White Oil Market Projected to Reach $2.77 Billion by 2030

According to a new report by MarketsandMarkets, the global white oil market is projected to reach $2.77 billion by 2030, growing at a CAGR of 5.8% from 2022 to 2030. White oils are highly refined, colorless, and odorless mineral oils used in a variety of applications including polymers, personal care products, textiles, pharmaceuticals, and adhesives. The report cites rising demand from the polymer and personal care industries as key drivers of market growth. 'The growing demand for white oils in various end-use industries, such as polymers, personal care, and textiles, is a major factor driving the growth of the white oil market,' the report states. 'The increasing use of white oils in the manufacturing of personal care products, such as skin care, hair care, and cosmetics, is expected to further boost the market growth.' The report segments the white oil market by grade (pharmaceutical, food, technical) and application, with the polymers segment projected to account for the largest market share. Geographically, Asia Pacific is expected to be the fastest-growing regional market, driven by the expansion of end-use industries in countries like China and India. Overall, the white oil market outlook appears positive as manufacturers seek to capitalize on rising demand across a range of industrial and consumer applications. Maritime industry players involved in the production, distribution, or consumption of white oils will want to monitor these market trends closely.