Process Oil Market - Global Industry Analysis

Process Oil Market By Type (Naphthenic, Paraffinic, Non-carcinogenic, and Aromatic), By Application (Tire & Rubber, Polymer, Personal Care, Textile, Others, Automotive, Adhesives & Sealants, and Defoaming), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028

Published Date: 17-May-2022 Category: Energy & Mining Report Format : PDF Pages: 194 Report Code: ZMR-2230 Status : Published

The global process oil market size was worth around USD 4515.2 million in 2021 and is estimated to grow to about USD 5055.010897 million by 2028, with a compound annual growth rate (CAGR) of approximately 1.9 percent over the forecast period.

Description

Process Oil Market Size And Forecast

The global process oil market size was worth around USD 4515.2 million in 2021 and is estimated to grow to about USD 5055.010897 million by 2028, with a compound annual growth rate (CAGR) of approximately 1.9 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Process Oil Market: Overview

Process oils are special oils that are used in a variety of chemical and technical sectors as a raw material component or as a processing aid. It's a mix of diverse processing products like paraffinic, naphthenic, and aromatic chemicals, all of which can have any molecular weight. Process oil is produced by refining techniques such as catalytic dewaxing and advanced hydrocracking. The process oil is colorless after refining, and it has outstanding performance features like high saturation, low volatility, and higher purity and stability. Sulfur, polar compounds, and aromatics are all largely absent. It is primarily employed in the rubber industry, with some other end-user industries following closely behind.

Chemical peptizers, petroleum oil, fatty acid soaps and esters, liquid polymers, partially vulcanized rubber, and waxes are all examples of process oil. Plastics, polymers, rubber, tyres, adhesives, personal care, defoamers, and textiles are just a few of the industries that use process oil. The rising usage of process oil in the personal care and polymer industries, followed by the textile industry, is one of the key drivers of the process oil market. Natural-based products are becoming more popular among personal-care consumers. This is good for the personal care industry. Polymer products utilized in consumer goods, automotive, medical, and industrial uses are made with process oil.

COVID-19 Impact:

Process oil can be found in a variety of industries, including tyre and rubber, polymer, personal care, and textiles. However, industries across the world were affected by the pandemic. During 2019–2020, the industry's expansion has been impeded by a labor shortage, logistical constraints, material shortages, and other constraints. COVID-19 has had a global impact on the tire and rubber sector and its raw materials suppliers, with the industry shutting down for an extended period in 2020. COVID-19 has had a massive economic impact on the major tire and rubber industries in 2020, with most companies reporting significantly lower earnings. The financial impact of the pandemic has prompted several tire manufacturers to perform strategic assessments of their whole operations, thus lowering market demand for process oil.

Global Process Oil Market

Process Oil Market: Growth Drivers

Growing tyre manufacturing industry across the globe

Fine tolerances in tyre manufacturing, the use of radial tyres to minimize vehicle fuel consumption, low rolling resistance tyres, and an emphasis on enhancing grip and road performance of tyres to boost vehicle fuel efficiency are among the most recent tyre industry trends. Process oils are one of the most important components in tyre production. The rise of the automobile industry has a direct impact on global tyre usage. Vehicle production has a direct impact on tyre demand around the world. Consequently, the process oil market is likely to be driven by the global automotive industry's expansion over the forecast period.

Process Oil Market: Restraints

The fluctuating price of crude oil

The distillation process is used to obtain process oils from crude oil. Heavy distillates are used to make base oils and process oils, whereas light distillates are utilized to make goods like gasoline and diesel. As a result, fluctuations in the price of crude oil have an impact on the profit margins of enterprises that produce process oil. Low margins for its producers and distributors have resulted from fierce competition in the process oil industry and unpredictable crude oil prices.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Process Oil Market: Segmentation

The global process oil market is segregated based on type and application.

By Type, the market is classified into Naphthenic, Paraffinic, Non-carcinogenic, and Aromatic. In terms of value, the non-carcinogenic kind was the second-largest segment in 2021. Tires using non-carcinogenic process oils have the better abrasion resistance and rolling resistance. For the production of Styrene-Butadiene Rubber, tyre manufacturers employ non-carcinogenic process oils (SBR).

By Application, the market is classified into Tire & Rubber, Polymer, Personal Care, Textile, Others, Automotive, Adhesives & Sealants, and Defoaming. In terms of value, the polymer application was the second-largest segment in 2021. Plasticizing agents, catalyst carriers, extender oils, mold release agents, and pigment-dispersing agents are all examples of process oils used in the polymer sector. These oils improve a plastic's wetting qualities, allowing it to be utilized on a wider range of substrates and making it more flexible.

Recent Developments

  • In June 2019, Idemitsu has launched a new lubricant production plant in Huizhou, China, which will be the company's second in the country, with a capacity of 120,000 kiloliters per year.
  • In October 2021, Chevron Global Energy Inc, a wholly-owned subsidiary of Chevron Corporation, announced the acquisition of Neste Oyj's "NEXBASE" brand from Neste Oyj. Neste's complete worldwide base oils business, its premium brand NEXBASE, all formulation coverage related to the brand, as well as a global marketing and distribution infrastructure are all covered by the agreement, which is made up of a combination of share and asset purchases. Neste's base oils supply from Porvoo, Finland, will also be off taken on a long-term basis by the parties.

Regional Landscape

Asia-Pacific has become an area with immense promise and opportunity due to the increasing demand for textiles and personal care goods in nations like India and China. China has surpassed the United States as the world's largest provider of textiles and apparel since 1994. By focusing on OEM production and processing, the country controls the global low-to-medium end market, while the EU continues to dominate the global upmarket and high-quality textile business. North America will be the second-largest process oil market in terms of value in 2021. The North American process oil business is expected to grow slowly since end-use sectors such as rubber and polymer have reached maturity in the region. However, because the majority of the region's refineries that produce naphthenic products are based in the United States, naphthenic goods are more expensive.

Competitive Landscape

Some of the main competitors dominating the global process oil market include - Royal Dutch Shell (Netherlands), ExxonMobil (US), Total S.A. (France), Indian Oil Corporation Limited (India), Petronas Group (Malaysia), Repsol S.A. (Spain), Hindustan Petroleum Corporation Limited (India), Idemitsu Kosan Co., Ltd (Japan), Unipetrol Group (Czech Republic), Panama Petrochem Ltd (India), Nynas AB (Sweden), H&R Group (Germany), Apar Industries (India), Gandhar Oil Refinery Limited (India), and Hollyfrontier Refining & Marketing LLC (US).

Global process oil market is segmented as follows:

By Type

  • Naphthenic
  • Paraffinic
  • Non-carcinogenic
  • Aromatic

By Application

  • Tire & Rubber
  • Polymer
  • Personal Care
  • Textile
  • Others
  • Automotive
  • Adhesives & Sealants
  • Defoaming

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

 

Table Of Content

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Process Oil Market, (2022 - 2028) (USD Million)
    • 2.2 Global Process Oil Market : snapshot
  • Chapter 3. Global Process Oil Market - Industry Analysis
    • 3.1 Process Oil Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Growing tyre manufacturing industry across the globe
    • 3.3 Market Restraints
      • 3.3.1. The fluctuating price of crude oil
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. Global Process Oil Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Process Oil Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Process Oil Market - Type Analysis
    • 5.1 Global Process Oil Market overview: By Type
      • 5.1.1 Global Process Oil Market share, By Type, 2021 and 2028
    • 5.2 Naphthenic
      • 5.2.1 Global Process Oil Market by Naphthenic, 2022 - 2028 (USD Million)
    • 5.3 Paraffinic
      • 5.3.1 Global Process Oil Market by Paraffinic, 2022 - 2028 (USD Million)
    • 5.4 Non-carcinogenic
      • 5.4.1 Global Process Oil Market by Non-carcinogenic, 2022 - 2028 (USD Million)
    • 5.5 Aromatic
      • 5.5.1 Global Process Oil Market by Aromatic, 2022 - 2028 (USD Million)
  • Chapter 6. Global Process Oil Market - Application Analysis
    • 6.1 Global Process Oil Market overview: By Application
      • 6.1.1 Global Process Oil Market share, By Application, 2021 and 2028
    • 6.2 Tire & Rubber
      • 6.2.1 Global Process Oil Market by Tire & Rubber, 2022 - 2028 (USD Million)
    • 6.3 Polymer
      • 6.3.1 Global Process Oil Market by Polymer, 2022 - 2028 (USD Million)
    • 6.4 Personal Care
      • 6.4.1 Global Process Oil Market by Personal Care, 2022 - 2028 (USD Million)
    • 6.5 Textile
      • 6.5.1 Global Process Oil Market by Textile, 2022 - 2028 (USD Million)
    • 6.6 Others
      • 6.6.1 Global Process Oil Market by Others, 2022 - 2028 (USD Million)
    • 6.7 Automotive
      • 6.7.1 Global Process Oil Market by Automotive, 2022 - 2028 (USD Million)
    • 6.8 Adhesives & Sealants
      • 6.8.1 Global Process Oil Market by Adhesives & Sealants, 2022 - 2028 (USD Million)
    • 6.9 Defoaming
      • 6.9.1 Global Process Oil Market by Defoaming, 2022 - 2028 (USD Million)
  • Chapter 7. Process Oil Market - Regional Analysis
    • 7.1 Global Process Oil Market Regional Overview
    • 7.2 Global Process Oil Market Share, by Region, 2021 & 2028 (USD Million)
    • 7.3. North America
      • 7.3.1 North America Process Oil Market, 2022 - 2028 (USD Million)
        • 7.3.1.1 North America Process Oil Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 North America Process Oil Market, by Type, 2022 - 2028
      • 7.4.1 North America Process Oil Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 North America Process Oil Market, by Application, 2022 - 2028
      • 7.5.1 North America Process Oil Market, by Application, 2022 - 2028 (USD Million)
    • 7.4. Europe
      • 7.4.2 Europe Process Oil Market, 2022 - 2028 (USD Million)
        • 7.4.2.1 Europe Process Oil Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Europe Process Oil Market, by Type, 2022 - 2028
      • 7.4.1 Europe Process Oil Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 Europe Process Oil Market, by Application, 2022 - 2028
      • 7.5.1 Europe Process Oil Market, by Application, 2022 - 2028 (USD Million)
    • 7.5. Asia Pacific
      • 7.5.3 Asia Pacific Process Oil Market, 2022 - 2028 (USD Million)
        • 7.5.3.1 Asia Pacific Process Oil Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Asia Pacific Process Oil Market, by Type, 2022 - 2028
      • 7.4.1 Asia Pacific Process Oil Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 Asia Pacific Process Oil Market, by Application, 2022 - 2028
      • 7.5.1 Asia Pacific Process Oil Market, by Application, 2022 - 2028 (USD Million)
    • 7.6. Latin America
      • 7.6.4 Latin America Process Oil Market, 2022 - 2028 (USD Million)
        • 7.6.4.1 Latin America Process Oil Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Latin America Process Oil Market, by Type, 2022 - 2028
      • 7.4.1 Latin America Process Oil Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 Latin America Process Oil Market, by Application, 2022 - 2028
      • 7.5.1 Latin America Process Oil Market, by Application, 2022 - 2028 (USD Million)
    • 7.7. The Middle-East and Africa
      • 7.7.5 The Middle-East and Africa Process Oil Market, 2022 - 2028 (USD Million)
        • 7.7.5.1 The Middle-East and Africa Process Oil Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 The Middle-East and Africa Process Oil Market, by Type, 2022 - 2028
      • 7.4.1 The Middle-East and Africa Process Oil Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 The Middle-East and Africa Process Oil Market, by Application, 2022 - 2028
      • 7.5.1 The Middle-East and Africa Process Oil Market, by Application, 2022 - 2028 (USD Million)
  • Chapter 8. Company Profiles
    • 8.1 Royal Dutch Shell (Netherlands)
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 ExxonMobil (US)
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Total S.A. (France)
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Indian Oil Corporation Limited (India)
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Petronas Group (Malaysia)
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Repsol S.A. (Spain)
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Hindustan Petroleum Corporation Limited (India)
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Idemitsu Kosan Co. Ltd (Japan)
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Unipetrol Group (Czech Republic)
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Panama Petrochem Ltd (India)
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Nynas AB (Sweden)
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
    • 8.12 H&R Group (Germany)
      • 8.12.1 Overview
      • 8.12.2 Financials
      • 8.12.3 Product Portfolio
      • 8.12.4 Business Strategy
      • 8.12.5 Recent Developments
    • 8.13 Apar Industries (India)
      • 8.13.1 Overview
      • 8.13.2 Financials
      • 8.13.3 Product Portfolio
      • 8.13.4 Business Strategy
      • 8.13.5 Recent Developments
    • 8.14 Gandhar Oil Refinery Limited (India)
      • 8.14.1 Overview
      • 8.14.2 Financials
      • 8.14.3 Product Portfolio
      • 8.14.4 Business Strategy
      • 8.14.5 Recent Developments
    • 8.15 Hollyfrontier Refining & Marketing LLC (US).
      • 8.15.1 Overview
      • 8.15.2 Financials
      • 8.15.3 Product Portfolio
      • 8.15.4 Business Strategy
      • 8.15.5 Recent Developments

Table Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Process Oil Market, 2022 - 2028 (USD Million)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Process Oil Market attractiveness, By Type
  • 6. Global Process Oil Market attractiveness, By Application
  • 7. Global Process Oil Market share by Type, 2022 and 2028 (USD Million)
  • 8. Global Process Oil Market by Naphthenic, 2022 - 2028 (USD Million)
  • 9. Global Process Oil Market by Paraffinic, 2022 - 2028 (USD Million)
  • 10. Global Process Oil Market by Non-carcinogenic, 2022 - 2028 (USD Million)
  • 11. Global Process Oil Market by Aromatic, 2022 - 2028 (USD Million)
  • 12. Global Process Oil Market share by Application, 2022 and 2028 (USD Million)
  • 13. Global Process Oil Market by Tire & Rubber, 2022 - 2028 (USD Million)
  • 14. Global Process Oil Market by Polymer, 2022 - 2028 (USD Million)
  • 15. Global Process Oil Market by Personal Care, 2022 - 2028 (USD Million)
  • 16. Global Process Oil Market by Textile, 2022 - 2028 (USD Million)
  • 17. Global Process Oil Market by Others, 2022 - 2028 (USD Million)
  • 18. Global Process Oil Market by Automotive, 2022 - 2028 (USD Million)
  • 19. Global Process Oil Market by Adhesives & Sealants, 2022 - 2028 (USD Million)
  • 20. Global Process Oil Market by Defoaming, 2022 - 2028 (USD Million)
  • 21. Global Process Oil Market share, by Region, 2022 and 2028
  • 22. North America Process Oil Market, 2022 - 2028 (USD Million)
  • 23. Europe Process Oil Market, 2022 - 2028 (USD Million)
  • 24. Asia Pacific Process Oil Market, 2022 - 2028 (USD Million)
  • 25. Latin America Process Oil Market, 2022 - 2028 (USD Million)
  • 26. The Middle-East and Africa Process Oil Market, 2022 - 2028 (USD Million)

Table Of Tables

  • 1. Global Process Oil Market: Snapshot
  • 2. Drivers of the Process Oil Market: impact analysis
  • 3. North America Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 4. North America Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 5. U.S. Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 6. U.S. Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 7. Canada Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 8. Canada Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 9. Europe Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 10. Europe Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 11. Germany Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 12. Germany Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 13. France Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 14. France Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 15. U.K. Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 16. U.K. Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 17. Italy Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 18. Italy Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 19. Spain Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 20. Spain Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 21. Rest of Europe Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 22. Rest of Europe Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 23. Asia Pacific Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 24. Asia Pacific Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 25. China Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 26. China Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 27. Japan Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 28. Japan Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 29. India Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 30. India Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 31. South Korea Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 32. South Korea Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 33. South-East Asia Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 34. South-East Asia Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 35. Rest of Asia Pacific Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 36. Rest of Asia Pacific Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 37. Latin America Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 38. Latin America Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 39. Brazil Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 40. Brazil Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 41. Mexico Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 42. Mexico Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 43. Rest of Latin America Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 44. Rest of Latin America Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 45. The Middle-East and Africa Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 46. The Middle-East and Africa Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 47. GCC Countries Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 48. GCC Countries Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 49. South Africa Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 50. South Africa Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)
  • 51. Rest of Middle-East Africa Process Oil Market revenue, By Type, 2022 - 2028 (USD Million)
  • 52. Rest of Middle-East Africa Process Oil Market revenue, By Application, 2022 - 2028 (USD Million)

Methodology

Free Analysis

Process oil is a blend of aromatic compounds, naphthenic, and paraffinic. The molecular weight of process oil varies at different temperatures. It is mainly treated as a raw material that aids in engaging with compounds in various sectors, such as polymers, rubber, and textile. Additionally, process oil is formed by refining procedures, such as catalytic advanced hydrocracking and de-waxing process. After distillation, the obtained process oil is colorless and has features, such as low volatility, high saturation, enhanced stability, and pure. Process oil has its usage in a diverse range of applications in different business sectors, such as plastics, tire, polymer, personal care, rubber, defoamers, adhesives, and textile.

The process oil market is likely to experience a high rate of growth in the future, due to its usage and application globally. The development of the process oil market can be mainly attributed to the rising industrialization and increasing mechanization, which, in turn, is likely to lead to an increased process oil demand. In addition, the ongoing rapid development and modernization in the automobile and transportation sector are projected to positively impact this market. The utilization of process oils in various end-use industries, such as rubber, polymer, and personal care, is the primary factor likely to boost this market in the upcoming years. However, the presence of carcinogens polycyclic aromatic hydrocarbons (PAH) and polycyclic aromatics (PCA) in process oils might limit this market’s development in the upcoming years.

Global Process Oil Market

By type, the process oil market includes naphthenic, aromatic, paraffinic, and non-carcinogenic. By application, this market is segmented into the polymer, tire and rubber, textile, and others.

By region, the Asia Pacific process oil market is likely to grow significantly in the future. This regional market’s growth can be attributed to the growing sales of vehicles and automotive in the region, which, in turn, is expected to boost the process of oil consumption. The ongoing transformations and modernization taking place in the automotive sector are estimated to further drive this regional market over the forecast time period. Latin America is expected to provide good opportunities for the process oil market players. The region’s tire manufacturing industry is heavily dependent on China. Additionally, the trade rules and laws formulated by the governments of Venezuela, Argentina, etc. coupled with high investments made for region’s industrialization is anticipated to foster this regional market.

Some of the industry players operating in the process oil market include Process Oils Inc., Panama Petrochem Ltd., Shell Global, Calumet Specialty Products Partners L.P., LUKOIL Oil Company, Phillips 66 Company, Chevron, Avista Oil AG, and Repsol, among others.

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FrequentlyAsked Questions

Fine tolerances in tyre manufacturing, the use of radial tyres to minimize vehicle fuel consumption, low rolling resistance tyres, and an emphasis on enhancing grip and road performance of tyres to boost vehicle fuel efficiency are among the most recent tyre industry trends. Process oils are one of the most important components in tyre production. The rise of the automobile industry has a direct impact on global tyre usage. Vehicle production has a direct impact on tyre demand around the world. Consequently, the process oil market is likely to be driven by the global automotive industry's expansion over the forecast period.

According to the Market Research report, the global process oil market was worth around USD 4515.2 million in 2021 and is estimated to grow to about USD 5055.010897 million by 2028, with a compound annual growth rate (CAGR) of approximately 1.9 percent over the forecast period.

Asia-Pacific has become an area with immense promise and opportunity due to the increasing demand for textiles and personal care goods in nations like India and China. China has surpassed the United States as the world's largest provider of textiles and apparel since 1994. By focusing on OEM production and processing, the country controls the global low-to-medium end market, while the EU continues to dominate the global upmarket and high-quality textile business. North America will be the second-largest process oil market in terms of value in 2021. The North American process oil business is expected to grow slowly since end-use sectors such as rubber and polymer have reached maturity in the region. However, because the majority of the region's refineries that produce naphthenic products are based in the United States, naphthenic goods are more expensive.

Some of the main competitors dominating the global process oil market include - Royal Dutch Shell (Netherlands), ExxonMobil (US), Total S.A. (France), Indian Oil Corporation Limited (India), Petronas Group (Malaysia), Repsol S.A. (Spain), Hindustan Petroleum Corporation Limited (India), Idemitsu Kosan Co., Ltd (Japan), Unipetrol Group (Czech Republic), Panama Petrochem Ltd (India), Nynas AB (Sweden), H&R Group (Germany), Apar Industries (India), Gandhar Oil Refinery Limited (India), and Hollyfrontier Refining & Marketing LLC (US).

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