Global Process Oil Market Major Players 2024, Forecast To 2033
23 Feb, 2024
The process oil market has demonstrated strong growth, rising from $5.2 billion in 2023 to $5.5 billion in 2024, with a 5.7% CAGR. This growth is attributed to industrial growth, the automotive sector, construction boom, and globalization. The market is expected to continue growing, reaching $6.81 billion in 2028, with a 5.5% CAGR, fueled by emerging economies, environmental regulations, automotive innovations, and construction and infrastructure projects. Major trends include technological advancements, a shift to bio-based process oils, and increased emphasis on specialty process oils.
Global Process Oil Market Key Driver
The automotive industry's growth is propelling the process oil market, with 79.1 million motor vehicles produced globally in 2021. Process oils, compatible with rubber polymers, are extensively used in tire manufacturing and other automotive components, driving market growth (Source: European Automobile Manufacturers Association).
Get A Free Sample Of The Global Process Oil Market ReportGlobal Process Oil Market Segments
The process oil market covered in this report is segmented –
1)By Type: Naphthenic, Paraffinic, Non-Carcinogenic, Aromatic
2)By Function: Extender Oil, Plasticizer, Solvent, Defoamer, Other Functions
3)By Application: Rubber Processing, Adhesives And Sealants, Consumer Products, Paints And Coatings, Pharmaceuticals, Polymers, Other Applications
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacificwas the largest region in the process oil market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Process Oil Industry Players
Shell plc; Exxon Mobil Corporation; TotalEnergies SE; Indian Oil Corporation Limited; National Petroleum Limited(PETRONAS); Repsol S. A; Hindustan Petroleum Corporation Limited; Idemitsu Kosan Co. Ltd.; Orlen Unipetrol; Panama Petrochem Ltd.; Nynas AB; H&R GROUP; Apar Industries Ltd.; Gandhar Group; HF Sinclair Corporation; CPC Corporation (Taiwan Chinese Prtroleum Co. ); Chevron Corporation; Ergon Inc.; HollyFrontier Refining & Marketing Co.; PJSC Gazprom; Saudi Aramco; Devon Energy Corporation; Calumet Specialty Products Partners L. P.; The Phillips 66 Company; Indian Oil Corporation Ltd.; Bharat Petroleum Corporation Limited; PJSC Rosneft Oil Company; JX Nippon Oil & Energy; PT Pertamina; Thai Oil Public Company Limited
Get The Full Global Process Oil Market ReportProcess Oil Market Overview
Process oils refer to special oils that are derived from petroleum and act as a carrier of other products. The process oil is used as a component of other raw materials in various industries.
Process Oil Global Market Report 2023 provides data on the global process oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The process oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.