White oils are increasingly gaining traction due to their positive attributes including colorlessness, stability, purity, chemically inertness, and non-toxicity, making them ideal for pharma and other major industrial applications. With the pharmaceutical industry witnessing tremendous growth, especially in developing nations, white oil manufacturing process and development are slated to expand as well.
As per the India Brand Equity Foundation, in August 2021, the pharmaceutical sector in India grew by 17.7% per year, up from 13.7% in July 2020, thereby strengthening white oil market expansion in the region. Likewise, the growing burden of musculoskeletal conditions in the UK is further increasing the application scope of white oils. The substance is used extensively in the preparation of gelatinous capsules, for the treatment of conditions like osteoarthritis, which affects nearly 8.5 million people in the United Kingdom, according to data from Versus Arthritis.
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In addition to the pharmaceutical sector, this mineral oil is gaining widespread adoption in formulations used across myriad industry landscapes, including cosmetics.
Given below are 4 key factors contributing to white oil industry growth worldwide:
- Development of cost-effective alternatives to silicone sealants
Despite the growing popularity of silicone sealants, the increasing pressure on the global silicone supply is driving up their prices. Factors like these are influencing manufacturers to make a shift to cost-effective and compatible alternatives.
To that end, in November 2021, Nynas launched NYFLEX 2120B, a white oil, and a range of naphthenic special oils for use in sealant formulators. This expanded product portfolio was intended to offer cost-effective alternatives for silicone fluids while mitigating issues associated with microbial growth and maintaining the right balance between volatility, color stability, and viscosity.
- Growing agricultural productivity in the U.S.
A range of farm-related industries is included in the agricultural sector, of which, food manufacturing and foodservice are among the largest in developed nations including the U.S. As per the U.S. Department of Agriculture’s report, food, agriculture, and related industries contributed around $1.055 trillion to the gross domestic product in the country in 2020.
This growth in agricultural productivity is generating several lucrative opportunities for the white oil market, as this oil is considered an essential ingredient of agricultural products, like pesticides, and dust suppression products.
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- High emphasis on aggressive marketing investments in personal care and beauty
As the beauty and personal care industry is gradually starting to recover from the coronavirus pandemic, several brands are taking strategic initiatives globally to regain their footing in the global market space. To cite an instance, in November 2021, Japan-based Shiseido announced plans to make aggressive marketing investments of over $132 million in the fourth quarter of 2021 as compared to a year earlier.
Over the years, mineral oils have been widely used as a purified, lightweight ingredient in products like ointments and cold creams, considering their ability to reduce water loss and keep the skin moisturized. The escalating investment interest of the APAC skincare companies to accelerate growth could therefore increase white oil uses in cosmetics and personal care solutions.
- Collaboration deals to manufacture USP-NF-grade white mineral oils
Chemical manufacturing companies are continuing to leverage sustainable technologies to eliminate or curb the use of hazardous substances. In keeping with this, in July 2021, Flotek Industries, Inc. entered a long-term deal with Resolute Oil to drive growth in adjacent green chemistry markets.
Under the agreement, Resolute planned to fully utilize the entire 15-acre campus of Flotek, including its 38,000 sq. ft., Texas-based chemical blending facility, to manufacture the USP-NF (United States Pharmacopeia-National Formulary)-grade white mineral oil. This product was intended to be distributed globally to customers in the energy, agricultural, food and beverage, personal care, and cosmetics markets.
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