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Process Oils Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 160 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4622663


  • Chevron Corporation
  • Ergon Inc.
  • HP Lubricants
  • Panama Petrochem Ltd
  • Phillips 66 Company
The global process oils market recorded a volume of around 4,600 kilotons in 2021 and is expected to register a CAGR of over 2% through the forecast period (2022-2027).

The COVID-19 pandemic negatively impacted the market in 2020. However, the market has now reached pre-pandemic levels and is expected to grow at a steady rate in the coming years.

Key Highlights

  • Over the short term, the primary factor driving the growth of the market studied is the increasing demand for polymer production.
  • The surge in the use of rubber oils is also likely to augment the demand for process oils in the coming years.
  • The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Key Market Trends

Rubber Applications to Dominate the Market

  • Rubber process oil is manufactured using petroleum, after the more volatile petrol and heating oil fractions are separated, using the distillation process.
  • Both natural and synthetic process oils are commercially used in the production of a number of rubber products, including rubber bands, toys, and tires.
  • They are also used in the mixing process for rubber compounds as they increase the dispersion of fillers and enhance the flow characteristics of the compound.
  • The expansion of the global rubber industry is promoting the use of rubber process oils across various application industries. Some of the common applications of rubber include tires, construction materials, white goods, biomedicals, and textiles.
  • The global natural rubber production in 2020 was almost 13 million metric tons. This was a notable increase since 2000, when around 6.8 million metric tons were produced.
  • Based on the aforementioned factors, the rubber oil application for process oils is expected to dominate the market.

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific has become an area of immense potential due to the extensive demand for textiles and personal care products in countries such as India and China.
  • China has been the biggest textile and apparel exporter in the world since 1994. The country dominates the global low-to-medium-end market by mainly engaging in OEM manufacturing and processing. At the same time, the European Union continues to dominate the global upmarket and high-quality textiles.
  • The automotive production in China in 2021 observed a 3% growth from 2020.
  • At present, the penetration of personal care products in India is comparatively low compared to developed and other developing economies.
  • However, the improving economic environment and the increasing purchasing power of the Indian population are expected to increase the adoption of personal care products in the country.
  • According to a report published by the Indian Ministry of Economy and Industry, the beauty and personal care (BPC) industry in the country was expected to reach a value of over USD 10 billion by 2021.
  • The automotive industry in India observed a growth of 30% in 2021 and produced around 4.39 million units.
  • Due to the aforementioned factors, the market for process oils in the Asia-Pacific region is expected to dominate the global market during the forecast period.

Competitive Landscape

The process oils market is partially consolidated in nature. Some of the major players in the market (in no particular order) are Chevron Corporation, ExxonMobil Corporation, HP Lubricants, Royal Dutch Shell Plc, and Total.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.


  • Chevron Corporation
  • Ergon Inc.
  • HP Lubricants
  • Panama Petrochem Ltd
  • Phillips 66 Company

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Rising Polymer Production
4.2 Restraints
4.2.1 Declining Automotive Sector
4.2.2 Declining Usage of PAH and DAE due to Stringent Regulations
4.3 Industry Value Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1 Type
5.1.1 Aromatic
5.1.2 Paraffinic
5.1.3 Naphthenic
5.2 Application
5.2.1 Rubber
5.2.2 Polymers
5.2.3 Personal Care
5.2.4 Textile
5.2.5 Other Applications
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.3.2 North America United States Canada Mexico
5.3.3 Europe Germany United Kingdom Italy France Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle-East and Africa Saudi Arabia South Africa Rest of Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Chevron Corporation
6.4.2 Ergon Inc.
6.4.3 Exxon Mobil Corporation
6.4.4 HollyFrontier Refining & Marketing LLC
6.4.5 HP Lubricants
6.4.6 Idemitsu Kosan Co. Ltd
6.4.7 LUKOIL
6.4.8 Nynas AB
6.4.9 ORGKHIM Biochemical Holding
6.4.10 Panama Petrochem Ltd
6.4.11 PetroChina
6.4.12 PETRONAS Lubricants International
6.4.13 Phillips 66 Company
6.4.14 Repsol
6.4.15 Royal Dutch Shell PLC
6.4.16 ENEOS Corporation
7.1 Research in Bio-based Rubber Process Oils
7.2 Rising Demand for Process Oils in Electric Vehicles

A selection of companies mentioned in this report includes:

  • Chevron Corporation
  • Ergon Inc.
  • Exxon Mobil Corporation
  • HollyFrontier Refining & Marketing LLC
  • HP Lubricants
  • Idemitsu Kosan Co. Ltd
  • Nynas AB
  • ORGKHIM Biochemical Holding
  • Panama Petrochem Ltd
  • PetroChina
  • PETRONAS Lubricants International
  • Phillips 66 Company
  • Repsol
  • Royal Dutch Shell PLC
  • ENEOS Corporation