Press release
Process Oil Market: Growth Propelled by Automotive Industry, Estimated to Reach $7.1 Billion by 2029
Process Oil Market
The global process oil market, harnessing industrial growth, automotive innovations, and environmental regulations, is set for strong expansion in the forthcoming years.
What Is The Projected Market Size Of The Global Process Oil Market And Its Growth Rate?
• The process oil market size was $5.46 billion in 2024 and grew to $5.77 billion in 2025, showing a compound annual growth rate (CAGR) of 5.7% due to factors such as industrial growth, automotive sector, construction boom, and globalization.
• The market size is projected to grow to $7.1 billion in 2029 at a CAGR of 5.3%, spurred on by emerging economies, environmental regulations, automotive innovations, and construction and infrastructure projects.
What Is Driving The Growth In The Process Oil Market?
The surge in the automotive industry is a key driver of the growth in the process oil market. The application of process oils in the manufaturing of automobile tires, tread rubber, conveyor belts, automotive components, and floor mats supports this trend. For example, global motor vehicle production increased by 5.7% to 85.4 million vehicles in 2022, according to the European Automobile Manufacturers Association. This expansion in the automotive industry is driving the growth of the process oil market.
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Who Are the Key Players Driving Process Oil Market Growth?
• 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.
• PJSC Gazprom
• Saudi Aramco
• Calumet Specialty Products Partners L. P.
• The Phillips 66 Company
• Bharat Petroleum Corporation Limited
• PJSC Rosneft Oil Company
• JX Nippon Oil & Energy
• PT Pertamina
• Thai Oil Public Company Limited
What Are The Key Trends In The Process Oil Market?
• Technological advancements
• Shift to bio-based process oils
• Increased emphasis on specialty process oils
What Are The Segments Of The Global Process Oil Market?
• By Type: Naphthenic, Paraffinic, Non-Carcinogenic, Aromatic
• By Function: Extender Oil, Plasticizer, Solvent, Defoamer, Other Functions
• By Application: Rubber Processing, Adhesives And Sealants, Consumer Products, Paints And Coatings, Pharmaceuticals, Polymers, Other Applications
Which Region Leads The Process Oil Market?
Asia-Pacific was the largest region in the process oil market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Process Oil Market Global Market Report?
- Market Size Analysis: Analyze the Process Oil Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Process Oil Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Process Oil Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Process Oil Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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