Global Process Oil Market is anticipated to grow at a steady pace in the forecast period, 2023-2028, Over the projection period, the market will be driven by the rising use of process oil in end-use sectors including manufacturing, automotive, cosmetics, and textiles, among others. Process oils are a mixture of paraffinic, naphthenic, and aromatic chemicals with various molecular weights that are generated from petroleum. They are utilized as raw materials or as a processing aid for materials in a variety of sectors, including rubber & tire, personal care products, polymer, textile, and others. Process oils are manufactured for use in commerce using sophisticated refining techniques including catalytic dewaxing and advanced hydrocracking.

Growing automotive sector is driving the Global Process Oil Market

Future growth of the process oil market is anticipated to be driven by the expansion of the automotive sector. Automobile design, production, and retailing are all handled by the automotive industry. The process oils are widely used in the production of floor mats, conveyor belts, automotive parts, and tread rubber since they are compatible with most rubber polymers. For instance, 79.1 million motor cars were produced globally in 2021, up 1.3% from 2020, according to the European Automobile Manufacturers Association (ACEA), a group of automakers based in Belgium. As a result, the expansion of the automobile sector fuels the expansion of the process oil sector.

Rise in the tire manufacturing industry to Fuel the Market

Process oil demand is being fueled by the rising use of light motor vehicles in developing countries, which is also driving tire demand. Over the past several years, there has been a significant increase in the demand for tires from the two-wheeler market. The tyre business is anticipated to benefit from the Asia Pacific market. Over the coming years, Asia Pacific is predicted to see a 3-4% yearly growth in the consumption of natural rubber. The production of tires has advanced more quickly over the last few decades because of the rising standards set by OEMs, consumers, and government regulations. Tire producers are coping with rising worldwide demand, stricter environmental restrictions, and consumer labelling requirements in part by increasing their reliance on automation technologies and building new plants that enable automated procedures.

Rising demand for naphthenic oil and adoption of new technologies

Naphthenic base oil has become a popular additive for oil processing among manufacturers of process oils. Approximately 60% of naphthenic oil is consumed in North America alone. In the upcoming years, it is anticipated that manufacturers would use processed oil more frequently. The region's plentiful supply of naphthenic base process oil is the key factor influencing naphthenic oil utilization in North America. The naphthenic segment of the global process oil market will develop this aspect. The process oil sector has seen significant development recently. One of the important trends observed along the Value & Volume chain of the global process oil market is the implementation of new and cutting-edge technologies to boost the throughput of process oil as well as the strategy of developing collaborations.


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Market Segmentation

The Global Process Oil Market is divided based on Type, function, Application, and Production Technology. Based on Type, the market is divided into Naphthenic, Paraffinic, Aromatic, Non-Carcinogenic, Others. Based on Function, the market is segmented into Extender Oil, Plasticizer, Solvents, Deformers, and Others. Based on Application, the market is divided into Tire & Rubber, Polymer, Personal Care, Textile, Paints & Coatings, Pharmaceuticals & Others. Based on Production Technology, the market is divided into Convention Route, Gas to Liquid.

Market Players

Major market players in the Global Process Oil Market are Royal Dutch Shell PLC, Exxon Mobil Corporation, Total S.A., Indian Oil Corporation Limited, Petronas Group, Repsol S.A., Hindustan Petroleum Corporation Limited, Idemitsu Kosan Co., Ltd., Unipetrol Group, Panama Petrochem Ltd.

Recent Development

  • In March 2020 - Keysight Technologies launched the Keysight N9021B MXA X-SA contract to market and sell US Ergon Company Process Oils, Inc.'s naphthenic base oils was signed with Cross Oil in August 2022. The business would distribute Cross Oil's CrossTrans, L-Series, Corsol, B-Series, and Ebonite oils through this arrangement. 
  • Nynas launched NYTEX 8022 in May 2020. The new device is designed for a variety of high-performance applications. Its high solubility stabilizes compositions for a variety of uses, including ceramic inks, printing inks, and treatments for leather and textiles.


Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2023

Forecast Period

2023 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Type

Function

Application

Production Technology

Regional scope

North America; Asia-Pacific; Europe; South America; Middle East

Country scope

United States; Canada; Mexico; China; Indian; Australia; Indonesia; Malaysia; Russia; Netherlands; Belgium; United Kingdom; Brazil; Argentina; Colombia; Venezuela; Saudi Arabia; South Africa; UAE; Kuwait

Key companies profiled

Royal Dutch Shell PLC, Exxon Mobil Corporation, Total S.A., Indian Oil Corporation Limited, Petronas Group, Repsol S.A., Hindustan Petroleum Corporation Limited, Idemitsu Kosan Co., Ltd., Unipetrol Group, Panama Petrochem Ltd.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Global Process Oil Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Global Process Oil Market, By Type:

    • Naphthenic
    • Paraffinic
    • Aromatic
    • Non-Carcinogenic
    • Others

·         Global Process Oil Market, By Function:

o   Extender Oil

o   Plasticizer

o   Solvents

o   Deformers

o   Others

·         Global Process Oil Market, By Application:

o   Tire & Rubber

o   Polymer

o   Personal Care

o   Textile

o   Paints & Coatings

o   Pharmaceuticals

o   Other

·         Global Process Oil Market, By Production Technology:

o   Convention Route

o   Gas to Liquid

·         Global Process Oil Market, By Region:

o   North America

§  United States

§  Mexico

§  Canada

o   Asia-Pacific

§  China

§  India

§  Australia

§  Malaysia

§  Indonesia

o   Europe

§  Russia

§  Netherlands

§  Belgium

§  United Kingdom

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Venezuela

o   Middle East

§  South Arabia

§  South Africa

§  UAE

§  Kuwait

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Process Oil Market.

Available Customizations:

Global Process Oil Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

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1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.     Markets Covered

1.2.2.     Years Considered for Study

1.2.3.     Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, and Trends

4.    Global Process Oil Market Outlook

4.1.  Market Size & Forecast

4.1.1.    By Value & Volume

4.2.  Market Share & Forecast

4.2.1.    By Type (Naphthenic, Paraffinic, Aromatic, Non-Carcinogenic Others)

4.2.2.    By Function (Extender Oil, Plasticizer, Solvents, Deformers, Others)

4.2.3.    By Application (Tire & Rubber, Polymer, Personal Care, Textile, Paints & Coatings, Pharmaceuticals & Others)

4.2.4.    By Production Technology (Convention Route, Gas to Liquid)

4.2.5.    By Region

4.2.6.    By Company (2022)

4.3.  Market Map

4.3.1.    By Type

4.3.2.    By Function

4.3.3.    By Application

4.3.4.    By Production Technology

4.3.5.    By Region

5.    Asia-Pacific Process Oil Market Outlook

5.1.  Market Size & Forecast          

5.1.1.    By Value & Volume

5.2.  Market Share & Forecast

5.2.1.    By Type

5.2.2.    By Function

5.2.3.    By Application

5.2.4.    By Production Technology

5.2.5.    By Country

5.3.  Asia-Pacific: Country Analysis

5.3.1.    China Process Oil Market Outlook

5.3.1.1.        Market Size & Forecast

5.3.1.1.1.            By Value & Volume

5.3.1.2.        Market Share & Forecast

5.3.1.2.1.            By Type

5.3.1.2.2.            By Function

5.3.1.2.3.            By Application

5.3.1.2.4.            By Production Technology

5.3.2.    India Process Oil Market Outlook

5.3.2.1.        Market Size & Forecast

5.3.2.1.1.            By Value & Volume

5.3.2.2.        Market Share & Forecast

5.3.2.2.1.            By Type

5.3.2.2.2.            By Function

5.3.2.2.3.            By Application

5.3.2.2.4.            By Production Technology

5.3.3.    Australia Process Oil Market Outlook

5.3.3.1.        Market Size & Forecast

5.3.3.1.1.            By Value & Volume

5.3.3.2.        Market Share & Forecast

5.3.3.2.1.            By Type

5.3.3.2.2.            By Function

5.3.3.2.3.            By Application

5.3.3.2.4.            By Production Technology

5.3.4.    Malaysia Process Oil Market Outlook

5.3.4.1.        Market Size & Forecast

5.3.4.1.1.            By Value & Volume

5.3.4.2.        Market Share & Forecast

5.3.4.2.1.            By Type

5.3.4.2.2.            By Function

5.3.4.2.3.            By Application

5.3.4.2.4.            By Production Technology

5.3.5.    Indonesia Process Oil Market Outlook

5.3.5.1.        Market Size & Forecast

5.3.5.1.1.            By Value & Volume

5.3.5.2.        Market Share & Forecast

5.3.5.2.1.            By Type

5.3.5.2.2.            By Function

5.3.5.2.3.            By Application

5.3.5.2.4.            By Production Technology

6.    Europe Process Oil Market Outlook

6.1.  Market Size & Forecast          

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Type

6.2.2.    By Function

6.2.3.    By Application

6.2.4.    By Production Technology

6.2.5.    By Country

6.3.  Europe: Country Analysis

6.3.1.    Russia Process Oil Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.            By Value & Volume

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.            By Type

6.3.1.2.2.            By Function

6.3.1.2.3.            By Application

6.3.1.2.4.            By Production Technology

6.3.2.    Netherlands Process Oil Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.            By Value & Volume

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.            By Type

6.3.2.2.2.            By Function

6.3.2.2.3.            By Application

6.3.2.2.4.            By Production Technology

6.3.3.    Belgium Process Oil Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.            By Value & Volume

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.            By Type

6.3.3.2.2.            By Function

6.3.3.2.3.            By Application

6.3.3.2.4.            By Production Technology

6.3.4.    United Kingdom Process Oil Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.            By Value & Volume

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.            By Type

6.3.4.2.2.            By Function

6.3.4.2.3.            By Application

6.3.4.2.4.            By Production Technology

7.    North America Process Oil Market Outlook

7.1.  Market Size & Forecast          

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Function

7.2.3.    By Application

7.2.4.    By Production Technology

7.2.5.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Process Oil Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.            By Value & Volume

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.            By Type

7.3.1.2.2.            By Function

7.3.1.2.3.            By Application

7.3.1.2.4.            By Production Technology

7.3.2.    Mexico Process Oil Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.            By Value & Volume

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.            By Type

7.3.2.2.2.            By Function

7.3.2.2.3.            By Application

7.3.2.2.4.            By Production Technology

7.3.3.    Canada Process Oil Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.            By Value & Volume

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.            By Type

7.3.3.2.2.            By Function

7.3.3.2.3.            By Application

7.3.3.2.4.            By Production Technology

8.    South America Process Oil Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Function

8.2.3.    By Application

8.2.4.    By Production Technology

8.2.5.    By Country

8.3.  South America: Country Analysis

8.3.1.    Brazil Process Oil Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.            By Value & Volume

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.            By Type

8.3.1.2.2.            By Function

8.3.1.2.3.            By Application

8.3.1.2.4.            By Production Technology

8.3.2.    Argentina Process Oil Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value & Volume

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.            By Type

8.3.2.2.2.            By Function

8.3.2.2.3.            By Application

8.3.2.2.4.            By Production Technology

8.3.3.    Colombia Process Oil Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value & Volume

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.            By Type

8.3.3.2.2.            By Function

8.3.3.2.3.            By Application

8.3.3.2.4.            By Production Technology

8.3.4.    Venezuela Process Oil Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.            By Value & Volume

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.            By Type

8.3.4.2.2.            By Function

8.3.4.2.3.            By Application

8.3.4.2.4.            By Production Technology

9.    Middle East and Africa Process Oil Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Function

9.2.3.    By Application

9.2.4.    By Production Technology

9.2.5.    By Country

9.3.  MEA: Country Analysis

9.3.1.    South Africa Process Oil Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.            By Value & Volume

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.            By Type

9.3.1.2.2.            By Function

9.3.1.2.3.            By Application

9.3.1.2.4.            By Production Technology

9.3.2.    Saudi Arabia Process Oil Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.            By Value & Volume

9.3.2.2.