White Oil Market Size

White Oil Market size was over USD 2.23 billion in 2024 and is projected to cross USD 4.41 billion by the end of 2037, witnessing more than 5.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of white oil is estimated at USD 2.33 billion.

The growth of the market can be attributed to the increasing demand for electric vehicles. In reality, white oil is necessary for electric automobiles. Although the majority of electric vehicles are powered by electricity, many of them use lithium batteries, which need, well, lithium, also known as white oil. By 2037, there are likely to be about 40 million EVs in Europe. Nonetheless, imports of lithium for batteries account for practically all of the continent's lithium supply.

In addition to these, factors that are believed to fuel the market growth of white oil include the rising demand for medicines for various diseases, moreover, this demand is also propelled by rising cases of chronic diseases. White oil is used as mineral oil for the formulation of various tablets and capsules. Pharma distributors and merchants noted that they anticipate a jump in demand of at least 30% for chronic treatment drugs such as those for diabetes and hypertension before the price hike. Furthermore, throughout the following three years, to 2026, a total of 300 new medications are anticipated to be released.