PUBLISHER: Roots Analysis | PRODUCT CODE: 1836227
PUBLISHER: Roots Analysis | PRODUCT CODE: 1836227
As per Roots Analysis, the global process oil market size is estimated to grow from USD 6.82 billion in the current year USD 8.88 billion by 2035, at a CAGR of 2.43% during the forecast period, till 2035.
The opportunity for process oil market has been distributed across the following segments:
Type of Oil
Type of Production Technology
Type of Application
End User
Type of Distribution Channel
Geographical Regions
Process Oil Market: Growth and Trends
Process oil serves as an oil not primarily for lubrication, but rather as a key ingredient in the creation of other materials or as a medium for various products. It is important to note that the process oil market operates by enhancing the workability and performance of materials, making it essential in manufacturing activities. The benefits of process oil notably include improved product quality, increased processing efficiency, and compatibility with a range of polymers. It is extensively used in numerous industries, such as rubber production and plastics manufacturing.
The global market for process oils is projected to experience steady growth throughout the forecast period, driven by rising demand in developing nations such as China and India. Moreover, innovations and advancements in process oil products, including multi-stage hydrotreating and digital transformation, have refined the processes, leading to oils with superior characteristics such as low toxicity, high solvency, and excellent thermal stability.
Additionally, the implementation of industrial 5G technology facilitates remote monitoring and management of processes, optimizing operations within the manufacturing industry.
Process oil Market: Key Segments
Based on type of oil, the global process oil market is segmented into aromatic, naphthenic, non-carcinogenic and paraffinic. According to our estimates, currently, the naphthenic segment captures the majority of the market share. This can be attributed to its outstanding solvency, thermal stability, and compatibility with various materials, making them highly effective for uses in rubber processing, plastics, and lubricants.
Based on type of production technology, the global process oil market is segmented into convention route and gas to liquid. According to our estimates, currently, the convention route segment captures the majority of the market share, due to its established infrastructure, widespread usage, and long-standing dependence on crude oil refining.
On the other hand, the gas to liquid segment is anticipated to grow at a higher CAGR during the forecast period. This is driven by the rising global demand for cleaner, more sustainable energy sources and the capability to transform abundant natural gas into high-quality liquid fuels with reduced emissions.
Based on type of application, the global process oil market is segmented into asphalt, lubricants, plastics, printers ink, rubber and textiles. According to our estimates, currently, the rubber segment captures the majority of the market share. Additionally, this segment is projected to experience a relatively higher growth rate during the forecast period.
This growth can be attributed to the flourishing automotive industry and increasing vehicle production, especially in emerging markets like India, China, and Japan.
Based on end-user, the global process oil market is segmented into automotive, construction, energy, manufacturing, oil and gas, and pharmaceuticals. According to our estimates, currently, the automotive segment captures the majority of the market share, due to its significant dependence on various kinds of process oils for producing key components like tires, seals, and rubber parts.
Based on type of distribution channel, the global process oil market is segmented into direct sales, distributors and retailers. According to our estimates, currently, the distributors segment captures the majority of the market share. Furthermore, this segment is projected to experience a comparatively quicker growth rate during the forecast period. This can be attributed to their capability to manage large quantities and provide broad access across different markets.
Based on geographical regions, the process oil market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Asia captures the majority share of the market. Further, market in Europe is expected to grow at a higher CAGR during the forecast period, due to automotive industry's expansion, which boosts the demand for process oils in tire production.
Process Oil Market: Research Coverage
The report on the process oil market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits