Demand for specialty petrochemicals and refined oil products is rising rapidly in various industrial segments. White oil is an important product used in the chemical, pharmaceutical, cosmetics, and food processing industries. White oils are generally recognized as a class of highly refined and versatile mineral oils, and are generally produced from paraffinic or naphthenic base-stocks from the refineries. Major chemical composition of white oils comprises saturated aliphatic hydrocarbons and alicyclic nonpolar, which are odorless, tasteless, chemically inert, colorless, and biologically stable in nature. White oils have excellent storage life, and they also do not change color over time. White oils are available in five different grades which are chemically distinct from each other: 65/75 (ISO VG 10/15), 50/60 (ISO VG 7), 200/215 (ISO VG 32/46), 80/90 (ISO VG 15), and 340/365 (ISO VG 68). Most white oils contain Vitamin E, which protects it from natural oxidation and stabilizes it during storage. White oils find applications in a variety of products such as baby oils, food & meat packs, protective coating on raw fruits and vegetables, furniture polishes, creams & lotions, hair conditioners & shampoos, liquid soaps, egg shell sealant, dog and cat food, animal medication, makeup, and kitchen cleaners. Furthermore, white oils are employed to provide smoothness, lubrication, and softness in many chemical processes and formulations due to their excellent water-resistant property.
Rising demand for personal care products, coupled with the expanding personal care and pharmaceutical industry around the globe, has led to rise in demand for white oils. This rising demand is further anticipated to increase due to expansion of the personal care product segment, and the pharmaceutical industry. Rising demand from the cosmetic industry due to the strong moisture-resistant property of white oils is likely to further propel the market during the forecast period. White oils are also widely utilized in the manufacturing of specialty adhesives and elastomers due to their water- and moisture-resistant properties, which are also estimated to fuel the expansion of the global white oil market during the forecast period. White oils are certified safe for their application in food and dietary products attributed by the recent halal and the kosher certification to white oil, which has resulted in its rising demand around the globe. Conversely, fluctuating oil prices have hampered the expansion of the white oil market significantly and are acting as a major restraint for the white oil market.
The Asia Pacific (APAC) region is likely to witness significant demand for white oil due to an increased consumption of white oils and their derivatives. The personal care and pharmaceutical industries in APAC are expanding rapidly. APAC has also shown an increased demand for cosmetics and personal care products, which in turn has accelerated the consumption of white oils in the region over time. APAC is anticipated to dominate the market for white oils with a healthy CAGR during the forecast period. North America is the second largest region in terms of production and consumption of white oil in the world. Expansion of the white oil market in North America is anticipated to be significant during the forecast period due to significant demand from the food, cosmetics, and chemical industries. The white oil market in Europe is anticipated to expand consistently during the forecast period. Economic and industrial expansion in Middle East & Africa coupled with the rising demand for polymers and specialty chemicals in the region are estimated to propel the white oil market during the forecast period. The white oil market in Latin America is likely to expand at a sluggish pace during the forecast period.
Major market players and participants in the global white oil market are Exxon Mobil Corporation, British Petroleum, Seojin Chemical Co. Ltd., Renkert Oil Inc., Sasol, Nynas AB, Sonneborn Inc., Royal Dutch Shell N.V., JX Nippon Oil & Energy Corporation, and Petro-Canada. Manufacturers of white oils around the globe are putting their best efforts to strengthen their market position by acquisitions and technology licensing, adding portfolio of value added products, and developing an improved and robust distribution network around the globe.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.