(IT-NEWSWIRE.COM, January 12, 2022 ) The report "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, and Non-Carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile), and Region (APAC, Europe, North America, MEA, South America) - Global Forecast to 2023", The process oil market is projected to grow from USD 4.7 billion in 2018 to USD 5.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period. Growing preference for non-carcinogenic process oils in the tire & rubber application has helped drive the process oil market.
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Among types, naphthenic is the largest segment in the process oil market owing to the rising demand for process oil in tires and footwear applications.
Among types, the naphthenic segment is expected to lead the process oil market during the forecast period, in terms of volume. This segment is also projected to grow at the highest CAGR during the forecast period. Naphthenic process oils are light colored and non-staining; they have excellent compatibility and low temperature performance, good color, and thermal stabilities. These oils have greater solvating power than paraffinic oils.
Among applications, tire & rubber is the largest segment in the process oil market.
The tire & rubber application segment is expected to lead the process oil market and grow at the highest CAGR between 2018 and 2023. Increasing concerns for fuel efficiency and reducing energy consumption in the automotive sector are driving the growth of this segment. The growth of this segment is also supported by the rising demand for automobiles in the emerging countries such as China, India, Indonesia, and Mexico, amongst others.
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Browse in-depth TOC on "Process Oil Market”
230 - Market Data Tables
41 - Figures
157 - Pages
Asia Pacific is expected to be largest process oil market.
Asia Pacific is expected to lead the process oil market in 2018, in terms of both value and volume. This demand can be attributed to the high growth in emerging economies of the region that has made Asia Pacific a lucrative market for the manufacturers of process oils. The growth of the tire & rubber industry in China and India has resulted in the high consumption of process oils in these countries in recent years. Key market players, such as Royal Dutch Shell PLC, Chevron Corporation, Nynas AB, Avista Oil AG, and Petronas Lubricants Belgium NV, are planning to expand their process oil business in the region. Emerging economies, including China and India, are the major markets for process oils.
Some of the leading players in this market are Royal Dutch Shell PLC, Chevron Corporation, Petronas Lubricants Belgium NV, Nynas AB, Lukoil Oil Company, Repsol, and Avista Oil AG, among others.
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