Rising demand for low viscosity oils in automobiles is expected to fuel business growth in the coming years.
The global process oil market size is projected to reach nearly USD 6,220 million by 2028. Process oil market is expected to grow at a CAGR of above 3% during the forecast period. Process oil is used to boost the ability of rubber to be handled in the rubber industry. It also helps to increase the bulk of rubber in order to reduce its efficiency. Process oil is also used for a wide range of applications, including spray oils, defoamers, explosives, fertilizers, hot-melt adhesives, optical cable filling gels, petroleum jelly, peripheral fabric and leather and thermoplastic elastomers. These factors are expected to drive the market growth during the forecast period.
There is also an increasing need for the upgrading and recovery of synthetic crude oil, such as bitumen and heavy oil, to fulfill current and future global energy needs. Usually, "coking" is the refining of conventional and synthetic oils that is widely used in refineries to fulfill demand or pipeline requirements. Process oil plays an important part in the processing of polymer materials used in the consumer goods, automobile, medical and manufacturing sectors.
The report outlines the different statistics of the global process oil industry by evaluating the market through study of the value chain. In order to have access, to the market study for process oil includes various qualitative components of the process oil industry in market restraints, essential industry drivers, and opportunities.
The process oil market has high competition amongst the already well-known and new market players. Also, emerging process oil industry players are focused on new product launches to be competitive among other industry players. Additionally, they are focused on, agreements, acquisition of other companies & the establishment of new collaborations & partnerships.
Moreover, in the production of paraffinic oils, aromatic oils are derived through the extraction of aromatics. These are majorly used due to its dark color, with relatively high flash points, low aniline points and a high aromatic content. For a softening or plasticizing effect, aromatic oils are usually used where a degree of solvency is desired. Furthermore, the rubber & tire segment provides maximum growth opportunity in the process oil market as increasing demand is projected to come from emerging countries such as India and Brazil. Increased demand for tires over the projected period is anticipated due to high demand for vehicle purchases.
Asia-Pacific is expected to dominate the process oil market during the forecast period from 2018 to 2028. China, India, Japan, and South Korea are the principal countries in this international process market. Increasing disposable income has led to an increasing market in this region for automobiles and personal care products, which is driving customer growth. In order to meet the increasing demand from various end users, various leading players have been carrying out strategic expansion activities in the region. Moreover, increasing demand for process oil from the Indian personal care industry is expected to boost due to the presence of large number of young population aging from 21- 40.
The major players of the global process oil market include Repsol S.A, Hindustan Petroleum Corporation Limited, Total S.A., Panama Petrochem Ltd, Gandhar Oil Refinery Limited, ExxonMobil, Petronas Group, Unipetrol Group, Royal Dutch Shell N.V, Indian Oil Corporation Limited, Apar Industries, & Nynas AB. Additionally, most major players have integrated their process oil production. Furthermore, players focus on expanding their global market presence through mergers & acquisitions, collaboration & joint venture and new product development.
Segment Overview of Global process Oil Market
Type Overview, 2018-2028 (USD Million) (Kilo Tons)
Application Overview, 2018-2028 (USD Million) (Kilo Tons)
- Rubber& Tire
- Personal care
Regional Overview, 2018-2028 (USD Million) (Kilo Tons)
- North America
o Rest of Europe
- Asia Pacific
o Rest of Asia-Pacific
- Middle East and Africa
o South Africa
o Rest of Middle East and Africa
- South America
o Rest of South America