The global process oil market is projected to grow from USD 5.2 billion in 2024 to USD 5.6 billion by 2029, at a CAGR of 1.7% during the forecast period. The process oil market has grown at a moderate rate over the last five years, owing to rising demand for finished lubricants from different sectors, including automotive, among others. Companies such as Shell (UK), TotalEnergies (France), Exxon Mobil Corporation (US), Idemitsu Kosan Co., Ltd. (Japan), and Petroliam Nasional Berhad (PETRONAS) (Malaysia) fall under the winners’ category. These are leading players in the process oil market globally. These players have adopted the strategies of partnerships, expansions, investments, and acquisitions, to increase their market shares.
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Shell
Shell is a British multinational oil and gas company. Shell is a vertical integrated and active in every area of the oil & gas industry, including production, exploration, refining, distribution, transport, marketing, petrochemicals, power generation, and trading. Shell is one of the largest oil and gas companies globally and specializes in the management of oil and gas resources.
The business segments of Shell are integrated gas, upstream, marketing, chemicals & products, renewable & energy solutions, and corporate. The company offers process oils under marketing business segment. The company is also involved in chemicals and other energy-related businesses. It produces and markets technically advanced lubricants for mining, passenger cars, motorcycles, trucks, and coaches. The company has its presence in Europe, Asia, Oceania, Africa, US, Other Americas.
Total Energies
TotalEnergies is a France-based multinational integrated oil & gas company. It is also one of the six supermajor oil companies in the world, with its businesses covering the entire chain of the oil & gas industry. The business operations of the company include the exploration and production of crude oil and natural gas, which are supplied to the power generation and transportation industries. The company also carries out petroleum refining and the marketing of petroleum products.
The company manufactures and markets rubber process oil through its subsidiary, Total Special Fluids. This subsidiary offers rubber process oil under the brand names, Plaxolene and Plaxene, which comply with Annex XVII of REACH formulated by the European Chemicals Agency to outline restricted substances. It has two production facilities located in Oudalle (France) and Bayport (US).
TotalEnergies offers specialty chemicals, fuels, lubricants, special fluids, oils, additives & special fluids, and wood pellets. It also offers products and services to solar power plants, gas & electricity plants, battery industries, and service stations. The company has a strong distribution channel and markets its products to over 130 countries, worldwide.
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Exon Mobil Corporation
Exxon Mobil Corporation is a holding company and one of the world’s largest companies in the oil & gas sector by revenue and market capitalization. Exxon Mobil markets its products around the world under the brands Exxon, Mobil, and Esso. The company operates four business segments, namely, upstream, chemical products, specialty products, and energy products.
Specialty Products is a combination of business units that manufacture and market a range of performance products including high-quality lubricants, basestocks, waxes, synthetics, elastomers, and resins. Leveraging ExxonMobil’s proprietary technologies, Specialty Products focuses on providing performance products that help customers improve efficiency in the transportation and industrial sectors. The company offers process oils under the brand names Primol, Plastol, and FAXAM. The company has presence in North America, Asia Pacific, Europe, and Middle East & Africa.
PETRONAS
PETRONAS, short for Petroliam Nasional Berhad (National Petroleum Limited), is wholly owned by the Government of Malaysia. The corporation is vested with the entire oil & gas resources in Malaysia, having a worldwide presence. It is engaged in a wide spectrum of petroleum activities and operates through six segments—petroleum products, LNG, crude oil and condensates, natural and processed gases, petrochemicals, and others. Its downstream business comprises oil refining, trading, and marketing crude oil and petroleum products as well as manufacturing and marketing petrochemical products for local and international consumption. The upstream business encompasses exploration, development, and production; LNG assets; LNG marketing and trading; and Malaysia Petroleum Management (MPM).
Idemitsu Kosan Co., Ltd.
Idemitsu Kosan Co., Ltd. (Idemitsu) is engaged in petroleum refining and manufacturing oil products. Its operating segments include petroleum, functional materials, basic chemicals, resources, power/renewable energy, and others. The company manufactures and sells fuel oils and lubricant oils in Japan and internationally. Idemitsu Kosan Co., Ltd. offers lubricants, marine and maintenance oils, metalworking and industrial oils, grease products, traction drive fluids, polyvinyl ethers, polyalkylene glycol oils, and petrochemicals such as basic and performance chemicals and engineering plastics.
The company offers processed oil products under its functional material segment. It also explores, extracts, and sells oil & gas, coal, uranium, and geothermal resources. The company offers agricultural biotechnology products and functional animal feeds. In addition, it generates renewable energy from wind, solar, biofuel, and hydrogen. Idemitsu produces and sells electronic materials consisting of OLED materials, special polycarbonate resins, and coating materials. The company has a geographic presence in Asia, Oceania, North America, and other regions.
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