Global Process Oil Market (2022 to 2027) - Growing Demand for Low-Viscosity Oils for Use in Vehicles Presents Opportunities

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Sep 12, 2022, 05:30 ET

DUBLIN, Sept. 12, 2022 /PRNewswire/ -- The "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, Non-carcinogenic), Function (Extender Oil, Plasticizer, Solvent, Defoamer), Production Technology (Convention Route, Gas to Liquid, Bio-based), Application and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The market size of process oil is estimated to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a CAGR of 2.1% during the forecast period. The process oil market is on course for intense growth across different applications such as tire & rubber, polymer, personal care, textile, and other applications.

Tire & rubber was the leading application segment of process oil market in 2021

By application, the tire & rubber segment was the largest in the process oil market, in 2021, in terms of value. The growth of this segment can be attributed to the increase in demand for process oils as carrier oils, plasticizers, dust control agents, and processing aids in the automotive industry.

Naphthenic type was the leading segment of process oil market in 2021

By type, the naphthenic segment was the largest in the process oil market, in 2021, in terms of value. Naphthenic process oils are light-colored and non-staining compounds with properties such as thermal stability and excellent compatibility with synthetic elastomers. These oils have greater solvating power than paraffinic oils. They are highly stable at high temperatures and have low viscosity.

Asia Pacific was the leading region of process oil market in 2021

Asia Pacific is one of the major markets for naphthenic process oil, in terms of value. The Asia Pacific is the leader in the process oil market, and this dominance is expected to continue during the forecast period as well. Key countries in the Asia Pacific process oil market include China, Japan, South Korea, and India, which dominated the region's overall market in terms of volume, in 2021. The growing rubber and tire industries in emerging countries of Asia Pacific are expected to drive the growth of the process oil market in the region.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Significant Opportunities in Process Oil Market
4.2 Process Oil Market, by Region
4.3 Process Oil Market, by Application
4.4 Process Oil Market, by Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Tire Manufacturing Industry Across the Globe
5.2.1.2 Increasing Demand and Consumption of Process Oils in Asia-Pacific
5.2.2 Restraints
5.2.2.1 Implementation of the European Union Directive 2005/69/ Ec Banning Use of Polycyclic Aromatic Hydrocarbons in Tire Manufacturing
5.2.2.2 Increased Use of Soybean Oil as Alternative for Process Oils in Tire Manufacturing
5.2.3 Opportunities
5.2.3.1 Growing Demand for Low-Viscosity Oils for Use in Vehicles
5.2.3.2 Increasing Demand for Green Process Oils Across the Globe
5.2.4 Challenges
5.2.4.1 Fluctuating Prices of Crude Oil
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Buyers
5.3.4 Bargaining Power of Suppliers
5.3.5 Intensity of Competitive Rivalry
5.4 Ecosystem/Market Map
5.5 Value Chain
5.6 Average Price Trend
5.7 Case Study Analysis
5.7.1 Vegetable Oil Plasticizers as Replacement for Petroleum Oil in Rubber
5.8 Regulatory Landscape
5.8.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.9 Patent Analysis
5.9.1 Insight
5.9.2 Legal Status of Patents
5.10 Impact of COVID-19 on Process Oil Market
5.11 Key Conferences & Events in 2022-2023
5.12 Trade Data

6 Process Oil Market, by Type
6.1 Introduction
6.2 Naphthenic
6.2.1 Thermal Stability and Excellent Solvency Properties to Increase Demand for Naphthenic Process Oil
6.3 Paraffinic
6.3.1 Growing Demand from Printing Inks Industry to Fuel Growth
6.4 Non-Carcinogenic
6.4.1 Stringent Regulations to Drive Market
6.5 Aromatic
6.5.1 Use of Aromatic Process Oils in Automotive Sector to Fuel Growth

7 Process Oil Market, by Function
7.1 Introduction
7.2 Extender Oil
7.2.1 Use of Extender Oil in Tire & Rubber Goods to Fuel Demand
7.3 Plasticizer
7.3.1 Flexibility and Plasticity Offered by Plasticizers to Polymer Solutions to Propel Demand
7.4 Solvent
7.4.1 Demand for Solvents in Petroleum Sector to Drive Its Growth
7.5 Defoamer
7.5.1 Reduction of Foam Formation in Industrial Process with Defoamers to Increase Demand
7.6 Others

8 Process Oil Market, by Production Technology
8.1 Introduction
8.2 Convention Route
8.2.1 Increased Well Productivity Through Convention Route to Fuel Demand
8.3 Gas to Liquid (Gtl)
8.3.1 Benefits of Gtl Technology in Energy Production to Propel Demand
8.4 Bio-Based
8.4.1 Advancement in Petroleum Sector to Enhance Growth

9 Process Oil Market, by Application
9.1 Introduction
9.2 Tire & Rubber
9.2.1 Increase in Automobile Demand to Drive Tire & Rubber Application
9.3 Polymer
9.3.1 Growth of Polymer Industry in Asia-Pacific to Drive the Growth
9.4 Personal Care
9.4.1 Increasing Demand for Natural Skincare Products is Driving Growth
9.5 Textile
9.5.1 Anti-Rupture and Anti-Dust Formation Properties Have Created High Demand
9.6 Others

10 Regional Analysis

11 Competitive Landscape
11.1 Strategies of Key Players
11.2 Revenue Analysis
11.3 Market Share Analysis
11.4 Company Evaluation Matrix
11.4.1 Star
11.4.2 Emerging Leaders
11.4.3 Pervasive
11.4.4 Participants
11.4.4.1 Competitive Benchmarking
11.5 Small and Medium-Sized Enterprises (SME) Matrix, 2021
11.5.1 Progressive Companies
11.5.2 Starting Blocks
11.5.3 Dynamic Companies
11.5.4 Responsive Companies
11.6 Competitive Scenario

12 Company Profiles
12.1 Shell plc
12.2 Exxon Mobil Corporation
12.3 Totalenergies
12.4 Idemitsu Kosan Co., Ltd.
12.5 Petroliam Nasional Berhad (Petronas)
12.6 Indian Oil Corporation Ltd
12.7 Gandhar Oil Refinery (India) Limited
12.8 Hollyfrontier Refining & Marketing LLC
12.9 Behran Oil Co.
12.10 Orgkhim Biochemical Holding
12.11 Repsol
12.12 Hindustan Petroleum Corporation Limited
12.13 Orlen Unipetrol
12.14 Panama Petrochem Ltd
12.15 Nynas Ab
12.16 H&R Group
12.17 Apar Industries
12.17.2 Products/Solutions/Services Offered
12.18 Other Players
12.18.1 Cpc Corporation
12.18.2 Lodha Petro
12.18.3 Wbf Pte Ltd
12.18.4 Swepco
12.18.5 Cross Oil
12.18.6 Iranol Company
12.18.7 Vintrol Lubes Pvt. Ltd.
12.18.8 Petro Gulf Fzc
12.18.9 Witmans Industries Private Limited
12.18.10 Sterlite Lubricants
12.18.11 GP Petroleums
12.18.12 Wellbank Global Pte Ltd
12.18.13 Ergon North & South America