Global Process Oil Market: Demand Analysis and Growth Forecast
Produced by refining processes such as catalytic dewaxing and hydrocracking hydrocarbons, process oil is a specific type of crude oils that are largely used in the chemical and technical industries either as a raw material or as an aid to processing. Process oil’s attribute to increase the performance of tire and rubber products makes it highly useful for the tire and rubber industry. According to a recent IndustryARC's research report, the process oil market is poised for profitable progression during the forecast period of 2018 to 2023 owing to its expanding applications across the domains of cable fill, textile, personal care, polymer, tyre and rubber, defoamers, explosives, and crop protection spray oils.
Browse 51 Market Tables, 176 Figures spread through 157 slides and an in-depth TOC on Process Oil Market (2018 - 2023)
Global Process Oil Market: Disruptive Trends
• The growing popularity of bio-based transformer oil. Due to the susceptibility of mineral oil-based transformers to fire accidents, bio-based and naphthenic transformer oil usage is increasing and reflecting positively on the process oil market.
• The prosperity of the polymer industry. Process oil is used in the manufacturing of polymer products, which find application in diverse industries including medical devices, automotive, and consumer goods.
• Increasing demand for personal care products. Consumers of personal care products such as face powder, bath soaps, and body lotions are inclining toward natural-based products, which are manufactured using process oils.
• Growing demand from the textile industry. In the textile industry, fiber products should have very low aging effects and discoloration, which can be achieved using process oils.
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Process Oil Market: Leading Segments
Global process oil is segmented based on their type and application. Based on the type, the process oils market can be segmented into aromatic, naphthenic, paraffinic, hydrocracking, and others. Based on application, the market can be bifurcated into adhesives, sealants and coatings, automobile, agriculture, oil and gas, construction textiles, and household products.
Global Process Oil Market: Competitive Landscape
Major players operating in the process oil market include Royal Dutch Shell plc, Nynas AB, Chevron Corporation, and Lukoil Oil Company. Royal Dutch Shell plc is a renowned name in this market, providing high consistent quality process oil to manufactures and its produce: Shell Risella X is a top-tier process oil. In Chevron Corporation, paraffinic process oils named paralux and paramount are produced. Paralux is a water-white process oil which is used for exceptional color stability applications and paramount is an excellent alternative for critical colors.
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Process oil is produced by refining processes such as catalytic dewaxing and hydrocracking. Rubber process oil is largely used in the tire and rubber industry, however, increasing usage of process oil in the polymer industry and several others are opening new opportunities for the market players.
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