Market Size of Process Oils Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 5.07 Million tons |
| Market Volume (2029) | 5.84 Million tons |
| CAGR (2024 - 2029) | 2.85 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
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 5.07 Million tons in 2024, and is expected to reach 5.84 Million tons by 2029, growing at a CAGR of 2.85% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020. The shutdown of refineries and production facilities, along with the restrictions on transportation, affected the supply of base oils, leading to supply shortages and price increases. Overall, the impact of COVID-19 on the base oil market is mixed, with a decline in demand and prices during the initial stages of the pandemic, followed by a recovery as the world began to recover.
- Over the short term, the primary factor driving the market's growth is the increasing demand for polymer production, and a surge in the use of rubber oils is 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.
