全球加工油市場，2024-2031年

循環經濟、電氣化以及對可生物分解和無毒產品的需求將推動變革性成長。

加工油是化學和技術行業中使用的特殊天然或合成潤滑油，既可作為最終產品的主要成分，也可作為原料的加工助劑。

加工油相比原油具有許多優勢，包括更高的穩定性、更優異的性能以及與其他材料的更佳相容性。此外，加工油的應用效率更高，減少了頻繁更換的需求。例如，橡膠加工油能夠改善橡膠製品的加工性能和品質，而綠色橡膠加工油則為傳統的橡膠加工油提供了環保替代方案。

本報告重點關注產業趨勢和顛覆性因素，分析預計將推動加工油需求成長的新興和未來趨勢。本研究是近期全球潤滑油市場預測報告的補充。

研究週期為2022年至2031年，以2024年為基準年，2025年至2031年為預測期間。調查的加工油包括白油、變壓器油（電氣油）和橡膠加工油，每種油都依應用和產品類型進行分類。

加工油產業三大戰略挑戰的影響

變革性大趨勢

• 原因
• 循環經濟運動為加工油產業和化學工業的許多其他領域帶來重大變革。
• 大豆油、棕櫚油、菜籽油和葵花籽油等植物油因其可生物分解性和低毒性而越來越受歡迎。
• 大豆加工油在輪胎和聚合物加工領域中得到了越來越廣泛的應用。
• Frost的觀點
• 為了維持重要的市場地位，必須投資開發碳足跡更低、永續性更強的加工油。過去，歐洲對蒸餾芳烴萃取物（DAE）的禁令迫使全球製造商逐步淘汰DAE。未來，類似的環境影響法規可能會持續影響整個產業的發展方向。
• 輪胎和橡膠製造商主導環保加工油的轉型。
• 在預測期內，終端應用（尤其是工業和汽車應用）的成長預計將影響加工油的需求，但可能會促使該行業走向更永續的發展。

地緣政治動盪

• 原因：
• 加工油市場容易受到地緣政治不穩定的影響，這會影響原料供應、價格、貿易政策和供應鏈效率。
• 對俄羅斯原油和石化產品的製裁導致加工油的關鍵原料短缺，尤其是在歐洲，因為那裡是主要生產商的所在地。
• 此外，美國之間的緊張關係以及美國新政府的政策可能會導致不透明的關稅和貿易限制，影響輪胎等原料和最終產品的進出口。
• Frost的觀點：
• 對中東和俄羅斯原油的高度依賴使企業極易受到製裁、歐佩克決策和區域衝突的影響。實現原料來源多元化並增加本地供應是避免此類情況的有效途徑。
• 埃克森美孚、雪佛龍和道達爾能源等公司擴大從美洲和亞太地區採購原料。
• 高效的庫存管理也非常重要，製造商可能會調整策略以確保原料供應。

競爭加劇

• 原因：
• 加工油市場正面臨著來自現有企業和致力於永續性、創新和地理擴張的新參與企業的日益激烈的競爭。
• Novvi LLC、Biosynthetic Technologies 和 Kraton 等新參與企業正以生物基、食品級、無毒產品顛覆市場。
• 同時，馬來西亞國家石油公司（Petronas）和韓國SK潤滑油公司等亞洲企業也開始進入特種加工油市場。
• Frost的觀點
• 新的競爭格局和亞洲企業的積極擴張有可能加劇市場競爭，對傳統石油公司構成挑戰。亞太地區，尤其是中國和印度，是一個高成長市場，競爭日益激烈。
• 因此，埃克森美孚、殼牌、雪佛龍、道達爾能源和尼納斯等大型石油公司轉向使用低芳烴、高性能的生物基加工油。
• 創新、投資永續產品、加強供應鏈以及在高成長地區佈局，是市場參與企業必須考慮的重要因素。

分析範圍

• 加工油是化學和技術行業中使用的專用天然或合成潤滑油，既可作為最終產品的主要成分，也可作為原料的加工助劑。
• 加工油相比原油具有許多優勢，包括更高的穩定性、更優異的性能以及與其他材料的更佳相容性。此外，加工油的應用效率更高，減少了頻繁更換的需求。例如，橡膠加工油能夠改善橡膠製品的加工性能和品質，而綠色橡膠加工油則為傳統的橡膠加工油提供了環保替代方案。
• 本報告重點關注趨勢和顛覆性因素，分析有望推動加工油需求的產業新趨勢和即將出現的趨勢。
• 這項研究是對弗若斯特沙利文近期發布的全球潤滑油市場預測報告的補充。

競爭環境

競爭對手數量

• 超過50家公司

競爭因素

• 客戶銷售支援、供應的接近性和/或穩定性、規格的一致性以及對最終用戶指定的品質測試的遵守，包括芳烴含量和黏度的品質測試。

主要終端用戶產業

• 橡膠加工商和輪胎製造商、塑膠製造商、製藥製造商、個人護理和家居護理製造商、電力公司、經銷商

主要競爭對手

• H&R、Ergon、Ninus、殼牌、中石化、Calumet、埃克森美孚

前五大公司銷售額佔有率（2024年）

• 25%

其他值得關注的競爭對手

• IRPC、NX Nippon、Repsol、Gandhar Oil、IOCL、HPCL、Apar、Chevron、Phillips66、HollyFrontier（HF Sinclair）

流通結構

• 直銷和經銷商

主要競爭對手

白油

• Nynas
• Shell
• H&R Group
• ExxonMobil
• Chevron Corporation
• Calumet
• Apar Industries
• Gandhar Oil
• Raj Petro
• PetroChina
• Sinopec
• Petro Canada
• Sasol
• BP
• BPCL
• Sonnenborn

Savita油

• HollyFrontier（HF Sinclair）
• Rubber Process Oils
• H&R Group
• Nynas
• Shell
• Ergon
• ExxonMobil
• TotalEnergies
• Calumet
• Chevron Corporation
• Repsol
• PetroChina
• IOCL
• HPCL
• ENEOS Xplora Inc.
• HollyFrontier（HF Sinclair）

變壓器油

• Nynas
• Shell
• Ergon
• ExxonMobil
• Calumet
• Cargill
• Apar Industries
• Gandhar Oil
• PetroChina
• Valvoline Inc
• Sinopec
• San Joaquin Refining Co. Inc.
• IOCL
• Engen Petroleum

成長促進因素

• 電網的擴張推動了電力產業的發展，進而增加了對變壓器油的需求。
• 加工油市場逐步整合，大型企業不斷擴張並收購利基公司。
• 預計到2026年，全球塑膠市場規模將達到 7,531億美元，2021年至2026年的年複合成長率為 5.2%。
• 鋰離子電池隔膜預計將成為白油成長最快的應用領域。
• 成長的驅動力來自輪胎產業的發展，而高性能輪胎和新材料（如輪胎中的天然橡膠（乳膠）和二氧化矽填料）的出現，則提供了低滾動阻力。

成長抑制因素

• 終端行業的監管壓力和合規要求阻礙了市場發展。
• 高昂的投資成本，包括產品核可成本，對新參與企業構成市場限制。
• 技術進步抑制對傳統等級潤滑油的需求，尤其是對變壓器潤滑油的需求。
• 各地區，尤其是歐洲和北美地區，越來越重視再生能源發電，抑制了加工油市場的發展。

目錄

調查範圍

• 分析範圍
• 依應用程式和產品類型進行細分
• 地理覆蓋範圍

成長環境：全球加工油市場的變化

• 為什麼成長變得越來越難？
• The Strategic Imperative 8（TM）
• 加工油產業三大戰略挑戰的影響

加工油全球市場生態系統

• 價值鏈
• 價值鏈分析
• 競爭環境
• 全球加工油產業的併購
• 主要競爭對手

全球加工油市場成長要素

• 成長指標
• 成長促進因素
• 成長促進因素分析
• 成長抑制因素
• 成長抑制因素分析
• 營收和銷售預測
• 營收和銷售預測分析
• 平均價格預測
• 價格趨勢和預測分析
• 依產品細分市場分類的銷售預測
• 依產品細分市場分類的收入預測
• 依最終用戶分類的銷售預測
• 依最終用戶分類的收入預測
• 依地區分類的銷售預測
• 依地區分類的收入預測

依地區分類的銷售量和收入預測分析

• 加工油監理：關鍵決策者
• 加工油法規
• 其他重要法規：影響加工油的工業和環境法規
• 收益分成
• 收入佔有率分析

成長要素：白油

• 細分市場特徵及概述
• 細分市場特徵和用途
• 成長指標
• 預測假設：白油應用
• 營收和銷售預測
• 營收和銷售預測分析
• 依等級分類的收入分成
• 依地區分類的銷售預測
• 依地區分類的收入預測
• 依地區分類的銷售量和收入預測分析

成長要素：橡膠加工油

• 細分市場特徵及概述
• 成長指標
• 預測的前提：使用橡膠加工油
• 營收和銷售預測
• 營收和銷售預測分析
• 依地區分類的銷售預測
• 依地區分類的收入預測
• 依地區分類的銷售量和收入預測分析

成長要素：變壓器油

• 細分市場特徵及概述
• 細分市場特徵和要求
• 成長指標
• 預測的前提條件：變壓器油應用
• 營收和銷售預測
• 營收和銷售預測分析
• 依地區分類的銷售預測
• 依地區分類的收入預測
• 依地區分類的銷售量和收入預測分析

加工油市場的成長機會

• 成長機會1：浸沒式冷卻液中的白油
• 成長機會2：高性能輪胎與電動車輪胎
• 成長機會3：輪胎生產區域化導致橡膠加工油需求增加

附錄與後續步驟

• 成長機會帶來的益處和影響
• 下一步
• 圖表清單
• 免責聲明

Circular Economy, Electrification, and the Need for Biodegradable, Non-Toxic Products are Driving Transformational Growth

Process oils are specialized natural or synthetic lubricants used in the chemical and technical industries. They serve either as key ingredients in finished products or as processing aids for raw materials.

Process oils offer several advantages over unprocessed oils, including enhanced stability, improved performance, and better compatibility with other materials. They are also more efficient in their applications, minimizing the need for frequent replacements. For example, rubber process oils enhance the processability and quality of rubber products, while green rubber process oils provide environmentally friendly alternatives to conventional rubber process oils.

This report focuses on trends and disruptions and analyzes new and upcoming trends in industries that are expected to drive demand for process oils. The study will complement our recent market forecast report on the global lubricants market.

The study period is 2022-2031, with 2024 as the base year and 2025-2031 as the forecast period. The process oils examined are white oils, transformer oils (electrical oils), and rubber process oils, each segmented by application and product type.

The Impact of the Top 3 Strategic Imperatives on the Process Oil Industry

Transformative Megatrends

• Why:
• Circular economy trends are massively transforming the process oils industry and many other areas of the chemical industry.
• Vegetable-based oils such as soybean, palm, rapeseed, and sunflower oils are gaining popularity due to biodegradability and low toxicity.
• Soy-based process oils increasingly find applications in tire and polymer processing.
• Frost Perspective:
• Investing in the development of process oils with a lower carbon footprint and improved sustainability is imperative to remain significant in the market. In the past, banning distillate aromatic extract (DAE) in Europe forced the manufacturers worldwide to shift away from DAE. Similar regulations, driven by environmental impact, will shape the industry in the future.
• Tire and rubber manufacturers are leading the transition toward eco-friendly process oils.
• While the growth in end applications, especially in industrial and automotive applications, during the forecast period, will impact process oil demand, it will also transform into a more sustainable industry.

Geopolitical Chaos

• Why:
• The process oils market is susceptible to geopolitical instability, which affects raw material availability, pricing, trade policies, and supply chain efficiency.
• Sanctions on Russian crude oil and petrochemicals have caused shortages in crucial feedstocks for process oils, especially in Europe, which is home to leading manufacturers.
• In addition, US-China tensions and policies of the new US government could result in uncertain tariffs and trade restrictions affecting the import/export of feedstock and end products, such as tires.
• Frost Perspective:
• Heavy reliance on Middle Eastern or Russian crude oil makes companies vulnerable to sanctions, OPEC decisions, and regional conflicts. To avoid this, diversifying feedstock sources and local supply can be advantageous.
• Companies like ExxonMobil, Chevron, and TotalEnergies are increasing sourcing from the Americas and APAC.
• Efficient inventory management will also be essential, allowing manufacturers to adjust strategies to secure feedstock availability.

Competitive Intensity

• Why:
• The process oils market is experiencing increasing competition from both established players and new entrants focusing on sustainability, innovation, and regional expansion.
• New players such as Novvi LLC, Biosynthetic Technologies, and Kraton are disrupting the market with biobased, food-grade, and non-toxic products.
• Simultaneously, Asian players such as Petronas (Malaysia) and SK Lubricants (South Korea) have penetrated the specialty process oils market.
• Frost Perspective:
• New competition and aggressive expansion of Asian players pose challenges for traditional oil manufacturers by potentially making the market highly competitive. APAC, especially China and India, is a high-growth market, intensifying competition.
• As a result, oil majors such as ExxonMobil, Shell, Chevron, TotalEnergies, and Nynas are shifting toward low-aromatic, high-performance, and bio-based process oils.
• Innovation, investment in sustainable products, and a strengthened supply chain, and presence in high-growth regions are essential considerations for market participants.

Scope of Analysis

• Process oils are specialized natural or synthetic lubricants used in the chemical and technical industries. They serve either as key ingredients in finished products or as processing aids for raw materials.
• Process oils offer several advantages over unprocessed oils, including enhanced stability, improved performance, and better compatibility with other materials. They are also more efficient in their applications, minimizing the need for frequent replacements. For example, rubber process oils enhance the processability and quality of rubber products, while green rubber process oils provide environmentally friendly alternatives to conventional rubber process oils.
• This report will focus on trends and disruptions and analyze new and upcoming trends in industries that are expected to drive demand for process oils.
• The study will complement Frost & Sullivan's recent market forecast report on the global lubricants market, which can be accessed through this

Competitive Environment

Number of Competitors

• 50+

Competitive Factors

• Customer sales support; proximity and/or consistency in supply; consistency in specifications; adherence to quality tests specified by end users, including quality tests for aromatic content and viscosity

Key End-user Industry Verticals

• Rubber processors and tire manufacturers, plastic manufacturers, pharmaceutical manufacturers, personal and home care producers, power companies, distributors

Leading Competitors

• H&R, Ergon, Nynas, Shell, Sinopec, Calumet, ExxonMobil

Revenue Share of Top 5 Competitors (2024)

• 25%

Other Notable Competitors

• IRPC, NX Nippon, Repsol, Gandhar Oil, IOCL, HPCL, Apar, Chevron, Phillips66, HollyFrontier (HF Sinclair)

Distribution Structure

• Direct sales and distributors

Key Competitors

White Oils

• Nynas
• Shell
• H&R Group
• ExxonMobil
• Chevron Corporation
• Calumet
• Apar Industries
• Gandhar Oil
• Raj Petro
• PetroChina
• Sinopec
• Petro Canada
• Sasol
• BP
• BPCL
• Sonnenborn

Savita Oil

• HollyFrontier (HF Sinclair)
• Rubber Process Oils
• H&R Group
• Nynas
• Shell
• Ergon
• ExxonMobil
• TotalEnergies
• Calumet
• Chevron Corporation
• Repsol
• PetroChina
• IOCL
• HPCL
• ENEOS Xplora Inc.
• HollyFrontier (HF Sinclair)

Transformer Oils

• Nynas
• Shell
• Ergon
• ExxonMobil
• Calumet
• Cargill
• Apar Industries
• Gandhar Oil
• PetroChina
• Valvoline Inc
• Sinopec
• San Joaquin Refining Co. Inc.
• IOCL
• Engen Petroleum

Growth Drivers

• The expansion of electrical grids will drive the power sector and, thus, transformer oil demand.
• The process oil market is gradually moving toward consolidation, with larger players expanding and acquiring niche companies.
• The global plastic market is forecast to record a 5.2% CAGR between 2021 and 2026 to reach $753.1 billion by 2026.
• Lithium-ion battery separators are expected to be the fastest-growing application for white oils.
• Developments in the tire industry, driven by high-performance tires and new materials, including natural rubber (latex) in tires, along with lower rolling resistance silica fillers, are a growth driver.

Growth Restraints

• Regulatory pressure and adherence to norms across end industries restrain the market.
• High investment costs, including product approval costs, for new entrants restrain the market.
• Technological advancements hamper the demand for conventional grades, especially for transformer oils.
• Rising focus on renewable power generation across regions, especially in Europe and North America, restrains the process oil market.

Table of Contents

Research Scope

• Scope of Analysis
• Segmentation by Application and Product Type
• Geographic Scope

Growth Environment: Transformation in the Global Process Oils Market

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative 8™
• The Impact of the Top 3 Strategic Imperatives on the Process Oil Industry

Ecosystem in the Global Process Oils Market

• Value Chain
• Value Chain Analysis
• Competitive Environment
• M&As in the Global Process Oils Industry
• Key Competitors

Growth Generator in Global Process Oils Market

• Growth Metrics
• Growth Drivers
• Growth Driver Analysis
• Growth Restraints
• Growth Restraint Analysis
• Revenue and Volume Forecast
• Revenue and Volume Forecast Analysis
• Average Price Forecast
• Pricing Trends and Forecast Analysis
• Volume Forecast by Product Segment
• Revenue Forecast by Product Segment
• Volume Forecast by End User
• Revenue Forecast by End User
• Volume Forecast by Region
• Revenue Forecast by Region

Volume and Revenue Forecast Analysis by Region

• Regulations on Process Oils: Major Decision-Makers
• Regulations Governing Process Oils
• Other Major Regulations: Specific Regulations Affecting Industries and Environmental Regulations for Process Oils
• Revenue Share
• Revenue Share Analysis

Growth Generator: White Oils

• Segment Characteristics and Overview
• Segment Characteristics and Applications
• Growth Metrics
• Forecast Assumptions: White Oil Applications
• Revenue and Volume Forecast
• Revenue and Volume Forecast Analysis
• Revenue Share by Grade
• Volume Forecast by Region
• Revenue Forecast by Region
• Volume and Revenue Forecast Analysis by Region

Growth Generator: Rubber Process Oils

• Segment Characteristics and Overview
• Growth Metrics
• Forecast Assumptions: Rubber Process Oil Applications
• Revenue and Volume Forecast
• Revenue and Volume Forecast Analysis
• Volume Forecast by Region
• Revenue Forecast by Region
• Volume and Revenue Forecast Analysis by Region

Growth Generator: Transformer Oils

• Segment Characteristics and Overview
• Segment Characteristics and Requirements
• Growth Metrics
• Forecast Assumptions: Transformer Oil Applications
• Revenue and Volume Forecast
• Revenue and Volume Forecast Analysis
• Volume Forecast by Region
• Revenue Forecast by Region
• Volume and Revenue Forecast Analysis by Region

Growth Opportunity Universe in the Process Oils Market

• Growth Opportunity 1: White Oils in Immersion Cooling Liquids
• Growth Opportunity 2: High-Performance and EV Tires
• Growth Opportunity 3: Rubber Process Oil Demand Due to Localized Tire Production

Appendix & Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer