The global process oil market size is estimated to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a CAGR of 2.1% during the forecast period. The process oil market has been growing at a moderate pace over the past five years, owing to the increasing demand for finished lubricants from various industries, such as automotive, among others. Key players in the process oil market include 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), HollyFrontier Refining & Marketing LLC (HollyFrontier) (US), among others.
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Substantial investments have been made in the past few years by the key players to address the growing demand for process oils. These players have been focusing on product launches and agreements to cater to the increasing demand for process oils in the market.
Shell plc is one of the leading players in the process oil market. The company offers rubber process oils as a part of its oil products business segment. The company is also involved in chemicals and other energy-related businesses. In February 2022, Shell Energy Operations Pty Ltd, a wholly-owned subsidiary of Shell, announced that it has acquired Powershop Australia (Powershop), an online energy retailer serving more than 185,000 customers.
Nynas AB is another major player in process oil market. The company offers naphthenic specialty products, such as base oils, that are used as cutting fluids in metalworking applications. The oils produced by the company are used in the manufacturing of various types of synthetic rubber and compounds used in the tires of cars and commercial vehicles. In June 2019, Nynas launched NYFLEX 2120B, which is a hydrotreated, very low viscosity naphthenic oil. Nynas is providing a process oil ideal for use as a printing ink distillate in heatset formulations, as well as a reliable and cost-efficient alternative to traditional silicone fluids.
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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.
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