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Process Oil Global Market Report 2024

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    Report

  • 200 Pages
  • January 2024
  • Region: Global
  • The Business Research Company
  • ID: 5767013
Process oils are specialized oils derived from petroleum, serving as carriers for other products and finding application as a component in various industries.

The primary types of process oils include naphthenic, paraffinic, non-carcinogenic, and aromatic. Paraffinic denotes a waxy crystalline flammable substance obtained from distillates of wood, coal, petroleum, or shale oil. It is a complex mixture of hydrocarbons and is utilized primarily in coating and sealing, candles, rubber compounding, as well as in pharmaceuticals and cosmetics. These oils serve various functions such as extender oil, plasticizer, solvent, defoamer, among others, and find applications in rubber processing, adhesives and sealants, consumer products, paints and coatings, pharmaceuticals, polymers, and various other industrial applications.

The process oil market research report is one of a series of new reports that provides process oil market statistics, including process oil industry global market size, regional shares, competitors with a process oil market share, detailed process oil market segments, market trends and opportunities, and any further data you may need to thrive in the process oil industry. This process oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The process oil market size has grown strongly in recent years. It will grow from $5.2 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historical period can be attributed to industrial expansion, the automotive sector's development, a surge in construction activities, and the effects of globalization.

The process oil market size is expected to see strong growth in the next few years. It will grow to $6.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to the rise of emerging economies, the influence of environmental regulations, ongoing innovations in the automotive industry, and increased activity in construction and infrastructure projects. Significant trends in the forecast period encompass technological advancements, a shift towards bio-based process oils, and a heightened emphasis on specialty process oils.

The anticipated growth in the automotive industry is poised to drive the expansion of the process oil market in the future. The automotive industry, responsible for the creation, production, and sale of automobiles, extensively utilizes process oils in the manufacturing of various components such as tires, tread rubber, conveyor belts, automotive parts, and floor mats. For example, the European Automobile Manufacturers Association (ACEA) reported that in 2021, the global production of motor vehicles reached 79.1 million units, reflecting a 1.3% increase from the previous year. Consequently, the progression of the automotive industry is a significant catalyst for the growth of the process oil market.

The rising demand for personal care products is expected to be a driving force behind the growth of the process oil market in the coming years. Personal care products encompass a diverse range of items used for personal hygiene, grooming, and overall well-being. Process oils play a crucial role in skincare products, such as lotions, creams, and moisturizers, contributing to skin softening and hydration. McKinsey & Company reported in May 2023 that the beauty market in the United States generated approximately $430 billion in revenue in 2022, with a projected annual growth rate of 8% for the premium beauty tier between 2022 and 2027. This escalating demand for personal care products is expected to fuel the growth of the process oil market.

Major companies in the process oil industry are introducing innovative products, including alternatives like Palmless, a palm oil substitute. For instance, in November 2022, C16 Biosciences, a US-based startup specializing in innovative fermentation processes for oil and fat production, developed a palm oil alternative using a fermentation process based on food waste. The alternative, branded as Palmless, contains as many fatty acids as its plant-derived counterpart and is initially being launched in the beauty sector.

Strategic partnerships are a key focus for major companies in the process oil market to expand their market reach and capitalize on business opportunities. In August 2022, Cross Oil Refining & Marketing Inc., an American oil refinery, and Process Oils Inc., a US-based supplier of process oils and base oils, entered into a strategic marketing agreement. This collaboration involves Process Oils taking on the responsibility of selling Cross Oil's product range, enhancing customer benefits such as cost savings on shipping, a wider product selection, and a reliable supply chain. Additionally, it facilitates Cross's outreach to new customers, providing access to technical expertise, resources, and an extended logistics network.

In December 2021, Slicker Recycling Ltd., a UK-based oil collection and recycling company, acquired Hydrodec for an undisclosed amount. This acquisition positions Slicker as a leading player in oil recycling in Europe, aligning with its commitment to environmentally responsible practices. Hydrodec, a US-based company in the process oil sector, is part of this strategic move by Slicker Recycling Ltd.

Major companies operating in the in the process oil market report are 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., HollyFrontier Refining & Marketing Co., PJSC Gazprom, Saudi Aramco, Devon Energy Corporation, Calumet Specialty Products Partners L. P., The Phillips 66 Company, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Limited, PJSC Rosneft Oil Company, JX Nippon Oil & Energy, PT Pertamina, Thai Oil Public Company Limited

Asia-Pacific was the largest region in the process oil market in 2023. 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

The countries covered in the process oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The process oil market consists of sales of finished lubricants, greases, thermal oils, hydraulic fluid, metal working fluids. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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Table of Contents

1. Executive Summary2. Process Oil Market Characteristics3. Process Oil Market Trends And Strategies
4. Process Oil Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Process Oil Market Size and Growth
5.1. Global Process Oil Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Process Oil Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Process Oil Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Process Oil Market Segmentation
6.1. Global Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Naphthenic
Paraffinic
Non-Carcinogenic
Aromatic
6.2. Global Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Extender Oil
Plasticizer
Solvent
Defoamer
Other Functions
6.3. Global Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Rubber Processing
Adhesives And Sealants
Consumer Products
Paints And Coatings
Pharmaceuticals
Polymers
Other Applications
7. Process Oil Market Regional And Country Analysis
7.1. Global Process Oil Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Process Oil Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Process Oil Market
8.1. Asia-Pacific Process Oil Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Process Oil Market
9.1. China Process Oil Market Overview
9.2. China Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Process Oil Market
10.1. India Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Process Oil Market
11.1. Japan Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Process Oil Market
12.1. Australia Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Process Oil Market
13.1. Indonesia Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Process Oil Market
14.1. South Korea Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Process Oil Market
15.1. Western Europe Process Oil Market Overview
15.2. Western Europe Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Process Oil Market
16.1. UK Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Process Oil Market
17.1. Germany Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Process Oil Market
18.5. France Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.6. France Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.7. France Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Process Oil Market
19.9. Italy Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Process Oil Market
20.13. Spain Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Process Oil Market
21.1. Eastern Europe Process Oil Market Overview
21.2. Eastern Europe Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Process Oil Market
22.1. Russia Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Process Oil Market
23.1. North America Process Oil Market Overview
23.2. North America Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Process Oil Market
24.1. USA Process Oil Market Overview
24.2. USA Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Process Oil Market
25.1. Canada Process Oil Market Overview
25.2. Canada Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Process Oil Market
26.1. South America Process Oil Market Overview
26.2. South America Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Process Oil Market
27.1. Brazil Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Process Oil Market
28.1. Middle East Process Oil Market Overview
28.2. Middle East Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Process Oil Market
29.1. Africa Process Oil Market Overview
29.2. Africa Process Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Process Oil Market, Segmentation By Function, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Process Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Process Oil Market Competitive Landscape And Company Profiles
30.1. Process Oil Market Competitive Landscape
30.2. Process Oil Market Company Profiles
30.2.1. Shell plc
30.2.1.1. Overview
30.2.1.2. Products and Services
30.2.1.3. Strategy
30.2.1.4. Financial Performance
30.2.2. Exxon Mobil Corporation
30.2.2.1. Overview
30.2.2.2. Products and Services
30.2.2.3. Strategy
30.2.2.4. Financial Performance
30.2.3. TotalEnergies SE
30.2.3.1. Overview
30.2.3.2. Products and Services
30.2.3.3. Strategy
30.2.3.4. Financial Performance
30.2.4. Indian Oil Corporation Limited
30.2. 4.1. Overview
30.2. 4.2. Products and Services
30.2. 4.3. Strategy
30.2.4.4. Financial Performance
30.2.5. National Petroleum Limited(PETRONAS)
30.2. 5.1. Overview
30.2. 5.2. Products and Services
30.2. 5.3. Strategy
30.2.5.4. Financial Performance
31. Global Process Oil Market Competitive Benchmarking32. Global Process Oil Market Competitive Dashboard33. Key Mergers And Acquisitions In The Process Oil Market
34. Process Oil Market Future Outlook and Potential Analysis
34.1 Process Oil Market In 2028 - Countries Offering Most New Opportunities
34.2 Process Oil Market In 2028 - Segments Offering Most New Opportunities
34.3. Process Oil Market In 2028 - Growth Strategies
34.3.1 Market Trend Based Strategies
34.3.2 Competitor Strategies
35. Appendix
35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer

Executive Summary

Process Oil Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on process oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
  • All data from the report will also be delivered in an excel dashboard format.

Description:

Where is the largest and fastest growing market for process oil? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

Scope

  • Markets Covered: 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
  • Companies Mentioned: Shell plc; Exxon Mobil Corporation; TotalEnergies SE; Indian Oil Corporation Limited; National Petroleum Limited(PETRONAS)
  • Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
  • Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
  • Time series: Five years historic and ten years forecast.
  • Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
  • Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
  • Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
  • Delivery format: PDF, Word and Excel Data Dashboard.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • 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.
  • HollyFrontier Refining & Marketing Co.
  • PJSC Gazprom
  • Saudi Aramco
  • Devon Energy Corporation
  • Calumet Specialty Products Partners L. P.
  • The Phillips 66 Company
  • Indian Oil Corporation Ltd.
  • Bharat Petroleum Corporation Limited
  • PJSC Rosneft Oil Company
  • JX Nippon Oil & Energy
  • PT Pertamina
  • Thai Oil Public Company Limited

Methodology

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