USD 5.07 billion
Process Oil Market Size, Share, Growth Analysis, By Type (Naphthenic, Paraffinic), By Function (Extender Oil, Plasticizer), By Production Technology (Convention Route, Gas To Liquid), By Application (Tire & Rubber, Polymer), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG10C2032 |
Region:
Global |
Published Date: December, 2024
Pages:
178
|Tables:
122
|Figures:
72
Process Oil Market Insights
Process Oil Market size was valued at USD 5.32 Billion in 2023 and is poised to grow from USD 5.43 Billion in 2024 to USD 5.55 Billion by 2032, growing at a CAGR of 2.1% during the forecast period (2025-2032).
Process oils are widely used as a raw material, in various technical and chemical industries. This surges the demand of the process oil across the globe. Majorly, the automotive and manufacturing industries make use of process oils, due to their exceptional flash points, high thermal stability, high efficiency, and high viscosity. The automotive industry uses process oil as a lubricant in the manufacturing of tires and rubbers. The polymer industry uses process oils for manufacturing plastics which are durable and flexible in nature. The major restraint in the market is the fluctuations in the crude oil prices. The process oils are extracted from crude oil via distillation. If there are any fluctuations in the prices of crude oil, then it will cause fluctuations in the process oil pricing as well. The high prices of process oil will hamper the adoption of it and thus, limit the growth of the market.
The predominant trend in the market is the usage of vehicle electrification and lightweight materials. Due to the growing environmental issues, there is a great demand for electric vehicles. This further, surges the demand for process oils, which in further used in battery manufacturing, chemical processing, etc.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Tire and Rubber
Fastest Growth
Tire and Rubber
Growth Rate
1.8% CAGR
Global Process Oil Market ($ Bn)
Country Share for Asia-Pacific Region (%)
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Process Oil Market Segmental Analysis
Global Process Oil Market is segmented by type, function, production technology, application and region. Based on type, the market is segmented into naphthenic, paraffinic, non-carcinogenic and aromatic. Based on function, the market is segmented into extender oil, plasticizer, solvent, defoamer and others. Based on production technology, the market is segmented into convention route, gas to liquid and bio-based. Based on application, the market is segmented into tire & rubber, polymer, personal care, textile and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Type
By type, the market is segmented into aromatic, paraffinic, naphthenic, and non-carcinogenic. The naphthenic category holds a significant share of the global process oil market. Naphthenic oil has the highest solvency, stability, and high-temperature properties. It has various uses in moulded and extruded products, LPG tubes, and footwear, and has excellent colour and temperature stability.
Further, Paraffinic oil is considered the fastest-growing sub-segment. Paraffinic oil is mainly used to make butyl tubes, components of the automobile, and hose pipes, due to its light color, extraordinary flash point, and wide range of viscosities. Further, technological innovations are taking place in paraffinic oil, this results in the superior quality of paraffinic oil and thus, results in the higher adoption of this oil, among various end-use industries.
Analysis by Function
By function, the market is segmented into extender oil, plasticizer, solvent, and defoamer. The extender oil category is considered the dominant sub-segment. As, extender oil is highly used in the manufacturing of belts, rubber bushes, tires, and battery casings. The extender oil is highly effective in the mixing procedures, minimizes time, and is also used in softening the compounds of rubber. Alongside, the extender oil is also less reliant on the temperature.
Further, the plasticizer is the fastest growing sub-segment, as it is a substance of low molecular weight, due to which it is highly used in fostering the improvement in the flexibility and plasticity of polymer solutions. Usually, for enhancing the polymer solutions in film coating, plasticizers are added. Plasticizers are commonly used in the manufacturing of rubber, due to the ability of the plasticizer to make material workable and flexible.
Global Process Oil Market By Application
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Process Oil Market Regional Insights
The Asia-Pacific region dominates the global process oil market. This is attributed to the rise in the expansion of various industries within this region, which increases demand for process oil. Further, the region has strong economies, a robust manufacturing sector, and abundant raw materials. So, this surges the demand for the process oil. Further, to meet the ongoing demand, many industries are setting the production facilities in this region.
Moreover, North America is the fastest growing region in the process oil market. This is strongly attributed to the presence of robust sectors and the industries in North American region and due to the early adoption of advanced technologies. This region will experience slow growth, as the end-use industries like tire and rubber have reached maturity. Further, by tire OEMs, the naphthenic and paraffinic process oils are majorly used.
Global Process Oil Market By Geography
- Largest
- Fastest
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Process Oil Market Dynamics
Drivers
Increasing demand of process oil among various industries
- Various industries like automotive, plastic, textile, and personal care, make use of processed oil because it enhances the processing and performance of their goods. Process oils are mainly used by the adhesive, sealants, paints, and coatings industries, further opening up novel opportunities for market expansion. This demand for process oils further results in the expansion of the process oil market across the world.
Great demand for the personal care products
- The rise in demand for personal care products results in the growth of the process oil market globally. Personal care products include soaps, lotions, creams, etc. Further, processed oils are mainly used in skincare products, for improving the spread ability, stability, and texture of the product. Alongside, the process oils, also enhance the moisturizing properties of the personal care products.
Restraints
Poor Economic condition
- Various industries make use of process oil. The contraction in any of the sectors can negatively influence the market for processed oil. The reduction in industrial activities and the spending by the consumers reduces the demand for products that are dependent on processed oil. The major industries like automotive, construction, and manufacturing, have reduced their operations, resulting in a reduction in the demand and investments, which further hampers the expansion of the market.
Fluctuations in the prices of crude oil
- The refining of the crude oil is done through the distillation process, to produce the process oil. For creating base oils and processing oils, heavy distillates are used, while goods like gasoline and diesel are produced through light distillates. Further, the fluctuations in the prices of crude oil affect the organization's attempt to attain profits. The severe competition in the business of processed oil and in the prices of volatile crude oil results in low margins for producers and distributors. Therefore, this gradual shift in crude oil prices can hamper the growth of the market.
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Process Oil Market Competitive Landscape
The key players identify the requirements to meet the demand of the market and foster compliance with the environmental regulations, through the active adoption of eco-friendly solutions. Further, with nano-technological advancement and by adopting innovative approaches, organizations can manufacture customized solutions with enhanced viscosity, thermal stability, and improved dispersibility. Apart from this, to attain a competitive edge, the key players also fostered mergers and acquisitions, partnerships, and collaborations. Alongside, also invested in the research and development area, to improve the performance of the product.
Top Player’s Company Profiles
- Shell
- Exxon Mobil Corporation
- Totalenergies
- Idemitsu Kosan Co., Ltd.
- Petroliam Nasional Berhad (Petronas)
- Chevron USA Inc.
- Indian Oil Corporation Limited
- Gandhar Oil Refinery (India) Limited
- HF Sinclair Corporation
- Behran Oil Co.
- Orgkhim Biochemical Holding
- Repsol
- Hindustan Petroleum Corporation Limited
- Orlen Unipetrol
- Panama Petrochem Ltd.
- Nynas AB
- H&R Group
- CPC Corporation
- Iranol Company
- Ergon, Inc.
Recent Developments
- In November 2022, Chevron unveiled the lubricant for marine vessels, which is eco-friendly in nature. The lubricant is termed an environmentally acceptable lubricant (EAL), as it is entirely made up of biodegradable ingredients. EALs are also being used in applications like agriculture and forestry.
- In August 2022, Under a new marketing and arrangement, to foster the sales of the naphthenic base oils, a US-based company Process Oil Inc. dealt with Cross Oil. This agreement applies to many of the products of Cross Oil, also those which are made in the Cross Smackover refinery in Arkansas like B-series, L-series, Ebonite oils, Cross Trans, and Corsol.
- In January 2022, Exxon Mobil and SABIC decided to move with the chemical facility development as well as of 1.8 metric million metric tons ethane steam cracker, in San Patricio County, Texas. This decision resulted in creating several jobs, thus alleviating the economic output in the region.
Process Oil Key Market Trends
- Growing Usage for Vehicle Electrification: The automotive industry emphasizes the production of electrified vehicles and lightweight materials for improving the effectiveness of the fuel as well as to minimize the carbon footprint. This further, surges the demand for special process oils for the manufacturing of the battery, processing of lightweight materials, and electric motor lubrication. The significant role played by the process oil maintains the efficiency and durability of the electric vehicle components and lightweight materials.
Process Oil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Coordinates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Process Oil market analysis, the market is witnessing significant growth driven by factors such as the increasing demand for process oil in various sectors and a great demand for personal care products. Process oil is highly used in various sectors, as the process oil has high viscosity, thermal points, and exceptional flash points. Further, there is a huge demand for personal care products as well, due to the growing grooming and personal hygiene awareness among people. The restraints in the market are the poor economic conditions and the fluctuations in the prices of crude oil. The decrease in the activities of any of the end-use industries can hamper growth of the market. While, the process oil is extracted from crude oil, so fluctuations in the crude oil’s prices can limit the growth of the market.
The Asia-Pacific is the dominant region, attributed to the presence of strong economies and robust manufacturing sectors in this region. North America is the second-largest region, due to the presence of robust sectors and early adoption of advanced technologies. The major trend is the usage of vehicle electrification and lightweight materials. The process oils are required for the processing of lightweight materials, battery manufacturing, etc. This thus drives the market to cater to this trend.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.32 Billion |
| Market size value in 2032 | USD 5.55 Billion |
| Growth Rate | 2.1% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Process Oil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Process Oil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Process Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Process Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Process Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Process Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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