White Oil Market size to exceed $3bn by 2032

White Oil Market size is anticipated to reach USD 3 billion by 2032, as per the latest Global Market Insights Inc.
 

Increase in funding programs to support food supply systems will augment the adoption of white mineral oil as a food preservative and lubricant. To cite an instance, in June 2022, the U.S. announced a USD 2.1 billion funding package to address long-standing food supply issues intensified by the COVID-19 outbreak. Developments such as these have escalated the need for white oils, which are used extensively as additives in food packaging. Since these oils do not possess any distinctive physical characteristics, their use can ensure effective product packaging without compromising the scent, color, and flavor of the final product.
 

In the wake of the COVID-19 pandemic, the sales of packaged foods have also witnessed an upsurge, especially in emerging nations. As a result, the production of food-grade lubricants, including white oils will accelerate, the report cites. However, lubricants with synthetic base oils with superior properties in terms of lubricity and oxidation stability are being developed as alternatives to mineral oil-based white oils. These advancements may impede industry expansion to a certain extent over the estimated timeline.
 

Increasing demand for premium cosmetics to fuel technical-grade white oil consumption

White oil market size from the technical grade segment was valued at USD 1.5 billion in 2022. The beauty sector has become a profitable area of business for the global retail industry, despite rising inflation. The report indicates that this factor is driving the consumption of colorless and odorless paraffinic technical-grade mineral oils for several industrial-grade applications. The growing popularity of premium beauty products will thus bolster the requirement for industrial lubricants such as white oils, given their diverse functional benefits.
 

Browse key industry insights spread across 280 pages with 336 market data tables and 18 figures & charts from the report, “White Oil Market Size By Grade (Food, Pharmaceutical, Technical), By Application (Plastics & Polymers, Pharmaceuticals, Personal Care & Cosmetics, Food Industry, Textile), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/white-oil-market
 

Requirements for refining & coating materials boost white oil usage in the food sector

White oil market from the food industry segment will cross USD 175 million by 2032, given the rising need for sugar refining, coating on eggs, and food packaging materials. These trends have encouraged white oil developers to upgrade their products in terms of grades to suit the requirements of the food sector. White oils are also utilized to impregnate oil in fruit and vegetable wrappings. Furthermore, the product’s application scope as a general-purpose lubricant in food processing facilities will bolster the adoption of food-grade white oils.
 

North America to become prominent production hub for white oil producers

North America white oil market share is poised to depict over 2.5% CAGR through 2032. The strong presence of fuel and lubricant manufacturers, including ExxonMobil Fuels & Lubricants, and the growing pharmaceutical expenditure are among the key growth drivers. Based on the American Society of Health-System Pharmacists report, total drug spending in the U.S. rose by 7.7% in 2021 and is slated to increase by over 4% to 6% over the year ahead. These factors will promote the use of white oils in medications such as laxatives in the U.S. pharmaceutical industry over the forecast period.
 

Strategic portfolio expansions by key players to strengthen the industry outlook

Nynas AB, British Petroleum, FUCHS PETROLUB SE, Royal Dutch Shell, Sinopec Corporation, Hainan Handi Sunshine Petrochemical, Suncor Energy, Apar Industries Ltd., Panama Petrochem Ltd., Eastern Petroleum Pvt. Ltd., Sasol, and Renkert Oil are some of the major market players profiled in the report. These companies are focusing on product launches, portfolio expansions, and other strategies to strengthen their foothold in the white oil industry.