White Oil Market
Global Market Study on White Oil: Light Paraffinic Oil Expected to Account for High Market Value Share During the Forecast Period 2017-2025
White Oil Market Segmented By Pharmaceutical, Industrial Grade with Light Paraffinic, Heavy Paraffinic, Naphthenic Product
The global white oil market is anticipated to reach a value of almost US$ 2 Bn by the end of 2025 and is expected to register a CAGR of 3.5% during the period of forecast 2017 to 2025. There are several factors that have influence over the growth of the global white oil market. Several opportunities, trends, challenges, and restraining factors are present within the global white oil market that have an impact on the dynamics of the market. North America and Asia Pacific (APAC) are the major markets for white oil.
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- China Petroleum & Chemical Corp (Sinopec Corporation)
- Calumet Specialty Products Partners, L.P.
- Chevron Corp
- Exxon Mobil Corporation
- Total S.A.
- Royal Dutch Shell plc.
- Fuchs Perlolub SE
- Nynas AB
- H&R GmbH & Co. KGaA
- Savita Oil Technologies Ltd.
- Panama Petrochem Ltd.
- Apar Industries Limited.
- C J Robinson Company Inc.
- Morris Lubricants
- Petroliam Nasional Berhad (PETRONAS)
- Raj Petro Specialties P. LTD.
- Kerax Limited
- Petro-Canada Lubricants
Opportunity-Growth assessment of the global white oil market
- Significant growth potential lurks within the emerging economies. A high demand for white oil in counties such as India, China and South Korea is observed, which is more likely to drive the global white oil market in these regions
- As the market for white oil is consolidated, investments in product development by key manufacturers could create a significant opportunity for end use industries as a rise in the demand for thermoplastic polymer, personal care & cosmetic products and pharmaceutical products will lead to an increase in the consumption of white oil
- The rise in population will result in rise in the demand for goods in different industries where white oil is used – industries such as automotive, pharmaceuticals, textile, food and beverage as well as chemicals. This will spur the demand for white oils thereby driving the growth of the global white oil market
- Naphthenic oil, which contains less PAH content is expected to show potential opportunities and is expected to grow in regions such as Europe and North America owing to the environmental benefits, especially less carbon emissions during the manufacturing process
- A paradigm shift from polymer processing to oil-based processing along with the rising number of end-use industries such as automotive, pharmaceuticals, textiles etc., has a significant impact on the global white oil market growth scenario
- The personal care industry, which uses white oil is growing significantly. This has contributed to the growth of the white oil market
- Increase in research and development activities has led to the development of new performance based cost-efficient products based on white oil
However, there are certain loopholes that can act as restraints in the growth of the global white oil market. The high costs associated with the formulation of consumer care products, unavailability of quality crude oil, price volatility in crude oil, instability in oil prices that influences the production of white oil are few of the restraints that challenge the growth of the global white oil market.
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Light paraffinic segment most likely to dominate the global market
Light paraffinic segment by product type is anticipated to show dominance in the global white oil market by product type, with a comparatively higher growth rate than other segments in this category, and is poised to exhibit a CAGR of 3.9% during the period of forecast. The heavy paraffinic segment by product type comes second with a value of more than US$ 500 Mn by the end of 2025.
The naphthenic segment is also expected to hold a dominant share with respect to the demand side of the market, due to favorable regulatory conditions. Volume wise too, the light paraffinic segment stays ahead followed by the heavy paraffinic and naphthenic segments.
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Asia Pacific anticipated to be the most lucrative region for white oil products
As far as product type is concerned, the Asia Pacific (APAC) region is expected to be the most lucrative region and is poised to grow at a higher growth rate than other regions, reflecting a CAGR of 3.9% to reach a value of more than US$ 1 Bn by the end of 2025. The region shows higher market attractiveness index and is also poised to dominate the global white oil market.
In this region too, the light paraffinic segment by product type shows higher growth and market share by value and volume. There is a close call between the heavy paraffinic and naphthenic segments as both show significant market shares – the heavy paraffinic segment projecting a market value share a shade higher than that of the naphthenic segment. Following APAC, the North America region shows significant growth in the global white oil market in the light paraffinic, heavy paraffinic and naphthenic segments.
Latin America, MEA and Europe show less favorability for the global white oil market. However, according to the opinions drawn by close market observations and comments from experts, after Asia Pacific, the Latin America region shows higher growth rate compared to Europe, MEA and North America throughout the period of forecast.
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Global White Oil Market: Taxonomy
The information presented in the report revolves around all the major categories of the global white oil market. A detailed segmentation of the market is carried out as a first step in the research.
By Product Type