Press release
Process Oil Market on Track for Strong Growth, Estimated to Grow at 5.3% CAGR Through 2029
Process Oil Market
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What Is the Expected CAGR for the Process Oil Market Through 2025?_x000D_
The expansion of the process oil market has significantly surged in the past years. Its growth is projected to increase from $5.46 billion in 2024 to $5.77 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%. The past growth can be credited to factors such as industrial development, the automobile industry, the rise in construction activities, and globalization._x000D_
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What's the Projected Size of the Global Process Oil Market by 2029?_x000D_
In the forthcoming years, a robust increase in the process oil market size is projected, reaching a valuation of $7.1 billion by 2029 translating to a compound annual growth rate (CAGR) of 5.3%. Factors contributing to this upward trend during the forecast period include the rise of emerging economies, introduction of environmental regulations, advancements in automotive technology, and an influx of construction and infrastructure projects. Key trends to watch during this timeframe are technological progressions, a transition towards bio-based process oils, and a heightened focus on specialty process oils._x000D_
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Top Growth Drivers in the Process Oil Industry: What's Accelerating the Market?_x000D_
The expansion of the automotive industry is anticipated to fuel the progress of the process oil market. The automotive sector, which is in charge of the development, production, and sales of vehicles, heavily employs process oils in the creation of automobile parts like tires, tread rubber, conveyor belts, and floor mats due to their compatibility with most rubber polymers. For instance, the European Automobile Manufacturers Association, a Belgium-based entity, reported in May 2023 that global motor vehicle production in 2022 stood at 85.4 million, marking a 5.7% increase from 2021. As a result, the rising trajectory of the automotive industry is a major contributor to the growth of the process oil market._x000D_
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What Trends Will Shape the Process Oil Market Through 2029 and Beyond?_x000D_
Leading firms within the process oil industry are developing and innovating sophisticated products like high-octane petrol. This petrol not only boosts engine function and fuel effectiveness but also adheres to strict environmental regulations. High-octane petrol is specially developed for internal combustion engines, mainly in automobiles. For instance, the Indian Oil Corporation Limited, a petroleum refining firm from India, introduced its STORM-X product in July 2024. It is a high-octane petrol made precisely for racing cars and aims to boost motorsport performance, specifically targeting racing aficionados and teams._x000D_
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What Are the Main Segments in the Process Oil Market?_x000D_
The process oil market covered in this report is segmented -_x000D_
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1) By Type: Naphthenic, Paraffinic, Non-Carcinogenic, Aromatic_x000D_
2) By Function: Extender Oil, Plasticizer, Solvent, Defoamer, Other Functions_x000D_
3) By Application: Rubber Processing, Adhesives And Sealants, Consumer Products, Paints And Coatings, Pharmaceuticals, Polymers, Other Applications_x000D_
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Subsegments:_x000D_
1) By Naphthenic: Naphthenic Base Oils, Naphthenic Process Oils_x000D_
2) By Paraffinic: Paraffinic Base Oils, Paraffinic Process Oils_x000D_
3) By Non-Carcinogenic: Non-Carcinogenic Base Oils, Non-Carcinogenic Process Oils_x000D_
4) By Aromatic: Aromatic Base Oils, Aromatic Process Oils_x000D_
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Which Top Companies are Driving Growth in the Process Oil Market?_x000D_
Major companies operating in the process oil market include 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_x000D_
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Which Regions Will Dominate the Process Oil Market Through 2029?_x000D_
Asia-Pacific was the largest region in the process oil market in 2024.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_x000D_
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2. Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3. Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4. Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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