Global Process Oil Market By Type (Naphthenic, Non-Carcinogenic, Aromatic, Paraffinic), Containing Materials (Peptizers, Fatty Acid Derivatives, Petroleum Oils, Polymers, Waxes), Application (Tire & Rubber, Polymer, Textile, Polymer, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Process Oil Market
Global process oil market is expected to rise to an estimated value of USD 6.2 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. The rise in the market value can be attributed to the growing use of solution styrene-butadiene rubber (S-SBR) in automobile tires and increasing demand and consumption of process oils in the Asia-Pacific region.
Market Definition: Global Process Oil Market
Process oil is the combination of paraffinic, aromatic, non-carcinogenic and naphthenic compounds having varied molecular weight. They are manufactured by refining processes, such as advanced hydrocracking and catalytic dewaxing. It has a colourless appearance and shows high performance qualities. Process oils are used in various industries such as tire, cable fill, textile, defoamer, polymer and personal care.
- Growing use of solution styrene-butadiene rubber (S-SBR) in automobile tires; this factor will drive the market in the forecast period
- Increasing usage of the process oils in the rubber and tire industries, will also propel the market in near future
- Growing market for green and eco-friendly oils; this factor will also help the market to grow
- Growing tire manufacturing industry across the globe will also act as a driving factor for the market
- Limitations on the usage of polycyclic aromatic hydrocarbon; this factor will hamper the market to grow in near future
- Implementation of the European union directive 2005/69/EC banning the use of polycyclic aromatic, will also hamper the market growth
- Increased use of alternatives like soybean oil in tire manufacturing; this factor will also restraint the market growth
Segmentation: Global Process Oil Market
By Raw Material
By Containing Materials
- Fatty Acid Derivatives
- Petroleum Oils
- Tire & Rubber
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In November 2017, Shell expanded their business of integrated lubricants and grease by inaugurating a new production facility in Tuas, Singapore. The facility is world's third largest facility of integrated lubricants and grease. The expansion will help the company to grow in Asia-Pacific region
- In August 2017, ExxonMobil Asia Pacific Pte Ltd acquired Jurong Aromatics Corporation Pte Ltd, an aromatic facility. The facility has a pipe-still capacity of 592,000 barrels per day and ethylene production capacity of 1.9 million tons per year. The acquisition will help the company to focus more on innovating products related to the market
Global Process oil market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of global process oil market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global process oil market are Royal Dutch Shell plc, Chevron Corporation, Nynas AB, ORGKHIM Biochemical Holding, Petronas Lubricants Belgium NV, Hindustan Petroleum Corporation Limited, Repsol S.A. and others.
Research Methodology: Global Process Oil Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved