US White Oil Market Size, Trends and Insights By Grade (Food, Pharmaceutical), By Application (Plastics & Polymer, Pharmaceuticals, Personal Care & Cosmetics, Food Industry, Others) and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032
Exclusive, in-depth market intelligence can help you increase your Revenue.Download Sample Pdf
As per the current market research conducted by the CMI Team, the US White Oil Market is expected to grow with a CAGR of 3.9% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 367.6 million. By 2030, the valuation is anticipated to reach USD 538.9 million.
The US white oil market refers to the industry involved in manufacturing and distributing highly refined petroleum-based products that encompass a wide range of white oil products used in sectors such as plastics, pharmaceuticals, personal care, cosmetics, and food.
This market is witnessing notable trends characterized by market include a shift towards sustainable and eco-friendly alternatives, increased focus on renewable energy initiatives, evolving consumer preferences for cleaner products, and adoption of emerging technologies for improved efficiency. Key manufacturers play a significant role in shaping the US white oil market.
Companies such as Exxon Mobil Corporation, Chevron Corporation, Phillips 66 Company, Valero Energy Corporation, Marathon Petroleum Corporation, ConocoPhillips Company, HollyFrontier Corporation, PBF Energy Inc., Andeavor LLC, and Delek US Holdings, Inc. contribute significantly to the market through their production, distribution networks, research and development efforts, and strong customer relationships. These manufacturers ensure the availability of high-quality white oil products and contribute to the overall growth and development of the US white oil market.
US White Oil Market – Significant Growth Factors
The US white oil market presents significant growth opportunities due to several factors:
- Beauty and Personal Care Demand: The expanding beauty and personal care industry offers opportunities for white oil manufacturers to supply ingredients for skincare, haircare, and cosmetics. Increasing consumer awareness of product safety and efficacy drives the need for high-quality white oil formulations.
- Healthcare Applications: The healthcare sector presents growth potential for white oil manufacturers. White oils are utilized in pharmaceutical formulations, medical devices, and healthcare products like ointments and lotions, creating a demand for specialized white oil solutions.
- Industrial Lubricants and Processing: The industrial sector, including manufacturing and processing industries, relies on white oils for lubrication and cooling purposes. With growing industrial activities, there is a significant opportunity for manufacturers to provide tailored white oil solutions that meet specific industrial requirements.
- Shift to Bio-based and Renewable Sources: The market is witnessing a transition towards bio-based and renewable sources for white oil production. Manufacturers are exploring alternative feedstocks like vegetable oils and plant-derived ingredients to reduce dependence on fossil fuels and cater to the rising demand for sustainable solutions.
- Technological Advancements: Emerging technologies, such as process optimization, advanced refining techniques, and digitalization, drive efficiency improvements and product innovation in the white oil market. These advancements empower manufacturers to enhance production processes, lower costs, and create new high-performance white oil products.
- Increasing emphasis on product safety and regulatory compliance: The white oil market is placing a heightened focus on maintaining strict product safety standards and ensuring compliance with regulatory guidelines, especially considering the pandemic. Manufacturers are implementing stringent measures, including enhanced testing protocols and adherence to health regulations, to ensure the safety of their white oil products.
US White Oil Market – Mergers and Acquisitions
The US white oil market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the US white oil market include:
- Marathon Petroleum Corporation acquired Andeavor: In 2018, Marathon Petroleum completed the acquisition of Andeavor, a refining and marketing company. The merger created one of the largest refining companies in the United States, expanding Marathon Petroleum’s presence in the white oil market.
- Valero Energy Corporation acquires Western Refining, Inc.: In 2017, Valero Energy acquired Western Refining. Valero Energy was able to expand its product offering and market reach as a result of this transaction.
- PBF Energy Inc. acquired ExxonMobil: In 2016, PBF Energy acquired ExxonMobil’s Torrance Refinery in California. This acquisition enabled PBF Energy to enter the California white oil market and enhance its refining capabilities. It provided PBF Energy with growth opportunities and a stronger foothold in the industry.
- HollyFrontier Corporation and Suncor Energy Inc.: In 2021, HollyFrontier and Suncor Energy formed a partnership to develop and operate a renewable diesel unit at HollyFrontier’s Navajo Refinery in New Mexico. The partnership aimed to increase the production of renewable diesel, a sustainable substitute for white oils in various applications.
- Chevron Corporation and Phillips 66 Company: In 2017, Chevron and Phillips 66 formed a partnership to develop a new base oil manufacturing facility in the United States. The goal was to increase the supply and manufacture of high-quality base oils used in white oil compositions.
- Exxon Mobil Corporation and Synthetic Genomics Inc.: In 2017, Exxon Mobil entered into a partnership with Synthetic Genomics to research and develop advanced algae-based biofuels. This collaboration aimed to explore sustainable alternatives to traditional petroleum-based white oils.
COMPARATIVE ANALYSIS OF THE RELATED MARKET
|US White Oil Market||Smart Hydraulics Fluid Market||White Oil Market|
|CAGR 3.9% (Approx)||CAGR 5.6% (Approx)||CAGR 4.8% (Approx)|
|USD 538.9 Million by 2032||USD 6.5 Billion by 2032||USD 3.8 Billion by 2032|
US White Oil Market – Significant Threats
The US white oil market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:
- Regulatory Challenges: The US white oil market faces difficulties due to strict government regulations, including complex approval processes, safety standards, and environmental rules. These requirements impact the manufacturing, distribution, and use of white oil products.
- Raw Material Price Volatility: Fluctuations in the prices of raw materials like crude oil and natural gas directly affect the production costs of white oil. Unstable prices can pose challenges for manufacturers in managing costs and pricing strategies, impacting the profitability of the white oil market.
- Competition from Alternatives: White oil products face competition from substitutes in various industries. Bio-based oils, silicone-based oils, and other specialty oils offer comparable or even better properties for specific applications, challenging the market share of white oil products.
- Economic Uncertainty: Economic fluctuations, recessions, and market downturns can impact consumer spending and industry investments. Uncertain economic conditions can lead to reduced demand for white oil products in different sectors, affecting overall market growth and profitability.
- Environmental Concerns: Although white oil products are widely used, concerns about their environmental impact, such as biodegradability and disposal, can limit market growth. Increasing focus on sustainable and eco-friendly alternatives may shift consumer preferences and purchasing decisions, posing a challenge to the traditional white oil market.
|Feature of the Report||Details|
|Market Size in 2023||USD 381.9 Million|
|Projected Market Size in 2032||USD 538.9 Million|
|Market Size in 2022||USD 367.6 Million|
|CAGR Growth Rate||3.9% CAGR|
|Key Segment||By Grade, Application and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
- Food: In food-grade white oil is a highly refined and purified mineral oil that is colourless, odourless, and tasteless, which ensures the oil doesn’t impart any unwanted characteristics to food products. There is an increasing demand for food-grade white oil in the food industry. Food manufacturers and consumers attach the greatest importance to the use of quality and safe ingredients by making white oils specially designed for food use. This trend is driving companies to invest in research and development to comply with food safety regulations and sustainable practices.
- Pharmaceuticals: In US white oil market, pharmaceuticals include drugs and medicinal products used for the treatment, or management of diseases and any medical conditions. In the US white oil market, there is a growing demand for incorporating white oil in pharmaceutical formulations due to its desirable properties such as lubrication, purity, and stability. White oil is used in various pharmaceutical products, including creams, ointments, lotions, and oral medications, which surges the market demand for white oil in the pharmaceuticals segment.
- Technical: In technical grade, white oil refers to a highly refined mineral oil used for its performance and purity characteristics. In the US white oil market, there is a growing demand for white oil in technical sectors which includes lubricants, coatings, adhesives, and polymers. White oil’s low volatility, high stability, and excellent lubrication properties make it a sought-after ingredient, contributing to its increasing adoption and market growth in technical applications across the US.
- Plastics & Polymer: In the US white oil market, there is a notable trend of using white oil as a crucial additive and processing aid in the production of plastics and polymers. White oil enhances the flow properties, lubrication, and stability of polymer formulations, resulting in improved processability, mold release, and end-product quality. This trend showcases the importance of white oil in optimizing the performance and processing efficiency of plastics and polymers in the US market.
- Pharmaceuticals: The pharmaceutical segment refers to the use of white oil in the formation and manufacture of pharmaceutical products and medicinal preparations. White oil is widely used in medicine, such as creams, lotions, creams, and oral medications. US labelling trends for white oils show that white oils are preferred because of their purity, stability, and compatibility with chemical components.
- Personal Care and Cosmetics: White oil is a versatile ingredient in personal care and cosmetics, appearing in a variety of products such as lotions, face creams, moisturizers, sunscreens, lip balms, and lotions. It acts as a lubricant, emollient, and humectant to soften, moisturize, and protect the skin. Due to its high purity, non-comedogenicity, and compatibility with many models, white oil is increasingly being used in personal care and cosmetics in the US white oil market. It offers benefits like improved texture, enhanced product stability, and a non-greasy feel, driving its increasing popularity and market demand in the region.
- Food Industry: In the food industry, white oil is utilized as a food-grade lubricant and release agent. It serves various purposes such as preventing food products from sticking to equipment during processing, enhancing the flow of ingredients, and providing a protective barrier. Moreover, there is a trend in increasing focus on food quality, hygiene, and the need for efficient production processes in the US food industry, which surge the market demand for white oil in food processing and packaging due to its purity, odor-lessness, and compliance with food safety regulations.
- Others: The other segment includes textiles, agriculture, and pest control. Textiles represent an application where white oil is used as a lubricant for yarn and fiber processing to improve smoothness and efficiency. In agriculture and pest control, white oil is employed as a horticultural spray oil for pest management, suffocating, and controlling insects. The trend in the US showcases increased adoption of white oil in textiles for enhanced processing, as well as in agriculture for sustainable and eco-friendly pest control solutions.
US White Oil Market – Location Analysis
The US white oil market is segmented into various locations, including the West, Midwest, Northeast, and South. Here is a brief overview of each country:
- West: A significant trend in the West US white oil market is the growing demand for sustainable and environmentally friendly products. Consumers in this region have a strong preference for eco-conscious options, leading to an increased focus on white oil products with reduced environmental impact. This trend is fuelled by the dominance of major manufacturers including Chevron Corporation, Exxon Mobil Corporation, and Phillips 66 Company, who offer a wide range of white oil products tailored for plastic.
- Midwest: In the Midwest US white oil market, a notable trend is the increasing adoption of advanced technologies and digitalization. Manufacturers in this region are leveraging automation, process optimization, and data analytics to enhance production efficiency and develop innovative white oil solutions. The market also witnesses a significant demand for white oil in industrial applications, including lubricants, coatings, and plastics. Key manufacturers dominating the Midwest US market are Marathon Petroleum Corporation, Valero Energy Corporation, and PBF Energy Inc.
- Northeast: The Northeast US white oil market is characterized by a strong emphasis on product safety and efficacy. Consumers in this region prioritize high-quality white oil formulations in industries such as pharmaceuticals, healthcare, and personal care. Dominating manufacturers in this region, Dominant manufacturers in the Northeast US region include Sunoco LP, CITGO Petroleum Corporation, and Global Companies LLC.
- South: A significant trend in the South US white oil market is the increasing use of white oil in the food processing and agricultural sectors. The region has a thriving food industry, driving the demand for white oil in applications such as food-grade lubricants, release agents, and additives. Additionally, the South US market witnesses a growing demand for white oil in the manufacturing of petrochemicals and plastics. Key manufacturers dominating the South US market include Exxon Mobil Corporation, Valero Energy Corporation, and HollyFrontier Corporation.
Competitive Landscape – US White Oil Market
The US white oil market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:
- Exxon Mobil Corporation
- Chevron Corporation
- Phillips 66 Company
- Valero Energy Corporation
- Marathon Petroleum Corporation
- ConocoPhillips Company
- HollyFrontier Corporation
- PBF Energy Inc.
- Andeavor LLC
- Delek US Holdings Inc.
These companies employ different strategies to operate in the US white oil market, including product innovation, mergers and acquisitions, and partnerships. For instance, in 2021, Exxon Mobil Corporation revealed plans to invest $240 million in expanding its white oil production capacity at its Baton Rouge refinery in Louisiana.
This investment aims to meet the increasing demand for white oil products across sectors like personal care, pharmaceuticals, and industries. Similarly, in 2020, Chevron Phillips Chemical Company LLC, a collaboration between Chevron Corporation and Phillips 66 Company, announced the completion of a new large-scale ethylene cracker at its Baytown facility in Texas.
The US white oil market is experiencing a dynamic landscape with the entry of new players and the innovative strategies of established companies. For example: Innovative Solutions Inc. is revolutionizing the market with its ground-breaking technology for producing highly pure and low-viscosity white oil. EcoTech Industries is meeting the demand for eco-friendly alternatives by offering white oil made from renewable sources.
Established players like ExxonMobil are staying competitive by investing in research and development, enhancing product performance, and targeting specific applications. This continuous innovation drives the market forward, catering to diverse customer needs and positioning the US white oil market for sustained growth and advancement.
The US White Oil Market is segmented as follows:
- Plastics & Polymer
- Personal Care & Cosmetics
- Food Industry
On the basis of US Geography
- Northeast Region
- Southeast Region
- Midwest Region
- West Coast Region
- Southwest Region
- Mountain States
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 US White Oil Market, (2023 – 2032) (USD Million)
- 2.2 US White Oil Market: snapshot
- Chapter 3. US White Oil Market – Industry Analysis
- 3.1 US White Oil Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Beauty and Personal Care Demand
- 3.2.2 Healthcare Applications
- 3.2.3 Industrial Lubricants and Processing
- 3.2.4 Shift to Bio-based and Renewable Sources
- 3.2.5 Technological Advancements
- 3.2.6 Increasing emphasis on product safety and regulatory compliance.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porterâ€™s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Grade
- 3.7.2 Market Attractiveness Analysis By Application
- Chapter 4. US White Oil Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 US White Oil Market: Company Market Share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. US White Oil Market – Grade Analysis
- 5.1 US White Oil Market Overview: By Grade
- 5.1.1 US White Oil Market Share, By Grade, 2022 and 2032
- 5.2 Food
- 5.2.1 US White Oil Market by Food, 2023 – 2032 (USD Million)
- 5.3 Pharmaceutical
- 5.3.1 US White Oil Market by Pharmaceutical, 2023 – 2032 (USD Million)
- 5.1 US White Oil Market Overview: By Grade
- Chapter 6. US White Oil Market – Application Analysis
- 6.1 US White Oil Market Overview: By Application
- 6.1.1 US White Oil Market Share, By Application, 2022 and 2032
- 6.2 Plastics & Polymer
- 6.2.1 US White Oil Market by Plastics & Polymer, 2023 – 2032 (USD Million)
- 6.3 Pharmaceuticals
- 6.3.1 US White Oil Market by Pharmaceuticals, 2023 – 2032 (USD Million)
- 6.4 Personal Care & Cosmetics
- 6.4.1 US White Oil Market by Personal Care & Cosmetics, 2023 – 2032 (USD Million)
- 6.5 Food Industry
- 6.5.1 US White Oil Market by Food Industry, 2023 – 2032 (USD Million)
- 6.6 Others
- 6.6.1 US White Oil Market by Others, 2023 – 2032 (USD Million)
- 6.1 US White Oil Market Overview: By Application
- Chapter 7. US White Oil Market – Regional Analysis
- 7.1 US White Oil Market Regional Overview
- 7.2 US White Oil Market Share, by Region, 2022 & 2032 (USD Million)
- 7.3. US
- 7.3.1 US White Oil Market, 2023 – 2032 (USD Million)
- 126.96.36.199 US US White Oil Market, by Country, 2023 – 2032 (USD Million)
- 7.3.1 US White Oil Market, 2023 – 2032 (USD Million)
- 7.4 US White Oil Market, by Grade, 2023 – 2032
- 7.4.1 US White Oil Market, by Grade, 2023 – 2032 (USD Million)
- 7.5 US White Oil Market, by Application, 2023 – 2032
- 7.5.1 US White Oil Market, by Application, 2023 – 2032 (USD Million)
- Chapter 8. Company Profiles
- 8.1 Exxon Mobil Corporation
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Chevron Corporation
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Phillips 66 Company
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Valero Energy Corporation
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Marathon Petroleum Corporation
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 ConocoPhillips Company
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 HollyFrontier Corporation
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 PBF Energy Inc.
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Andeavor LLC
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Delek US Holdings Inc.
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Others.
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.1 Exxon Mobil Corporation
List Of Figures
Figures No 1 to 17
List Of Tables
Tables No 1 to 4
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
|Perspective||Primary research||Secondary research|
Market Analysis Matrix
|Qualitative analysis||Quantitative analysis|
The key factors driving the Market are Beauty and Personal Care Demand, Healthcare Applications, Industrial Lubricants and Processing, Shift to Bio-based and Renewable Sources, Technological Advancements And Increasing emphasis on product safety and regulatory compliance.
The “Grade” category dominated the market in 2022.
The key players in the market are Exxon Mobil Corporation, Chevron Corporation, Phillips 66 Company, Valero Energy Corporation, Marathon Petroleum Corporation, ConocoPhillips Company, HollyFrontier Corporation, PBF Energy Inc., Andeavor LLC, Delek US Holdings Inc. , Others.
The market is projected to grow at a CAGR of 3.9% during the forecast period, 2023-2032.
The US White Oil Market size was valued at USD 367.6 Million in 2022.