Experiencing a significant growth in recent years, the process oil market is projected to swell from $5.46 billion in 2024 to $5.77 billion in 2025, marking a robust compound annual growth rate (CAGR) of 5.7%. Factors such as industrial growth, booming automotive sector, increasing construction activities and globalization have primarily driven the market expansion during this period.
Looking forward, the market size is earmarked to register a CAGR of 5.3% between 2025 and 2029, pushing the market cap to a whopping $7.1 billion by 2029. Emerging economies, advancements in environmental regulations, automotive innovations, and an upsurge in construction and infrastructure projects are likely to fuel the forecast period growth. Additionally, pivotal trends such as technological advancements, shift towards bio-based process oils, and an increased focus on specialty process oils will shape the market dynamics in the future.
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What Are The Major Growth Drivers For The Process Oil Market?
The expansion of the automotive industry is expected to catapult the growth of the process oil market. Process oils, exhibiting high compatibility with most rubber polymers, find extensive applications in manufacturing automobile tires, threading rubber, conveyor belts, automotive components, and floor mats. For instance, according to the European Automobile Manufacturers Association, global motor vehicle production surged by 5.7% in 2022, totaling 85.4 million units. Therefore, the robust growth of the automotive industry indirectly boosts the process oil market.
What Are The Key Market Segments In The Process Oil Industry?
The process oil market report identifies the following major segments:
1) By Type: Naphthenic, Paraffinic, Non-Carcinogenic, Aromatic
2) By Function: Extender Oil, Plasticizer, Solvent, Defoamer, Other Functions
3) By Application: Rubber Processing, Adhesives And Sealants, Consumer Products, Paints And Coatings, Pharmaceuticals, Polymers, Other Applications
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Who Are The Major Players In The Process Oil Market?
Key players in the process oil market include Shell plc, Exxon Mobil Corporation, TotalEnergies SE, Indian Oil Corporation Limited, National Petroleum Limited(PETRONAS), Repsol S. A, Hindustan Petroleum Corporation Limited, Idemitsu Kosan Co. Ltd., Orlen Unipetrol, Panama Petrochem Ltd., Nynas AB, H&R GROUP, Apar Industries Ltd., Gandhar Group, HF Sinclair Corporation, CPC Corporation (Taiwan Chinese Prtroleum Co.), Chevron Corporation, Ergon Inc., PJSC Gazprom, Saudi Aramco, Calumet Specialty Products Partners L. P., The Phillips 66 Company, Bharat Petroleum Corporation Limited, PJSC Rosneft Oil Company, JX Nippon Oil & Energy, PT Pertamina, Thai Oil Public Company Limited.
What Are The Emerging Trends In The Process Oil Market?
Innovations in advanced products such as high-octane petrol are a major trend reshaping the process oil market. High-octane petrol is specifically designed for internal combustion engines, notably in vehicles, enhancing engine performance and fuel efficiency while adhering to stricter environmental regulations. For instance, Indian Oil Corporation Limited launched its high-octane petrol, STORM-X, in July 2024 specifically for racing cars to enhance performance in motorsports.
Which Region Is Projected To Be The Fastest Growing In The Process Oil Market?
Asia-Pacific emerged as the largest region in the process oil market in 2024. With an abundance of opportunities, Asia-Pacific is also anticipated to be the fastest-growing region in the forecast period.
What Does The Process Oil Market Report 2025 Offer?
Process oil refers to a variety of oil types used in industrial applications to enhance manufacturing processes, improve product quality, and ensure the efficient operation of machinery and equipment. Derived primarily from petroleum or synthetic sources, these oils serve multiple purposes across various industries. The Process Oil Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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