CHICAGO, June 27,
2024 /PRNewswire/ -- The report "Process Oil
Market by Type (Aromatic, Paraffinic, Naphthenic,
Non-carcinogenic), Function (Extender Oil, Plasticizer, Solvent,
Defoamer), Production Technology (Convention Route, Gas to Liquid,
Bio-based), Application, and Region-Global Forecast to 2029",
is projected to grow from USD 5.2
billion in 2024 to USD 5.6
billion by 2029, at a CAGR of 1.6% during the forecast
period. Growing industrialization and manufacturing activities
worldwide are driving the demand for process oils, as they enhance
the durability and performance of products such as rubber,
plastics, and adhesives. Increasing environmental awareness and
regulatory pressures are boosting the demand for bio-based process
oils. Additionally, the expanding automotive and construction
sectors are fueling the demand for high-quality process oils to
improve the longevity and efficiency of machinery and components.
Growing preference for non-carcinogenic process oils in the tire
& rubber application.
Browse in-depth TOC on "Process Oil Market"
274 – Tables
60 – Figures
251 –
Pages
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Among types, naphthenic is the largest segment in the process
oil market owing to the rising demand for process oil in tires and
footwear applications.
Naphthenic oils are expected to lead the process oil market
during the forecast period, in terms of value. They have unique
molecular structure, which offers excellent solvency and
compatibility across various applications. These oils enhance the
performance of rubber products, printing inks, wood treatments, and
among other applications. They are also effective in dust control
and caulking compounds, ensuring flexibility, stability, and
long-lasting performance. Advances in refining technologies produce
highly purified naphthenic oils, expanding their industrial
applications. Additionally, the shift towards sustainable products
boosts demand for naphthenic oils due to their lower environmental
impact compared to other types, making them a vital component in
driving market growth and innovation.
Among function, extender oil is the largest segment in the
process oil market.
The extender oil function is expected to lead the process oil
market during the forecast period, in terms of volume. Rubber
process oil functions as an extender. Extender oil can be used to
aid in the mixing process, reducing compounding time, improving
process capability, and changing physical qualities. Moreover,
extender oil enhances the reduction of wear, frictional heat, and
energy loss. All such factors are expected to contribute to the
growth of this segment in the process oil market.
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Among applications, tire & rubber is the largest segment
in the process oil market.
The tire & rubber application is expected to lead the
process oil market during the forecast period, in terms of volume.
Increasing concerns for fuel efficiency and reducing energy
consumption in the automotive sector are driving the growth of this
segment. The growth of this segment is also supported by the rising
demand for automobiles in the emerging countries such as
India, China, Mexico, and Indonesia, amongst others.
Asia Pacific region is
expected to be the largest process oil market.
In terms of volume, the process oil market is anticipated to be
led by Asia Pacific throughout the
projected period. This demand is explained by the rapid expansion
of the region's growing economies, which has made Asia Pacific a profitable market for process
oil producers. One of the biggest markets for process oil in
Asia is China. Based on yearly sales and manufacturing
production, it remains one of the major car markets globally, as
per the International Trade Administration. Growth in the
automotive industry will therefore increase the need for tyres and
rubber, which will fuel the demand for process oils.
The major market players include Shell plc (UK), Exxon Mobil
Corporation (US), TotalEnergies (France), Idemitsu Kosan Co., Ltd.
(Japan), and Petroliam Nasional
Berhad (PETRONAS) (Malaysia) are
the leading players in the market. There is significant competition
in the process oil market to develop new process technology, lower
the manufacturing cost, expand, and increase the use of process oil
in the end-use industries. Owing to such opportunities in the
industry, companies are aiming to enhance their market share by
adopting various strategies.
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