Process Oil Market- The Market segment is Expected to Grow at a high CAGR 2019 – 2026 | Nynas AB, ORGKHIM Biochemical Holding and Repsol S.A.

Process oil is a combination of paraffinic, naphthenic, and aromatic compounds with varying molecular weight.Process oil is produced by refining processes such as catalytic dewaxing process and advanced hydrocracking. Process oil obtained after refining is colorless and exhibits high performance qualities such as high saturation, low volatility, and increase in purity and stability.Process oil is used in a wide range of applications in various industries such as plastics, polymer, rubber, tire, adhesives, personal care, defoamers, and textile.Developed economies such as North America account for nearly 70% of naphthenic oil production. These economies are likely to play a vital role in the process oil market in the naphthenic segment over the forecast period.

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Major players in the process oil market are Royal Dutch Shell plc, Chevron Corporation, and Petronas Lubricants Belgium NV, Nynas AB, ORGKHIM Biochemical Holding and Repsol S.A.

Process Oil Market Taxonomy
On basis of oil type, the process oil market is segmented into:
• Naphthenic Oil
• Paraffinic Oil
• Aromatic Oil
• Non-carcinogenic Oils
◦ Treated Distillate Aromatic Extract
◦ Mild Extract Solvated
◦ Residual Aromatic Extract
◦ Bio based Oils
On basis of end use industry, the process oil market is segmented into:
• Personal Care
◦ Cosmetics
◦ Toiletries
• Polymers
• Textile
• Automobile
◦ "Under the hood" automotive parts
◦ Automobile moldings
◦ Tire whitewalls
• Construction
◦ Sound and vibration dampening materials
◦ Wire and cable insulation and sheathing
◦ Weather stripping and rubber membranes
◦ Roofing compounds
• Agriculture
• Industrial
◦ Conveyor belts for food processing
◦ High temperature application
• Adhesives, sealants and coatings
• Others

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Process Oil Market Outlook
• Asia Pacific is the largest and fastest growing market for process oils. The market share and growth is attributed to the burgeoning automobile, and the tire manufacturing segment. China exports tires to 200 countries, with 44.561 million new pneumatic tires exported in 2015 alone. The growth of India and Indonesia in the region is projected to challenge China’s monopoly.

• North America and Europe posted strong sales in automobile sector which resulted in burgeoning growth in the process oil market. An estimated 17.55 million vehicles were sold in the US in 2016, with pickups and SUV’s the favored vehicles due to low gasoline prices. This trend is expected to reverse as governments impose tough emission legislation.
Three major automakers Ford, G.M, and Chrysler are the largest consumers of process oils.

• Middle East and Africa are prime crude oil producing regions. Process oil market in these regions is booming due to growth in the downstream chemical processing industry.

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This release was published on openPR.