Market Size –
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 in the historic period can be attributed to industrial growth, automotive sector, construction boom, 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 growth in the forecast period can be attributed to emerging economies, environmental regulations, automotive innovations, construction and infrastructure projects. Major trends in the forecast period include technological advancements, shift to bio-based process oils, increased emphasis on specialty process oils.
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Scope Of Process Oil Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The growth of the automotive industry is expected to propel the growth of the process oil market going forward. The automotive industry is responsible for the design, manufacture, and sale of automobiles. The process oils are compatible with most rubber polymers and are extensively used in the manufacture of automobile tyres, tread rubber, conveyor belts, automotive components, and floor mats. For instance, in 2021, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based automobile manufacturers association, 79.1 million motor vehicles were produced around the world, an increase of 1.3% when compared to previous year. Therefore, the growth of the automotive industry is driving the growth of the process oil market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
Major companies operating 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
Table of Contents
1. Executive Summary
2. Process Oil Market Report Structure
3. Process Oil Market Trends And Strategies
4. Process Oil Market – Macro Economic Scenario
5. Process Oil Market Size And Growth
…..
27. Process Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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