Global Process Oil Market
Growing automotive sector
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
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
Market Players
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.
- Nynaslaunched NYTEX 8022 in May 2020. The new device is designed for a variety ofhigh-performance applications. Its high solubility stabilizes compositions fora variety of uses, including ceramic inks, printing inks, and treatments forleather 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) |
