CHICAGO, April 1, 2022 /PRNewswire/ -- According to 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 2027", published by MarketsandMarkets, the market is projected to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 2.1% during the forecast period. Growing preference for non-carcinogenic process oils in the tire & rubber application has helped drive the process oil market.
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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
The naphthenic type is expected to lead the process oil market during the forecast period, in terms of volume. Naphthenic oils have a wide range of applications as process oils, such as rubber process and extender oils, inks, wood treating compounds, PVC plastisols, dust control, caulking and sealant compounds.
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.
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 China, India, Indonesia, and Mexico, amongst others.
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Asia Pacific region is expected to be the largest process oil market
Asia Pacific is expected to lead the process oil market during the forecast period, in terms of volume. This demand can be attributed to the high growth in emerging economies of the region that has made Asia Pacific a lucrative market for the manufacturers of process oils. China is one of the largest countries in the Asian process oil market. It continues to be the world's largest vehicles market in terms of annual sales and manufacturing output, according to the International Trade Administration. In the wake of the COVID-19 pandemic, the Chinese government has taken various steps to support automobile consumption. Thus, growth in the automotive sector will enhance the consumption of tire & rubber, which will lead to the growth of the process oil market.
Some of the leading players in this market are Shell plc (UK), Exxon Mobil Corporation (US), TotalEnergies (France), Idemitsu Kosan Co., Ltd. (Japan), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Indian Oil Corporation Ltd (India), Gandhar Oil Refinery (India) Limited (India), ORGKHIM Biochemical Holding (Russia), Repsol (Spain), Hindustan Petroleum Corporation Limited (India), Panama Petrochem Ltd (India), Nynas AB, (Sweden), H&R Group (Germany), and APAR Industries (India), among others.
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