CHICAGO, June 27, 2024 /PRNewswire/ -- 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 2029", is projected to grow from USD 5.2 billion in 2024 to USD 5.6 billion by 2029, at a CAGR of 1.6% during the forecast period. Growing industrialization and manufacturing activities worldwide are driving the demand for process oils, as they enhance the durability and performance of products such as rubber, plastics, and adhesives. Increasing environmental awareness and regulatory pressures are boosting the demand for bio-based process oils. Additionally, the expanding automotive and construction sectors are fueling the demand for high-quality process oils to improve the longevity and efficiency of machinery and components. Growing preference for non-carcinogenic process oils in the tire & rubber application.
Browse in-depth TOC on "Process Oil Market"
274 - Tables
60 - Figures
251 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=70882267
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.
Naphthenic oils are expected to lead the process oil market during the forecast period, in terms of value. They have unique molecular structure, which offers excellent solvency and compatibility across various applications. These oils enhance the performance of rubber products, printing inks, wood treatments, and among other applications. They are also effective in dust control and caulking compounds, ensuring flexibility, stability, and long-lasting performance. Advances in refining technologies produce highly purified naphthenic oils, expanding their industrial applications. Additionally, the shift towards sustainable products boosts demand for naphthenic oils due to their lower environmental impact compared to other types, making them a vital component in driving market growth and innovation.
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.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=70882267
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 India, China, Mexico, and Indonesia, amongst others.
Asia Pacific region is expected to be the largest process oil market.
In terms of volume, the process oil market is anticipated to be led by Asia Pacific throughout the projected period. This demand is explained by the rapid expansion of the region's growing economies, which has made Asia Pacific a profitable market for process oil producers. One of the biggest markets for process oil in Asia is China. Based on yearly sales and manufacturing production, it remains one of the major car markets globally, as per the International Trade Administration. Growth in the automotive industry will therefore increase the need for tyres and rubber, which will fuel the demand for process oils.
The major market players include Shell plc (UK), Exxon Mobil Corporation (US), TotalEnergies (France), Idemitsu Kosan Co., Ltd. (Japan), and Petroliam Nasional Berhad (PETRONAS) (Malaysia) are the leading players in the market. There is significant competition in the process oil market to develop new process technology, lower the manufacturing cost, expand, and increase the use of process oil in the end-use industries. Owing to such opportunities in the industry, companies are aiming to enhance their market share by adopting various strategies.
Browse Adjacent Market: Bulk Chemicals and Inorganics Market Research Reports & Consulting
Related Reports:
Base Oil Market - Global Forecast to 2026
Bioplastics & Biopolymers Companies - Global Market Leaders
Biodegradable Plastics Companies - Global Market Leaders
About MarketsandMarkets
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/process-oil-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/process-oil.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/process-oil-market-worth-5-6-billion-by-2029--exclusive-report-by-marketsandmarkets-302184821.html
