The Process Oil Market is projected to grow from an estimated USD 4.7 billion in 2018 to USD 5.6 billion by 2023, at a CAGR of 3.6% between 2018 and 2023. Process oils are used for various applications, such as such as tire & rubber, polymer, personal care, and textile, among others. Process oils can be categorized into four types, namely, aromatic, paraffinic, naphthenic, and non-carcinogenic. Process oils improve efficiency and productivity as well as ensure low energy consumption, thereby leading to reduced production costs and improved quality of products.
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Among types, the non-carcinogenic segment is expected to grow at the highest CAGR during the forecast period. Non-carcinogenic process oils include Treated Distillate Aromatic Extracted Solvent (TDAES), Mild Extracted Solvent (MES), Residual Aromatic Extracted Solvent (RAES), and Treated Residual Aromatic Extract (TRAE). These oils help in improving abrasion resistance and rolling resistance of tires. Tire manufacturers use non-carcinogenic process oils for the manufacture of Styrene-Butadiene Rubber (SBR).
The implementation of EU Regulation 1907/2006 (REACH) Annex XVII Restriction 501 defines the acceptable levels of Polycyclic-Aromatic Hydrocarbons (PAHs) in extender oils and tires. Green process oils are non-carcinogenic and completely environment-friendly, as they contain a negligible amount, that is, a maximum of 10 ppm of PAHs. Apart from European countries, other nations such as China and Brazil have also implemented similar regulations to restrict the hazardous effects of tire and rubber products on the environment.
On the basis of application, the process oil market is classified into tire & rubber, polymer, personal care, and textile, among others. The personal care segment is expected to grow at the highest CAGR during the forecast period. Increasing demand for process oils as carrier oils, plasticizers, dust control agents, and processing aids in the tire & rubber industry drives the process oil market. Process oils form a group of additive-free petroleum products used in various industrial processes.
The Asia Pacific process oil market is expected to grow at the highest CAGR during the forecast period, owing to the increasing investments in the automobile sector and rapid industrial growth. Key countries in the Asia Pacific process oil market include China, Japan, South Korea, and India. These countries dominated the region’s overall market in 2018, in terms of volume. The process oil market in North America is already in a state of maturity, thus expected to witness a moderate growth.
Key players in this market are 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), among others. Government & research organizations, raw material suppliers & distributors, construction companies, and industry associations have been considered as the stakeholders in this study.
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