The global process oil market size is expected to reach USD 5.67 billion by 2030, according to a new study by Polaris Market Research. The report “Process Oil Market Share, Size, Trends, Industry Analysis Report, By Type (Aromatic, Naphthenic, Non-carcinogenic, Paraffinic); By Function; By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growth in industrialization, enhancing the automotive industry, and greater demand from the construction industry boosts the industry’s growth. Technological advancements increased R&D in material innovation, and increasing demand from emerging economies resulted in greater market growth. Furthermore, growing demand for low-viscosity oils used in vehicles and the high demand for green process oils across the globe will further create new opportunities for this market.
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The various applications of process oil include polymers, paints & coatings, rubber processing, personal care, adhesives & sealants, and others. The rubber processing segment dominated the global market in 2021. Increasing application in tire manufacturing, rising demand for passenger and commercial vehicles, and modernization of vehicles have boosted the demand for this segment.
The COVID-19 outbreak hampered the growth of the industry. The global market suffered from restricted movement of goods and reduced demand. Supply chain and operational disruptions in industries such as automotive, construction, and manufacturing led to reduced demand for oil across the globe. The implementation of lockdown and temporary closure of markets negatively influenced the global market during the pandemic.
Asia-Pacific dominated the global market in 2021 on account of the easy availability of raw materials, greater demand from the automotive sector, and growth in penetration of passenger vehicles. Rise in demand from the industrial sector, urbanization in developing countries of the region, and economic growth further accelerate the demand for this oil. Increasing demand for fossil oil from personal care & cosmetics products, paints & coatings further supports the market growth.
Process Oil Market Report Highlights
Polaris Market Research has segmented the process oil market report based on type, function, application, and region:
Process Oil, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Process Oil, Function Outlook (Revenue - USD Billion, 2018 - 2030)
Process Oil, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Process Oil, Regional Outlook (Revenue - USD Billion, 2018 - 2030)