Global Process Oil Market is Estimated to be Worth USD 4.25 billion in 2017 and is Projected to Reach USD 5.81 billion by 2024, at A CAGR of 20.2% From 2017 to 2024: Proficient Market
Proficient Market unravels its new study titled “Global Process oil Market by Product Type (Aromatic, Paraffinic, Naphthenic and Non-Carcinogenic) and by End-Users/Application (Tire & Rubber, Polymer, Personal Care, Textile and others) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2020 – 2027″. Effective exploratory techniques such as qualitative and quantitative analysis have been used to discover accurate data.
According to the report, global process oil Market in 2017 stood at USD 4.25 billion and is expected to reach USD 5.81 billion by 2024 growing at a CAGR of 20.2% from 2017 to 2024.
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Process oils are made by mixing compounds (naphthenic, aromatic and paraffinic) derived from chemical & petroleum refining industries, the oils are colorless, have high saturation, low volatility and are free of aromatics, polar compounds and sulfur. The oil is obtained through refining process like hydrocracking and catalytic dewaxing process. It aids in producing: greases, lubricants, hydraulic fluid, metal working fluids and thermal oils. Process oils are used in a wide range of industries like: polymer, rubber, tire, adhesive, defoamers, plastics, chemical and technical industries (as raw material component or as an aid for processing). Various resources that can be used as process oils are: petroleum oil, fatty acid soaps, esters, waxes, moderately vulcanized rubber, chemical peptizers and liquid polymers.
Process Oil Market Key Players: The research study includes profiles of leading companies operating in the global Process oil market. Key players profiled in the report include:
Behran Oil Co
San Joaquin Refining Co. Inc.
Exxon Mobil Corporation
Idemitsu Kosan Co. Ltd.
Calumet Specialty Products Partners L.P.
Hindustan Petroleum Corporation Limited
Royal Dutch Shell plc.
Petroliam Nasional Berhad (PETRONAS)
ORGKHIM BIOCHEMICAL HOLDING
Avista Oil AG
Savita Oil Technologies Ltd.
Panama Petrochem Ltd
Apar Industries Limited
Raj Petro Specialties P. LTD.
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Drivers for the Global Process Oil Market: Rising demand of process oil market in the automotive sector, practice of process oil in the personal care industry, rubber process oils that are used in the process of mixing compounds of rubber are owing to increase the disposable income and increase the growth of the market. And hence the automotive sector is the major driver for the process oil market.
Opportunities for the Global Process Oil Market: Moreover, purpose of process oil is improving and enhancing in various industries like: rubber and automobile industry – processing of rubber and its compounds and also increase in the bulk of the rubber to lessen the cost as rubber process oil is used for the broad range of automotive products like rubber parts of trucks, motorcycles & other machines and health and wellness industry and for premium skincare products. Hence these factors are positively influencing the growth of the market and providing opportunities for the future growth.
Restrains for the Global Process Oil Market: However, various limitations concerned to the convention of polycyclic aromatic hydrocarbons, unstable raw material prices, toxicity due to polycyclic hydrocarbons that are present in the process oils and volatility in the raw materials. Hence these factors are negatively influencing the market and can hamper the growth of the process oil market.
Region Wise, Global Process Oil Market Analysis: Asia Pacific held the highest share in the market due to general economic conditions, increase in the sales of automobiles, increased in the usage of process oil in personal care products and investment in new technology. Besides, North America and Europe held larger share in the market.
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Global Process Oil Market: Product analysis
On the basis of type, paraffinic accounted for largest share of total revenue generated. Because, Paraffinic process oils use water as the pigment-carrying solvents in printing inks and as water tends to soak into uncoated substrates, hence paraffinic process oils are advised to be used on coated substrates.
Global Process Oil Market: Application analysis
Tire & Rubber
The demand of global process oil Market is highest from polymer, due to of the wide range of applications by process oils in the polymer industry for obtaining: pigment-dispersing agents, catalyst carriers, extender oils, plasticizing agents, and mold release agents.
Global Process Oil Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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