Process Oil Market - Global Industry Analysis

Table Of Content

Methodology

Free Analysis

Process oil is a blend of aromatic compounds, naphthenic, and paraffinic. The molecular weight of process oil varies at different temperatures. It is mainly treated as a raw material that aids in engaging with compounds in various sectors, such as polymers, rubber, and textile. Additionally, process oil is formed by refining procedures, such as catalytic advanced hydrocracking and de-waxing process. After distillation, the obtained process oil is colorless and has features, such as low volatility, high saturation, enhanced stability, and pure. Process oil has its usage in a diverse range of applications in different business sectors, such as plastics, tire, polymer, personal care, rubber, defoamers, adhesives, and textile.

The process oil market is likely to experience a high rate of growth in the future, due to its usage and application globally. The development of the process oil market can be mainly attributed to the rising industrialization and increasing mechanization, which, in turn, is likely to lead to an increased process oil demand. In addition, the ongoing rapid development and modernization in the automobile and transportation sector are projected to positively impact this market. The utilization of process oils in various end-use industries, such as rubber, polymer, and personal care, is the primary factor likely to boost this market in the upcoming years. However, the presence of carcinogens polycyclic aromatic hydrocarbons (PAH) and polycyclic aromatics (PCA) in process oils might limit this market’s development in the upcoming years.

By type, the process oil market includes naphthenic, aromatic, paraffinic, and non-carcinogenic. By application, this market is segmented into the polymer, tire and rubber, textile, and others.

By region, the Asia Pacific process oil market is likely to grow significantly in the future. This regional market’s growth can be attributed to the growing sales of vehicles and automotive in the region, which, in turn, is expected to boost the process of oil consumption. The ongoing transformations and modernization taking place in the automotive sector are estimated to further drive this regional market over the forecast time period. Latin America is expected to provide good opportunities for the process oil market players. The region’s tire manufacturing industry is heavily dependent on China. Additionally, the trade rules and laws formulated by the governments of Venezuela, Argentina, etc. coupled with high investments made for region’s industrialization is anticipated to foster this regional market.

Some of the industry players operating in the process oil market include Process Oils Inc., Panama Petrochem Ltd., Shell Global, Calumet Specialty Products Partners L.P., LUKOIL Oil Company, Phillips 66 Company, Chevron, Avista Oil AG, and Repsol, among others.