The white oil market is projected to exhibit robust growth by 2027 owing to widespread use of white oil as an essential ingredient across several industry verticals. Additionally, surging demand for various cosmetics and personal care products worldwide is likely to further boost market uptake over the forecast period.
White oil is an odorless and colorless mineral oil derived from petroleum. It is a versatile medical-grade and food-grade oil and is extensively used in the cosmetic, food, and pharmaceutical industries. Its odorless and colorless properties make it less reactive to the products on which it is applied and not flammable, thus making it a suitable lubricant, catalyst carrier, and adhesive. Notably, technological advances in the oil refining sector have augmented industry expansion in recent years.
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Moreover, industry players are employing lucrative strategies to gain a competitive edge in the market, thereby enhancing overall business outlook. For instance, in May 2019, Chevron U.S.A. Inc., a Chevron Corporation subsidiary, completed the acquisition of Pasadena Refining System, Inc., a Texas-based refinery.
Through the deal, Chevron acquired Pasadena's vast production capacity of nearly 110,000 barrels per day of light crude oil, connections to major product pipelines, dock access, and a 323-acres refinery. It also strengthened Chevron's production capacity, along with expansion of its business across new regions.
To cite another instance, in July 2021, ExxonMobil, a leading oil and gas corporation, announced the discovery of high-quality oil reservoirs near Guyana. The company's significant oil discovery supported its aim of developing a recoverable resource base with at least six potential online projects by 2027.
The white oil market has been segmented on the basis of application, grade, and region. With respect to application, the market has further been divided into pharmaceutical, textile, food industry, plastic & polymers, personal care & cosmetics, and others.
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The plastic & polymers sub-segment is projected to showcase steady growth at a CAGR of around 2.5% over the forecast period. The food industry sub-segment is anticipated to garner considerable gains by 2027, progressing at a CAGR of over 2% through the assessment period.
The others sub-segment is slated to expand at nearly 2.2% CAGR over the analysis timeline. Other applications of white oil include housecleaners, adhesives, agriculture, baking, and stainless steel cleaner, among others.
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