Process Oil Market Expands with 2.25% CAGR, Expected to Reach USD 5.98 Billion by 2032 | Report by SNS Insider

Process Oil Market Expansion Driven by Automotive Growth, Rising Personal Care Demand, and Shift Toward Green Alternatives.

AUSTIN, TX, UNITED STATES, February 3, 2025 /EINPresswire.com/ -- The Process Oil Market Size was valued at USD 4.9 billion in 2023 and is expected to reach USD 5.98 billion by 2032 and grow at a CAGR of 2.25% over the forecast period 2024-2032.

Rising Demand for Personal Care and Textile Industries Drives Growth of Process Oil Market Amid Crude Oil Price Fluctuations

Process oil is widely used in various industries, including automotive, textiles, personal care, and polymer manufacturing. Its properties, such as being colorless, odor-free, and ultra-stable, make it ideal for applications in cosmetics, where it enhances solubility, oxidation stability, and emulsion capabilities. The increasing demand for personal care products, driven by rising awareness of hygiene and skincare, contributes to market growth. Additionally, process oil plays a key role in the textile industry for fabric preparation and machine lubrication, further boosting demand. However, fluctuations in crude oil prices, driven by geopolitical and economic factors, pose challenges for process oil vendors, as the commodity is petroleum-based. Despite this, the growing popularity of polymer-based products, particularly in packaging and healthcare, offers opportunities for process oil usage to improve polymer properties, such as stability and durability. Overall, factors like rising disposable incomes, increased demand for electric vehicles, and stricter emission regulations are expected to propel the growth of the process oil market across diverse sectors.

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Prominent Key Players in the Process Oil Market are:

HollyFrontier Refining & Marketing LLC (HollyFrontier), Idemitsu Kosan Co., Ltd., Shell plc, Gandhar Oil Refinery Limited, TotalEnergies, Exxon Mobil Corporation,  Indian Oil Corporation Ltd, Petroliam Nasional Berhad (PETRONAS), Behran Oil Co, and Others.

Market Segmentation and Sub-Segmentation Included are:

By Type

• Naphthenic
• Paraffinic
• Non-carcinogenic
• Aromatic

Naphthenic Oils Lead the Process Oil Market with 40% Share in 2023

In 2023, Naphthenic oils dominated the Process Oil Market with a 40% share. Their solvency, stability, and low volatility make them ideal for the rubber and tire industries, improving product performance. They are also widely used in personal care products as emollients and solvents, strengthening their market position.

By Function

• Extender Oil
• Plasticizer
• Solvent
• Defoamer
• Others

Extender Oils Hold 35% Market Share in 2023, Enhancing Performance

Extender oils led the market with a 35% share in 2023. Used in the rubber and plastics industries, they improve product durability and processing efficiency. Extender oils also contribute to cost-effectiveness and are increasingly utilized in personal care products, driving further demand.

By Technology

• Convention Route
• Gas to Liquid
• Bio-base

Conventional Route Dominates with 60% Market Share in 2023

The Conventional Route held 60% of the Process Oil Market in 2023. This method, using crude oil distillation, remains preferred for its cost-effectiveness and consistency, especially in automotive and textile manufacturing, securing its dominant position in the market.

By Application

• Tire & Rubber
• Polymer
• Personal Care
• Textile
• Others

Tire & Rubber Segment Leads with 45% Share in 2023

The Tire & Rubber segment captured 45% of the Process Oil Market in 2023. Naphthenic and paraffinic oils improve processing efficiency, tire strength, and flexibility. As the automotive industry grows, the demand for high-performance tires boosts the market for process oils in this sector.

Asia-Pacific Region Dominates Process Oil Market with 45% Share in 2023

In 2023, the Asia-Pacific region led the Process Oil Market, holding an estimated 45% market share, driven by strong industrial growth in the automotive, textiles, and personal care sectors. China’s booming tire manufacturing industry, projected to reach over 600 million units by 2025, significantly boosts demand for naphthenic and paraffinic oils. India's expanding automotive and textile markets, expected to hit $223 billion by 2025, also increase the use of process oils. Additionally, Japan and South Korea have established manufacturing bases that rely on these oils for lubricants and plasticizers. The region's growing population and rising disposable income further fuel the demand for personal care products that incorporate process oils, reinforcing the Asia-Pacific's market dominance.

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Sustainability Initiatives in the Process Oil Market

• Development of renewable, biodegradable oils to reduce petroleum dependency and carbon footprint.
• Reusing and recycling process oils by purifying used oils for industrial reuse, minimizing waste.
• Implementing energy-saving technologies, advanced refining, and renewable energy sources to reduce production energy consumption.
• Transitioning to non-toxic, low-volatile oils to minimize environmental and health risks.
• Sourcing raw materials responsibly from certified suppliers to ensure minimal environmental impact during extraction.

Recent Developments

• February 2023: Trinidad and Tobago invited its energy-rich neighbors, urging them to process their oil and natural gas in the country, aiming to leverage spare capacity for LNG or petrochemical production.

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