Global White Oil Market: White oil is a high quality colourless mineral oil developed for use in consumer products, food processing plants, and other application which requires pure white mineral oil. White oil is produced by the mixture of naphthenic and paraffinic hydrocarbons of highest purity. White oil is nontoxic and has better storage stability. The oil has Vitamin-E as a natural oxidation inhibitor and remains colourless, tasteless, and odourless during standard storage and service life.
Growing consumption of white oil as moisturizer, insulator, and lubricator in various end use industries such as pharmaceutical, textile, and cosmetic is a key factor driving growth of the global white oil market. In addition, advancement in production process and increasing adoption of white oil in the manufacturing of elastomers and specialty adhesives are major factors expected to boost growth of the global white oil market over forecast period.
However, strict government regulations on production of white oil is a key factor restraining growth of the global white oil market. Additionally, changing raw material prices and lack of awareness about benefits of white oil are major factors expected to hamper growth of the global white oil market over forecast period.
The global white oil market is segmented on the basis of type, application, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific is expected to dominate the global white oil market in revenue terms, owing to growing adoption of white oil in various end use industries such as pharmaceutical, polymer, adhesive, personal care, and agriculture in emerging economies in the region. The market in North America accounts for the second highest revenue share contribution in the global white oil market. This can be attributed to technological advancements and product innovation in the healthcare industry in the region, followed by Middle East & Africa.
Prominent players in the global white oil market include Exxon Mobil Corporation, BP p.l.c., Renkert Oil, Sonneborn LLC, SEOJIN CHEMICAL CO., LTD., Nynas AB, Petro‐Canada Lubricants Inc., Royal Dutch Shell N.V., Sasol Limited, and JX Nippon Oil & Energy Corporation.