Process Oil Market Ingights: Shell, Exxonmobil, Total, Indian Oil, Petronas, Repsol, Hindustan Petroleum, Idemitsu Kosan, Unipetrol and Panama Petrochem are Major Players

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. The global process oil market is growing at a moderate pace over the past five years, owing to increasing demand for finished lubricants from various industries, such as automotive, among others. The key players in the European base oil market are Royal Dutch Shell PLC, Chevron Corporation, Petronas Lubricants Belgium NV, Nynas AB, Lukoil Oil Company, Repsol, and Avista Oil AG and among others.

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Substantial investments have been made in the past few years by the key players, such as Royal Dutch Shell PLC, Chevron Corporation, Petronas Lubricants Belgium NV, Nynas AB, Lukoil Oil Company, Repsol, and Avista Oil AG and among others to address the growing demand for process oils in the European region. The key players operating in this market have been focusing on agreements and expansions to cater to the increasing demand for process oils in the market. Companies, such as Royal Dutch Shell plc, and Nynas AB reported maximum number of developments in the European process oil market between 2011 and 2015. These companies have enhanced their production capacities to strengthen their foothold in the market.

Royal Dutch Shell plc, which is one of the leading players in the European process oil market Royal Dutch Shell plc launched the Quest carbon capture and storage (CCS) project in Alberta, Canada. The project is designed to safely store more than 1 million tons of CO2 each year, which equals to emissions produced from about 250,000 cars. This new product development is expected to improve sales and enhance the company’s position in the process oil market. Royal Dutch Shell plc announced that its recommended combination with BG Group PLC has received merger clearance from the Australian Competition and Consumer Commission. This acquisition is projected to help Royal Dutch Shell plc to reinforce its position as the world’s biggest LNG trader. Shell inaugurated the world’s 3rd largest production facility for grease and integrated lubricants in Tuas, Singapore. This facility is also the second-largest grease and integrated lubricants in Asia Pacific. This expansion has helped the company enhance its presence in the Asia Pacific region.

Nynas AB is a Swedish company, which is engaged in the manufacture of specialty naphthenic oils and bitumen products. Nynas AB, a manufacturer of bitumen products and naphthenic oil, signed a Nynas AB, the largest naphthenic oil producer company worldwide acquired the Harburg refinery in Germany. This acquisition has helped the company enhance its presence in the process oil market. Nynas opened a new rubber process oil laboratory at Nynäshamn (Sweden) to enhance its testing capabilities in the field of tire and rubber manufacturing. The laboratory is equipped with an intermeshing 1.5-liter rubber mixer, an open mill, and instruments for measuring viscosity, curing behavior, physical and dynamic properties, aging, and abrasion. These capabilities are expected to help the company support its customers in finding the best oil for different applications by demonstrating the technical value of various process oils.

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Recent Developments:

In November 2017, Shell inaugurated the world’s 3rd largest production facility for grease and integrated lubricants in Tuas, Singapore. This facility is also the second-largest grease and integrated lubricants in Asia Pacific. This expansion has helped the company enhance its presence in the Asia Pacific region.

In August 2017, ExxonMobil Asia Pacific Pte Ltd acquired an aromatics facility from Jurong Aromatics Corporation Pte Ltd (JAC) located at Jurong Island in Singapore. The facility has an ethylene production capacity of 1.9 million tons per year and pipe-still capacity of 592,000 barrels per day. The acquisition will provide the company with operational and logistical synergies, and increase ExxonMobil’s aromatics production to over 3.5 million tons per year

In April 2016, Nynas launched a new rubber process oil, Nytex 842, which provides all the advantages of a pure naphthenic oil such as high compatibility with polar and non-polar rubber, good processability, and excellent low-temperature properties. This new product launch enabled the company to strengthen its product portfolio and further improve its position in the market. Nytex 842 is manufactured using a future-proof, state-of-the-art hydrotreating technology. This product is compatible with a wide range of polymers, including natural rubber, functionalized solution-and emulsion-SBR, polybutadiene rubber, halobutyl rubber, and EPDM

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