The global white oil market is expected to grow considerably through 2032 owing to the burgeoning growth in the cosmetics and personal care industry.
Factors like increasing demand for white oil as an additive in food packaging and rising growth of the plastic and elastomers sector are as well fueling the industry growth.
Several market players are vying for investing in advanced technology for making innovative products for deeper market penetration. Partnerships and acquisitions among key industry companies for overseas expansion will further boost the white oil market growth over 2023-2032.
The global white oil market has been segmented in terms of grade, application, and region.
Based on grade, the food grade segment is set to witness robust growth over the forecast period due to the safe and secure formulation of food-grade white oil for making food products for consumption.
With respect to application, the plastic & polymer segment is anticipated to depict more than 2% gains by the end of 2032. Plastics and polymers applications include the production of thermoplastic elastomers as well as polystyrene. During the polymer production, white oils are extensively utilized in plasticizers, mold release agents, extrusion aids, and internal lubricants.
Meanwhile, the textile segment is estimated to depict a CAGR of more than 2% through 2032. White oil is used in textile manufacturing as a lubricant, insulator, and hydraulic fluid in manufacturing machinery.
The others segment accounted for over $300 million market valuation in 2022 and is speculated to foresee steady growth through the review timeline. Other uses include agriculture, household cleaners, baking, adhesives, and cleaning stainless steel. Household insecticides, spray to protect crops, pesticides, livestock sprays, and adhesives are all made with white oil.
From the regional perspective, the Latin America white oil market is poised to record a CAGR of over 2% over the forthcoming period, depicting a sluggish growth. Mexican plastic producers are struggling to increase profit margins mainly due to the increasing currency exchange rates.
On the other hand, the Middle East & Africa white oil industry is slated to expand at a CAGR of more than 2% through 2032. The expansion can be credited to the economic growth and extensive polymer production base in the MEA region. Apart from the rising consumption of cosmetics and personal care products, shifts in consumer preferences have also increased the product penetration in Middle Eastern countries.