White Oil Market
The global white oil market size was valued at USD 1.3 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 3.1% from 2020 to 2027. Rising demand from medical & cosmetics applications worldwide is projected to be a key driving factor for the market growth.White oils are typically refined mineral oils, which are pure, stable, colorless, odorless, and non-toxic.
These attributes make the product highly suitable for use in chemical manufacturing, cosmetics, and pharmaceuticals industries. In the cosmetics sector, it is recognized as a key ingredient, which is incorporated in the formulations of topical skin care body lotions, petroleum jellies, moisturizing creams, cosmetics, cold creams, hair care products, and baby oils among others.
Personal care sector is diverse in nature and is growing at a steady rate, which is majorly attributed to high concentration of several cosmetic product manufacturers across Asian countries, such as China, Indonesia, India, Japan, and South Korea. Increasing demand for personal care products in these countries have facilitated the cosmetic formulators toward innovation and new product development. Properties of white oil, such as lubricity, moisture barrier abilities, and chemical inertness, facilitates its utilization in cosmetics and beauty products.
It is also blended with coconut oil and other formulations to produce hair care products due to its compatibility with a robust range of oils. Increasing demand for skin care and hair care products is anticipated to have a positive impact on the product demand. In the pharmaceutical sector, the product is utilized in formulation of multiple lotions, ointments, laxatives, complexion creams, and is also used as a carrier for curative drug formulations.
From technological standpoint, the two commercially adopted manufacturing processes includes two stage hydrotreating method and acid treatment process to Vacuum Gas Oil (VGO) method. The product derived through both these processes produce thermally stable, pure base oil wherein factors, which might cause detrimental effect, such as sulfur, aromatics, and other impurities, are removed in the process. Prominent industry participants focus more on process innovation to turn down production cost and time to gain an increased market share.