Press release
Process Oil Market to Grow at 5.2% CAGR, Reaching $7.02 Billion by 2029
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.Process Oil Market Outlook: How is the Market Expected to Grow by 2025?
In the previous years, the size of the process oil market has consistently expanded. It is anticipated to rise from $5.46 billion in 2024 to $5.72 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%. This growth during the historic period is due to the evolution of the industrial sector, advances in the automotive industry, a surge in construction activities, and globalization.
Process Oil Market Forecast: What Size Will It Reach By 2029?
The market size for process oil is predicted to experience significant expansion in the forthcoming years, reaching a value of $7.02 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 5.2%. Factors contributing to this growth, spanning the projection period, range from emerging market economies and environmental regulations to automotive sector advances and developments in construction and infrastructure. Expect major tendencies in this forecast duration like technological progressions, the transition towards bio-based process oils, and a heightened focus on specialty process oils.
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Which Key Market Drivers Will Shape Process Oil Industry Trends in 2025-2029?
The expansion in the automotive industry is projected to drive the process oil market's growth. This industry, which is tasked with automobile design, manufacture, and sale, frequently makes use of process oils due to their compatibility with most rubber polymers. These oils are widely applied in the production of car tires, tread rubbers, conveyor belts, auto parts, and floor mats. To illustrate, the European Automobile Manufacturers Association, based in Belgium, highlighted that in 2022, global motor vehicle production reached 85.4 million, showcasing a 5.7% surge from 2021. Consequently, the automotive industry's advancement fuels the process oil market's growth.
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What Are the High-Growth Segments in the Process Oil Market?
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
Subsegments:
1) By Naphthenic: Naphthenic Base Oils, Naphthenic Process Oils
2) By Paraffinic: Paraffinic Base Oils, Paraffinic Process Oils
3) By Non-Carcinogenic: Non-Carcinogenic Base Oils, Non-Carcinogenic Process Oils
4) By Aromatic: Aromatic Base Oils, Aromatic Process Oils
Which Global Trends Are Driving Process Oil Market Expansion?
Leading firms in the process oil market are introducing sophisticated products like high-octane petrol, which boosts engine functionality and fuel economy, while adhering to more stringent environmental rules. High-octane petrol is a specialized fuel meant for usage in internal combustion engines, most notably in vehicles. Take for example, Indian Oil Corporation Limited, a petroleum refining company based in India, introduced a product named STORM-X in July 2024. STORM-X is a high-octane petrol specially created for racing cars, aiming to uplift performance in motorsports, targeted specifically at racing aficionados and teams.
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Who Are the Fastest-Growing Companies in the Process Oil Industry?
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
What Is the Regional Outlook for the Process Oil Market by 2029?
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
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