by White oil refers to a range of odorless, transparent, light-colored oils derived from petroleum refining processes and possessing highly variable viscosity grades. White oils are commonly used as a base oil or emollient for creams, lotions, and personal care products owing to their moisturizing and soothing properties on skin. The global demand for white oils has significantly increased in cosmetics industry due to rising focus on skin and hair care among individuals.
The global White Oil Market is estimated to be valued at US$ 2.08 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing personal care and cosmetic industry has emerged as a key trend propelling the white oil market growth. White oils are widely used in moisturizing creams, lotions, ointments, baby products and other personal care products owing to their non-greasy and non-comedogenic properties. Expanding cosmetic industry worldwide coupled with rising adoption of natural and organic cosmetic products is driving the demand for white oil in recent years.
SWOT Analysis
Strength: White oil market size has wide range of applications in personal care and cosmetic industry. Consistent demand from end use industries acts as key strength.
Weakness: Availability of substitutes such as mineral oil and petroleum jelly poses threat to the white oil market. Fluctuation in raw material price is also a weakness.
Opportunity: Growing demand for natural and organic personal care products offers opportunity for white oil suppliers. Innovation in product formulation using white oil also presents new opportunities.
Threats: Stringent regulations over chemicals used in personal care products can hamper the white oil market growth. Economic slowdown negatively impacts the demand from end use industries.
Key Takeaways
The global white oil market is expected to witness high growth. The global White Oil Market is estimated to be valued at US$ 2.08 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Asia Pacific region currently dominates the global white oil market and the trend is likely to continue during the forecast period. The growth can be attributed to rising income levels, growing middle class population and increasing demand for personal care products from countries like China, India, Indonesia and Japan.
Key players operating in the white oil market are Procter & Gamble (P&G) Chemicals, CREMER, Wilmar, VVF Ltd., KLK OLEO, Inoue Perfumery MFG, Wuhan Yuancheng Gongchuang, Changsha Jianglong Chemicals, Godrej Industries. These players are focusing on new product development, capacity expansion and mergers & acquisitions to strengthen their market position. For instance, in 2021, CREMER expanded its production capacity for white oils and alkyl benzenes at its manufacturing facility in Germany.
