White oil, also known as liquid paraffin or mineral oil, has several health, beauty and industrial applications. It is extensively used in manufacturing lotions, creams, baby oils and other personal care products primarily due to its emollient properties that gently soften and moisturize skin without clogging pores. It also acts as an effective carrier for many personal care ingredients and helps in smooth dispersion of other components. Several personal care products use white oil as the main component owing to its non-allergenic and non-comedogenic nature.
The global White Oil Market is estimated to be valued at US$ 3.5 Billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the major trends in the white oil market is the growing demand for multi-functional products. Consumers are increasingly looking for personal care goods that provide multiple benefits in a single product. To cater to this demand, manufacturers are developing white oil-based formulations that moisturize, nourish and protect skin from environmental damage. They are incorporating skin conditioning agents, antioxidants, sunscreens and other functional ingredients to offer multi-benefit lotions, creams and baby oils. Another noteworthy trend is the rising popularity of organic and natural personal care brands that use white oil from plant-based sources like rice bran, sunflower and canola. These natural alternatives are perceived as safer and more sustainable options compared to mineral oil-based products.
Threat of new entrants: The White Oil Market has a fairly moderate threat of new entrants given the required capital investment. Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are a few substitutes available. Bargaining power of suppliers: Suppliers have high bargaining power in this industry due to a limited number of raw material producers and differentiated products. Threat of new substitutes: The threat of substitutes is low as petroleum-based oils have few alternatives. Competitive rivalry: The competitive rivalry in the market is high due to the presence of established brands.
The global White Oil Market Size is expected to witness high growth over the forecast period of 2023 to 2028. The Asia Pacific region currently dominates the market and is expected to maintain its position during this period due to high demand from end-use industries.
Regional analysis: The Asia Pacific region accounts for the largest share of the global White Oil Market due to strong demand from industrial and personal care sectors across countries like China, India, Japan etc. China leads the regional market with the highest consumption.
Key players: Key players operating in the White Oil Market are ExxonMobil Corporation, Sonneborn LLC, Renkert Oil Inc., JX Nippon Oil & Energy Corporation, Sinopec Petroleum & Chemical Corporation.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it