Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, Non-carcinogenic), Function (Extender Oil, Plasticizer, Solvent, Defoamer), Production Technology (Convention Route, Gas to Liquid, Bio-based), Application and Region - Global Forecast to 2027
The market size of process oil is estimated to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a CAGR of 2.1% during the forecast period. The process oil market is on course for intense growth across different applications such as tire & rubber, polymer, personal care, textile, and other applications.
“Tire & rubber was the leading application segment of process oil market in 2021”
By application, the tire & rubber segment was the largest in the process oil market, in 2021, in terms of value. The growth of this segment can be attributed to the increase in demand for process oils as carrier oils, plasticizers, dust control agents, and processing aids in the automotive industry.
“Naphthenic type was the leading segment of process oil market in 2021”
By type, naphthenic segment was the largest in the process oil market, in 2021, in terms of value. Naphthenic process oils are light-colored and non-staining compounds with properties such as thermal stability and excellent compatibility with synthetic elastomers. These oils have greater solvating power than paraffinic oils. They are highly stable at high temperatures and have low viscosity.
“Asia Paific was the leading region of process oil market in 2021”
Asia Pacific is one of the major markets for naphthenic process oil, in terms of value. Asia Pacific is the leader in the process oil market, and this dominance is expected to continue during the forecast period as well. Key countries in the Asia Pacific process oil market include China, Japan, South Korea, and India, which dominated the region’s overall market in terms of volume, in 2021. The growing rubber and tire industries in emerging countries of Asia Pacific are expected to drive the growth of the process oil market in the region.
Profile break-up of primary participants for the report:
By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
By Designation: C-level – 25%, Director Level – 30%, and Others– 45%
By Region: Asia Pacific – 40%, North America – 30%, Europe – 20%, South America – 3%, Middle East & Africa – 7%
Major companies in the process oil market include ExxonMobil (US), TotalEnergies (France), Indian Oil Corporation Limited (India), PETRONAS Group (Malaysia), Repsol (Spain), Hindustan Petroleum Corporation Limited (India), Idemitsu Kosan Co., Ltd (Japan), Panama Petrochem Ltd (India), Nynas AB (Sweden), Apar Industries (India), Gandhar Oil Refinery Limited (India), and Hollyfrontier Refining & Marketing LLC (US).
The report defines, segments, and projects the process oil market based on type, function, production technology, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It analyzes competitive developments, such product launches, and expansions, undertaken by the players in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the process oil market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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