Process Oil Market

Process Oil Market

Process Oil Market Forecasts to 2028 - Global Analysis By Type (Waxes, Petroleum Oils, Peptizers), Material (Paraffinic Oils, Non-Carcinogenic , Aromatic Oils), Function (Solvent, Plasticizer, Extender Oil) and By Geography

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Published: 2022 ID: SMRC21663

This report covers the impact of COVID-19 on this global market

Years Covered


Estimated Year Value (2022)

US $5.25 BN

Projected Year Value (2028)

US $7.79 BN

CAGR (2022 - 2028)


Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market


According to Stratistics MRC, the Global Process Oil Market is accounted for $5.25 billion in 2022 and is expected to reach $7.79 billion by 2028 growing at a CAGR of 6.8% during the forecast period. Process oils are special oils which are used in a wide variety of chemical and technical industries either as raw material component or as an aid to processing. Shell is one of the leading process oil manufacturers and recognises the crucial role that process oils play in your products and operations.

The amount of oil and natural gas a given region produces is not always proportionate to the size of its proven reserves. For example, the Middle East contains approximately 50 percent of the world’s proven reserves but accounts for only about 30 percent of global oil production (though this figure is still higher than in any other region). The United States, by contrast, lays claim to less than 2 percent of the world’s proven reserves but produces roughly 16 percent of the world’s oil. Worldwide, approximately 600 sedimentary basins are known to exist. About 160 of these have yielded oil, but only 26 are significant producers, and 7 of these accounts for more than 65 percent of the total known oil. Exploration has occurred in another 240 basins, but discoveries of commercial significance have not been made.

Market Dynamics:


Increasing tire manufacturing industry

The modern trends in the tire industry comprise fine tolerances in the tire manufacturing process, usage of radial tires to decrease fuel consumption of vehicles, low rolling resistance tires, and focus on improving traction and road performance of tires to increase the fuel efficiency of vehicles. Process oils are among the key ingredients used in tire manufacturing. Global tire consumption is directly dependent on the growth of the automotive industry. The production of vehicles directly affects the demand for tires globally. Thus, the growth of the global automotive industry is anticipated to motivate the market.


Inconsistent price of crude oil

Through the distillation process this oils are extracted by refining crude oil. Light distillates of crude oil are refined to manufacture products such as gasoline and diesel, while heavy distillates are used to manufacture base oils and process oils. Thus, fluctuations in the price of crude oil impact the profit margin of the companies that are in the production of process oil. Stiff competition in the market and the fluctuating prices of crude oil has resulted in low margins for their producers and distributors.


Rising demand for green process oils

Green process oils are a group of aromatic paraffinic oils, which are known to have aromatic PCAs of less than 3%. As the environmental index recommends PCA of <3%, these oils are used mostly in developing countries and by the world’s most trusted automobile brands. TDAE process oils are green process oils with high aromatic content. These oils are non-toxic, non-carcinogenic, and environmentally friendly. TDAE process oils can be used as substitutes for existing aromatic oils. All these factors are expected to lead to increased consumption of process oils to produce high-quality tires and rubbers across the globe which in turn creates opportunities for the market.


Limitation on use of polycyclic aromatic hydrocarbon & availability of substitutes

Due to limitations on the usage of polycyclic aromatic hydrocarbon, rise in the implementation of the European union directive 2005/69/EC banning the use of polycyclic aromatic and increase in the use of alternatives like soybean oil in tire manufacturing are the major factors among others acting as threat, and will further challenge the growth of market in the forecast period mentioned above.

Polymer segment is expected to be the largest during the forecast period

The polymer segment is expected to be the largest during the forecast period. Process oils are utilized in the polymer industry as plasticizing agents, catalyst carriers, extender oils, mold release agents, and pigment-dispersing agents. These oils improve a plastic's wetting properties, expanding the range of substrates that can be used and generating a more flexible plastic.

The Naphthenic Oils segment is expected to have the highest CAGR during the forecast period

The naphthenic segment is projected to be the highest segment, as they are widely used for the manufacturing of various products. Being rich in aromatic hydrocarbons, the oil displays a high solvency advantage for certain types of additives. In the tire industry, it works as extender oil in tire rubber and oil-extended polymers. Naphthenic oil for the anti-caking system of fertilizer pellets contribute to a more attractive product.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, which can be accredited to rising disposable income, which has resulted in the surging demand for automobiles and personal care products, thereby, driving the growth of the market. Moreover, the region is the leader in the market, and this dominance is expected to continue during the forecast period as well. Additionally, the growing rubber and tire industries in emerging countries of Asia Pacific are predictable to drive the growth of the market.

Region with highest CAGR:

Europe is projected to have the highest CAGR, As Europe accounts for the highest consumption of aromatic process oil. Moreover, the growing automotive industry, the rising personal care industry, and the increasing demand for low viscosity oils mainly drive the market in Europe. Germany holds the largest market share in the European market. The country dominates the automobile sector. Moreover, significant investments made for capacity expansion in the rubber & plastic industry in the country are also predicted to fuel the growth of the process oil market.

Key players in the market:

Some of the key players profiled in the Process Oil Market include Total S.A, San Joaquin Refining Co., Inc., Royal Dutch Shell plc., Petroliam Nasional Berhad (PETRONAS), Panama Petrochem Ltd, ORGKHIM BIOCHEMICAL HOLDING, Nynas AB, Idemitsu Kosan Co., Ltd, Hindustan Petroleum Corporation Limited, Exxon Mobil Corporation, Ergon Inc., Chevron Corp, Behran Oil Co.

Key developments:

In January 2022: Exxon Mobil announced that with SABIC they decided to proceed with the construction of a chemical facility and a 1.8 million metric ton ethane steam cracker in San Patricio County, Texas, leading to thousands of high-paying jobs and billions in economic output.

In October 2021: Chevron Global Energy Inc., a wholly-owned subsidiary of the US-headed Chevron Corporation, signed an agreement with Neste Oyj to acquire its Nexbase brand. The agreement covered a combination of share and asset deals forming Neste’s entire global base oils business, its premium brand, Nexbase, all the formulation coverage associated with the brand, and a global marketing and distribution platform. The parties also agreed on a long-term offtake for Neste’s base oil supply from Porvoo, Finland.

In June 2019: Idemitsu has launched a new lubricant production plant in Huizhou, China, which will be the company's second in the country, with a capacity of 120,000 kiloliters per year. Idemitsu Kosan aims to develop and improve its marketing and supply chain in China as part of its vision to expand and place emphasis on its growing lubricants business as a global supplier.

Types Covered:
• Waxes
• Petroleum Oils
• Peptizers
• Liquid Polymers
• Fatty Acid Derivatives

Materials Covered:
• Paraffinic Oils
• Non-Carcinogenic
• Aromatic Oils
• Naphthenic Oils

Functions Covered:
• Solvent
• Plasticizer
• Extender Oil
• Defoamer

Technologies Covered:
• Gas to Liquid
• Convention Route
• Bio-Based

Applications Covered:
• Personal care
• Textile
• Rubber & tire
• Polymer
• Plastics
• Pharmaceuticals
• Paints & Coatings
• Adhesives & Sealants

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Process Oil Market, By Type
5.1 Introduction
5.2 Waxes
5.3 Petroleum Oils
5.4 Peptizers
5.5 Liquid Polymers
5.6 Fatty Acid Derivatives

6 Global Process Oil Market, By Material
6.1 Introduction
6.2 Paraffinic Oils
6.3 Non-Carcinogenic
6.4 Aromatic Oils
6.5 Naphthenic Oils

7 Global Process Oil Market, By Function
7.1 Introduction
7.2 Solvent
7.3 Plasticizer
7.4 Extender Oil
7.5 Defoamer

8 Global Process Oil Market, By Technology
8.1 Introduction
8.2 Gas to Liquid
8.3 Convention Route
8.4 Bio-Based

9 Global Process Oil Market, By Application
9.1 Introduction
9.2 Personal care
9.3 Textile
9.4 Rubber & tire
9.5 Polymer
9.6 Plastics
9.7 Pharmaceuticals
9.8 Paints & Coatings
9.9 Adhesives & Sealants

10 Global Process Oil Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Total S.A
12.2 San Joaquin Refining Co., Inc.
12.3 Royal Dutch Shell plc.
12.4 Petroliam Nasional Berhad (PETRONAS)
12.5 Panama Petrochem Ltd
12.7 Nynas AB
12.8 Idemitsu Kosan Co., Ltd.
12.9 Hindustan Petroleum Corporation Limited
12.10 Exxon Mobil Corporation
12.11 Ergon Inc.
12.12 Chevron Corp
12.13 Behran Oil Co

List of Tables
1 Global Process Oil Market Outlook, By Region (2020-2028) (US $MN)
2 Global Process Oil Market Outlook, By Type (2020-2028) (US $MN)
3 Global Process Oil Market Outlook, By Waxes (2020-2028) (US $MN)
4 Global Process Oil Market Outlook, By Petroleum Oils (2020-2028) (US $MN)
5 Global Process Oil Market Outlook, By Peptizers (2020-2028) (US $MN)
6 Global Process Oil Market Outlook, By Liquid Polymers (2020-2028) (US $MN)
7 Global Process Oil Market Outlook, By Fatty Acid Derivatives (2020-2028) (US $MN)
8 Global Process Oil Market Outlook, By Material (2020-2028) (US $MN)
9 Global Process Oil Market Outlook, By Paraffinic Oils (2020-2028) (US $MN)
10 Global Process Oil Market Outlook, By Non-Carcinogenic (2020-2028) (US $MN)
11 Global Process Oil Market Outlook, By Aromatic Oils (2020-2028) (US $MN)
12 Global Process Oil Market Outlook, By Naphthenic Oils (2020-2028) (US $MN)
13 Global Process Oil Market Outlook, By Function (2020-2028) (US $MN)
14 Global Process Oil Market Outlook, By Solvent (2020-2028) (US $MN)
15 Global Process Oil Market Outlook, By Plasticizer (2020-2028) (US $MN)
16 Global Process Oil Market Outlook, By Extender Oil (2020-2028) (US $MN)
17 Global Process Oil Market Outlook, By Defoamer (2020-2028) (US $MN)
18 Global Process Oil Market Outlook, By Technology (2020-2028) (US $MN)
19 Global Process Oil Market Outlook, By Gas to Liquid (2020-2028) (US $MN)
20 Global Process Oil Market Outlook, By Convention Route (2020-2028) (US $MN)
21 Global Process Oil Market Outlook, By Bio-Based (2020-2028) (US $MN)
22 Global Process Oil Market Outlook, By Application (2020-2028) (US $MN)
23 Global Process Oil Market Outlook, By Personal care (2020-2028) (US $MN)
24 Global Process Oil Market Outlook, By Textile (2020-2028) (US $MN)
25 Global Process Oil Market Outlook, By Rubber & tire (2020-2028) (US $MN)
26 Global Process Oil Market Outlook, By Polymer (2020-2028) (US $MN)
27 Global Process Oil Market Outlook, By Plastics (2020-2028) (US $MN)
28 Global Process Oil Market Outlook, By Pharmaceuticals (2020-2028) (US $MN)
29 Global Process Oil Market Outlook, By Paints & Coatings (2020-2028) (US $MN)
30 Global Process Oil Market Outlook, By Adhesives & Sealants (2020-2028) (US $MN)

Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.

For more details about research methodology, kindly write to us at

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