Market Size of Process Oils Industry
| Study Period | 2017-2027 |
| Market Volume (2023) | 4.94 Million tons |
| Market Volume (2028) | 5.65 Million tons |
| CAGR (2023 - 2028) | 2.74 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Process Oils Market Analysis
The Global Process Oils Market size is expected to grow from 4.94 million tons in 2023 to 5.65 million tons by 2028, at a CAGR of 2.74% during the forecast period (2023-2028).
The COVID-19 pandemic negatively impacted the market in 2020. However, the market reached pre-pandemic levels and is expected to grow steadily in the coming years.
- Over the short term, the primary factor driving the market's growth is the increasing demand for polymer production. The surge in the use of rubber oils is also likely to augment the demand for process oils in the coming years.
- However, declining usage of PAH and DAE due to stringent regulations is likely to hinder the market's growth during the studied period.
- Nevertheless, research in bio-based rubber process oils and the accelerating demand for process oils in electric vehicles can soon be the factors behind growth opportunities for the global market.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
