Process Oils Market Size (2024 - 2029)

The Process Oils Market is projected to experience growth over the forecast period, driven by increasing demand in polymer production and a rising use of rubber oils. Despite challenges such as declining usage of certain oils due to regulatory constraints, opportunities are emerging from research in bio-based alternatives and the growing demand in electric vehicles. The Asia-Pacific region is anticipated to lead in market size and growth rate, reflecting its significant role in the global market landscape.

Market Size of Process Oils Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Process Oils Market Summary
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

Process Oils Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

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.

Process Oils Industry Segmentation

Process oil is a type of petroleum oil used in various industries, such as tire manufacturing, rubber processing, and polymer processing. The primary function of process oil is to act as a lubricant and improve the processing efficiency of the end products.

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, 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 are done based on volume (tons).

Type
Aromatic
Paraffinic
Naphthenic
Application
Polymers
Personal Care
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
Need A Different Region Or Segment?
Customize Now

Process Oils Market Size Summary

The process oil market is poised for steady growth over the forecast period, driven by increasing demand in polymer production and the rising use of rubber oils. This growth trajectory is supported by the expanding global rubber industry, which utilizes process oils in various applications such as tires, construction materials, and textiles. The market's recovery from the COVID-19 pandemic disruptions is underway, with the Asia-Pacific region expected to lead in both market dominance and growth rate. The region's robust demand for textiles and personal care products, particularly in China and India, is a significant contributor to this expansion. However, the market faces challenges from declining usage of certain oils due to stringent regulations, although opportunities exist in bio-based rubber process oils and the electric vehicle sector.

The process oils market is characterized by a partially consolidated structure, with major players like Chevron Corporation, ExxonMobil Corporation, HP Lubricants, Shell Plc, and TotalEnergies actively shaping the landscape. Strategic initiatives, such as Shell's acquisition of a stake in Blue Tide Environmental LLC and Chevron's joint venture with Bunge, highlight the industry's focus on sustainability and innovation. These developments align with broader market trends towards low-carbon solutions and enhanced production capabilities. As the market evolves, the Asia-Pacific region's dominance is expected to continue, supported by increasing rubber tire production and the growing personal care industry in India.

Explore More

Process Oils Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Rising Polymer Production

      2. 1.1.2 Surge in the Use of Rubber Oils

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Declining Usage of PAH and DAE due to Stringent Regulations

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

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

    1. 2.1 Type

      1. 2.1.1 Aromatic

      2. 2.1.2 Paraffinic

      3. 2.1.3 Naphthenic

    2. 2.2 Application

      1. 2.2.1 Polymers

      2. 2.2.2 Personal Care

      3. 2.2.3 Other Applications

      4. 2.2.4

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Process Oils Market Size FAQs

The Process Oils Market size is expected to reach 5.07 million tons in 2024 and grow at a CAGR of 2.85% to reach 5.84 million tons by 2029.

In 2024, the Process Oils Market size is expected to reach 5.07 million tons.

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