The report "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, and Non-carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile), and Region (Asia-Pacific, North America, Europe, Middle East & Africa) - Global Forecasts to 2022", The process oil market is projected to grow from USD 4.61 Billion in 2017 to USD 5.56 Billion by 2022, at a CAGR of 3.8% from 2017 to 2022.
Seattle, WA -- (SBWIRE) -- 07/17/2017 -- The growth of the market is driven by the increasing demand for process oils to manufacture rubbers and tires. Process oils enhance the grip of tires, which is a major factor for the safety and stability of a vehicle.
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Based on type, the naphthenic segment is estimated to be the largest segment of the process oil market in 2017
Based on type, the naphthenic segment is estimated to be the largest segment of the process oil market in 2017. Asia-Pacific and North America are the major markets for naphthenic process oil, due to the rise in the demand for naphthenic process oils from the tire & rubber and textile applications in these two regions. Naphthenic oil producers operating in these regions include Ergon (U.S.), San Joaquin Refining (U.S.), Tulstar Products Inc. (U.S.), Lubline (U.S.), Cross Oil (U.S.), Idemitsu Kosan Co., Ltd. (Japan), and Hindustan Petroleum Corporation Ltd. (India).
Based on application, the tire & rubber segment is estimated to lead the process oil market in 2017
Process oils increase the performance of rubber and tire products and provide high stability, with a relative inertness towards curing additives. Process oils have low volatility, and high viscosity and plasticity. These properties are expected to drive the use of process oils in the tire & rubber segment, as the oils facilitate the blending and dispersion of fillers in tire and rubber products and improve their elastomer workability.
Asia-Pacific is estimated to dominate the process oil market in 2017
Asia-Pacific is estimated to be the largest market for process oils in 2017 and is projected to witness the highest growth during the forecast period, owing to the increased sales of automobiles in the region. The increased automobile sales are expected to boost the demand for tires and rubbers and consequently drive the consumption of process oils in Asia-Pacific.
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Key players operating in the process oil market include Royal Dutch Shell plc (Netherlands), Chevron Corporation (U.S.), and Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), Avista Oil AG (Germany), and Hindustan Petroleum Corporation Limited (India). Key players in the process oil market are focusing on the development of advanced and improved products.
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