polymers, and Others); By Grade; By Region; Segment Forecast, 2022-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rapidly growing use of the product in the production of pharmaceutical goods that includes internal lubricants, emollients, ointments, and laxatives as a major raw material, along with the increasing booming demand for the product in the agriculture, adhesives, and textile applications across the globe are among the major factors propelling the growth of the market. In addition, the extensive rise in the number of government-supportive initiatives and increasing implementation of new product launches and product expansion of major manufacturers of the market by tapping into emerging economies of the world are further projected to fuel the market's growth opportunities.
For instance, in October 2022, Luberef established its new production facility in Yambu, which will produce transformer oil & white oil used in pharmaceutical, food, and power generation. The new production facility will enable the localization of such types of specialty products in the country and will further attract the producers & operators of oil-related products.
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In recent years, white oils have become essential to many cosmetic formulations. Additionally, a surge in consumers preferring personal care and cosmetic products to enhance their health and support their self-esteem, especially in the European region, is also rapidly boosting the demand for the product. For instance, according to the “Cosmetic Europe” & the “Personal Care Association,” over 500 million people in Europe use cosmetic & personal care products daily.
Moreover, the growing proliferation of low-volatility white oils to manufacture plastics and a wide range of polymers for enhancing and regulating the melt flow rate of the end product to modify the physical properties and give release qualities are also anticipated to fuel the growth and demand for the market.
White Oil Market Report Highlights
Polaris Market Research has segmented the White Oil market report based on application, grade, and region:
White Oil, Form Outlook (Revenue - USD Million, 2019 - 2032)
White Oil, Grade Outlook (Revenue - USD Million, 2019 - 2032)
White Oil, Regional Outlook (Revenue - USD Million, 2019 - 2032)