Process Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Global Process Oils Market is segmented by type (aromatic, paraffinic, and naphthenic), application (rubber, polymers, personal care, textiles, and other applications), and geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The market size and forecast are provided in terms of volume (kilotons) for all the above segments.

Process Oils Market Size

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Process Oils Market Summary
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Study Period 2019 - 2029
Market Volume (2024) 5.08 Million tons
Market Volume (2029) 5.80 Million tons
CAGR (2024 - 2029) 2.74 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Process Oils Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Process Oils Market Analysis

The Process Oils Market size is estimated at 5.08 Million tons in 2024, and is expected to reach 5.80 Million tons by 2029, growing at a CAGR of 2.74% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted the market in 2020. However, the market reached pre-pandemic levels and is expected to grow steadily in the coming years.

  • Over the short term, the primary factor driving the market's growth is the increasing demand for polymer production. The surge in the use of rubber oils is also likely to augment the demand for process oils in the coming years.
  • However, declining usage of PAH and DAE due to stringent regulations is likely to hinder the market's growth during the studied period.
  • Nevertheless, research in bio-based rubber process oils and the accelerating demand for process oils in electric vehicles can soon be the factors behind growth opportunities for the global market.
  • The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Process Oils Market Trends

This section covers the major market trends shaping the Process Oils Market according to our research experts:

Rubber Applications to Dominate the Market

  • Rubber process oil is manufactured using petroleum after the more volatile petrol, and heating oil fractions are separated using the distillation process.
  • Both natural and synthetic process oils are commercially used in producing several rubber products, including rubber bands, toys, and tires.
  • They are also used in the mixing process for rubber compounds as they increase the dispersion of fillers and enhance the flow characteristics of the mixture.
  • The expansion of the global rubber industry is promoting the use of rubber process oils across various application industries. Some typical rubber applications include tires, construction materials, white goods, biomedical, and textiles.
  • China is the largest tire-producing country in the world. According to the National Bureau of Statistics of China, tire production in China in 2021 was 902.46 million units, an increase of around 95 million units compared to 2020.
  • According to Malaysian Rubber Council, the global rubber production in the first half of 2022 was around 13.9 million metric tons, with a decline of 1.5% from the corresponding period of the previous year, where about 14.1 million metric tons were produced.
  • Based on the factors above, the rubber oil application for process oils is expected to dominate the market.
Rubber Production, in Million Tons, Global, 2017-2021

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is an area of immense potential due to the extensive demand for textiles and personal care products in countries such as India and China.
  • China continued to be the biggest textile and apparel exporter in the world since 1994. The country dominates the global low-to-medium-end market by mainly engaging in OEM manufacturing and processing. At the same time, the European Union continues to dominate the global upmarket and high-quality textiles.
  • According to OICA, automotive production in China in 2021 was at 26.08 million units, with a 3% growth from 25.22 million units in 2020. It is anticipated to positively impact the process oil market during the forecast period.
  • Presently, the penetration of personal care products in India is comparatively low compared to developed and other developing economies.
  • However, the improving economic environment and the increasing purchasing power of the Indian population are expected to increase the adoption of personal care products in the country.
  • According to NIPFA India, the Indian beauty and personal care industry is currently worth USD 26.8 billion and is anticipated to grow to USD 37.2 billion over the next three years. The growth of the Indian market is expected to boost the development of the process oil market during the studied period.
  • According to OICA, the automotive industry in India observed a growth of 30% in 2021 and produced around 4.39 million units. Rapid growth in the Automotive sector would positively impact the studied market.
  • Due to the factors above, the market for process oils in the Asia-Pacific region is expected to dominate the global market during the forecast period.
Process Oils Market - Growth Rate by Region, 2022-2027

Process Oils Industry Overview

The process oils market is partially consolidated in nature. Some of the major players in the market are Chevron Corporation, ExxonMobil Corporation, HP Lubricants, Royal Dutch Shell Plc, and Total.

Process Oils Market Leaders

  1. Chevron Corporation

  2. HP Lubricants

  3. Royal Dutch Shell Plc

  4. Total

  5. Exxon Mobil Corporation

*Disclaimer: Major Players sorted in no particular order

Process oils market concentration.jpg
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Process Oils Market News

  • December 2022: Royal Dutch Shell plc acquired a 49% stake in Blue Tide Environmental LLC via its Pennzoil-Quaker State subsidiary. Blue Tide Environmental LLC is a company looking to establish a global network of lubricant recycling facilities.
  • October 2021: Chevron Global Energy Inc., a wholly-owned subsidiary of the US-headed Chevron Corporation, signed an agreement with Neste Oyj to acquire its Nexbase brand. The agreement covered a combination of share and asset deals forming Neste's entire global base oils business, its premium brand, Nexbase, all the formulation coverage associated with the brand, and a worldwide marketing and distribution platform. The parties also agreed on a long-term offtake for Neste's base oil supply from Porvoo, Finland.

Process Oils Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rising Polymer Production

    2. 4.2 Restraints

      1. 4.2.1 Declining Automotive Sector

      2. 4.2.2 Declining Usage of PAH and DAE due to Stringent Regulations

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Type

      1. 5.1.1 Aromatic

      2. 5.1.2 Paraffinic

      3. 5.1.3 Naphthenic

    2. 5.2 Application

      1. 5.2.1 Rubber

      2. 5.2.2 Polymers

      3. 5.2.3 Personal Care

      4. 5.2.4 Textile

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/ Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Chevron Corporation

      2. 6.4.2 Ergon Inc.

      3. 6.4.3 Exxon Mobil Corporation

      4. 6.4.4 HollyFrontier Refining & Marketing LLC

      5. 6.4.5 HP Lubricants

      6. 6.4.6 Idemitsu Kosan Co. Ltd

      7. 6.4.7 LUKOIL

      8. 6.4.8 Nynas AB

      9. 6.4.9 ORGKHIM Biochemical Holding

      10. 6.4.10 Panama Petrochem Ltd

      11. 6.4.11 PetroChina

      12. 6.4.12 PETRONAS Lubricants International

      13. 6.4.13 Phillips 66 Company

      14. 6.4.14 Repsol

      15. 6.4.15 Royal Dutch Shell PLC

      16. 6.4.16 ENEOS Corporation

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Research in Bio-based Rubber Process Oils

    2. 7.2 Rising Demand for Process Oils in Electric Vehicles

**Subject to Availability
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Process Oils Industry Segmentation

Process oils are special oils used in various chemical and technical industries, either as raw material components or as an aid to processing. The process oils market is segmented by type, application, and geography. By type, the market is segmented into aromatic, paraffinic, and naphthenic oils. By application, the market is segmented into rubber, polymers, personal care, textile, and other applications. The report also covers the market sizes and forecasts for the process oils market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilotons).

Type
Aromatic
Paraffinic
Naphthenic
Application
Rubber
Polymers
Personal Care
Textile
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Process Oils Market Research FAQs

The Process Oils Market size is expected to reach 5.08 million tons in 2024 and grow at a CAGR of 2.74% to reach 5.80 million tons by 2029.

In 2024, the Process Oils Market size is expected to reach 5.08 million tons.

Chevron Corporation, HP Lubricants, Royal Dutch Shell Plc, Total and Exxon Mobil Corporation are the major companies operating in the Process Oils Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Process Oils Market.

In 2023, the Process Oils Market size was estimated at 4.94 million tons. The report covers the Process Oils Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Process Oils Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Process Oil Industry Report

Statistics for the 2024 Process Oil market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Process Oil analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Process Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)