How will the white oils market evolve in the post-CQVID-19 world?

ABSTRACT

Globally white oils demand is expected to grow at a compound annual growth rate of 3.1%, to reach almost 2 million ton by 2025, mainly due to the global economy recovering from COVID-19 impact. The COVID-19 pandemic had an adverse effect on global white oils demand, causing an estimated 5% drop in 2020. White oils are produced in two quality grades, pharmaceutical and industrial grade. Pharmaceutical grade is the most refined white oil while industrial grade white oils are mainly used in non-food contact industrial applications, including textiles and plastics. In Europe and North America, pharmaceutical white oil dominates the market, with more than three-fourths of market share. Li-ion battery separators is expected to be the fastest-growing white oils application from 2020-2025, driven by the increased interest in electric vehicles. For base oils, demand for Group II and III base oils for manufacturing white oils is expected to grow faster than demand for Group I and naphthenic base oils.