GROWING DEMAND FROM COSMETICS & PERSONAL CARE AND EXPANSION OF PHARMACEUTICAL SECTOR INFLUENCE THE MARKET GLOBALLY
Increasing demand of white oil from personal care and cosmetics industry is significantly influencing the growth of white oil market.
Changing lifestyles of consumers, and rising purchasing power in emerging countries, and quickening development of multifunctional personal care ingredients for cosmetics are the major factors contributing to the flourishment of the cosmetics and personal care industry. There is a huge need for high-quality ingredients, such as white oil, in North America and Europe for personal care industry. White oil aids the easy blending of personal care and cosmetic products. Moreover, because of its inertness it has application in cosmetic formulations as it resists moisture, maintains smoothness of the products.
The US is one of the world’s largest beauty markets and is home to some of the cosmetics market players. Moreover, France has a robust cosmetic industry. French cosmetic products are sold in over more than 200 countries, and the cosmetics companies continue to increase market shares across the globe, with a major focus on untapped, emerging countries. Further, the cosmetics industry in India is headed for a major sales owing to social media marketing, rising digitization, and surge in e-commerce platform. Moreover, improving socioeconomic standards, and large-scale development of digital and manufacturing sectors are further supporting the cosmetic industry in the country. Therefore, with the growth of the cosmetics and personal care industry, the demand for white oil is also witnessing surge.
In the pharmaceuticals sector, white oil is used spray and ointment carrier, as a capsule adjuvant, and a releasing agent. The pharmaceutical market is one among the fastest-growing markets in the world. According to the Pharmapproach, the US has the world’s largest pharmaceutical industry in terms of drug development, production, and revenue generation.
In 2022, the Asia Pacific holds the largest market share. The white oil market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. Many APAC countries, such as China and India, are the world’s fastest-growing populations. With the increasing population, the demand for personal care and cosmetics products is also propelling. Furthermore, increasing investments from various manufacturers and the rise in government initiatives to support the production of different grades of white oil, the production capacity of the various region is expected to increase during the forecast period. For instance, Weifang Hongrun Petrochemical Technology Co. has recently awarded a contract to Chevron Lummus Global for the licensing and design of a 500,000-metric ton per year white oil hydro processing unit and a 200,000 t/y food-grade white oil unit in Shandong, China. The most common use of white oils in India is for hair oil, a component of cosmetics and personal care products. Three-fourths of the nation’s usage of white oil is accounted for by the pharmaceutical and cosmetics industries combined. Additionally, manufacturers are investing in cosmetics production in Japan due to the rising demand for cosmetics created in Japan from consumers in Asia Pacific. Shiseido, one of the major cosmetics manufacturers in the nation, has revealed plans to invest between US$ 387.37 billion and US$ 484.22 billion in a new factory that is expected to be built on the southern main island of Kyushu and set to open around 2021.
Some of the major key players operating in the global white oil market include Calumet Specialty Products Partners, L.P.; Chevron Corporation; ExxonMobil Corporation; Petro-Canada Lubricants Inc.; Renkert Oil; Atlantic Oil; Apar; Sasol; Sonneborn LLC; H AND R GROUP
