The market size of process oil 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.
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.
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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.
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 2027
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