The global process oil market size is expected to reach USD 5.67 billion by 2030, according to a new study by Polaris Market Research. The report “Process Oil Market Share, Size, Trends, Industry Analysis Report, By Type (Aromatic, Naphthenic, Non-carcinogenic, Paraffinic); By Function; By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growth in industrialization, enhancing the automotive industry, and greater demand from the construction industry boosts the industry’s growth. Technological advancements increased R&D in material innovation, and increasing demand from emerging economies resulted in greater market growth. Furthermore, growing demand for low-viscosity oils used in vehicles and the high demand for green process oils across the globe will further create new opportunities for this market.
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The various applications of process oil include polymers, paints & coatings, rubber processing, personal care, adhesives & sealants, and others. The rubber processing segment dominated the global market in 2021. Increasing application in tire manufacturing, rising demand for passenger and commercial vehicles, and modernization of vehicles have boosted the demand for this segment.
The COVID-19 outbreak hampered the growth of the industry. The global market suffered from restricted movement of goods and reduced demand. Supply chain and operational disruptions in industries such as automotive, construction, and manufacturing led to reduced demand for oil across the globe. The implementation of lockdown and temporary closure of markets negatively influenced the global market during the pandemic.
Asia-Pacific dominated the global market in 2021 on account of the easy availability of raw materials, greater demand from the automotive sector, and growth in penetration of passenger vehicles. Rise in demand from the industrial sector, urbanization in developing countries of the region, and economic growth further accelerate the demand for this oil. Increasing demand for fossil oil from personal care & cosmetics products, paints & coatings further supports the market growth.
Process Oil Market Report Highlights
- The naphthenic segment accounted for a major share because of its properties, such as high solvency and thermal stability. It has wide application in moulded & extruded products, footwear, and LPG tubes.
- Extender oil segment accounted for a significant market share in 2021 owing to a wide application in rubber compounding and metalworking fluids
- The rubber processing segment dominated the global market due to rising applications in tire manufacturing and automotive components
- The Asia Pacific market accounted for a major market share in 2021 due to the great demand for textiles and personal care products in India & China. Also, the rapidly growing Automotive sector in Asia pacific fuel the market growth.
- The major players in this market include Behran Oil Co., Ergon North & South America, Exxon Mobil Corporation, Hindustan Petroleum Corporation Limited, Indian Oil Corporation Ltd, Nynas Ab, Orgkhim Biochemical Holding, Panama Petrochem Ltd, Shell plc, and TotalEnergies SE
Polaris Market Research has segmented the process oil market report based on type, function, application, and region:
Process Oil, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Process Oil, Function Outlook (Revenue – USD Billion, 2018 – 2030)
- Extender Oil
Process Oil, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Paints & Coatings
- Rubber Processing
- Personal Care
- Adhesives & Sealants
Process Oil, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa