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Process Oil Market Is Expected To Rise To An Estimated Value Of USD 6.2 Billion By 2026 | Royal Dutch Shell plc, Chevron Corporation, Nynas AB, ORGKHIM Biochemical Holding

06-18-2020 03:39 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: databridgemarketresearch

Process Oil Market Is Expected To Rise To An Estimated Value Of USD

Global process oil market is expected to rise to an estimated value of USD 6.2 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. The rise in the market value can be attributed to the growing use of solution styrene-butadiene rubber (S-SBR) in automobile tires and increasing demand and consumption of process oils in the Asia-Pacific region.Few of the major competitors currently working in the global process oil market are Royal Dutch Shell plc, Chevron Corporation, Nynas AB, ORGKHIM Biochemical Holding, Petronas Lubricants Belgium NV, Hindustan Petroleum Corporation Limited, Repsol S.A. and others.

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Process oil is the combination of paraffinic, aromatic, non-carcinogenic and naphthenic compounds having varied molecular weight. They are manufactured by refining processes, such as advanced hydrocracking and catalytic dewaxing. It has a colourless appearance and shows high performance qualities. Process oils are used in various industries such as tire, cable fill, textile, defoamer, polymer and personal care.

Market Drivers:
• Growing use of solution styrene-butadiene rubber (S-SBR) in automobile tires; this factor will drive the market in the forecast period
• Increasing usage of the process oils in the rubber and tire industries, will also propel the market in near future
• Growing market for green and eco-friendly oils; this factor will also help the market to grow
• Growing tire manufacturing industry across the globe will also act as a driving factor for the market

Market Restraints:
• Limitations on the usage of polycyclic aromatic hydrocarbon; this factor will hamper the market to grow in near future
• Implementation of the European union directive 2005/69/EC banning the use of polycyclic aromatic, will also hamper the market growth
• Increased use of alternatives like soybean oil in tire manufacturing; this factor will also restraint the market growth

Segmentation: Global Process Oil Market
By Raw Material
• Naphthenic
• Non-Carcinogenic
• Aromatic
• Paraffinic

By Containing Materials
• Peptizers
• Fatty Acid Derivatives
• Petroleum Oils
• Polymers
• Waxes

By Application
• Tire & Rubber
• Polymer
• Textile
• Polymer
• Others

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Key Developments in the Market:
• In November 2017, Shell expanded their business of integrated lubricants and grease by inaugurating a new production facility in Tuas, Singapore. The facility is world’s third largest facility of integrated lubricants and grease. The expansion will help the company to grow in Asia-Pacific region
• In August 2017, ExxonMobil Asia Pacific Pte Ltd acquired Jurong Aromatics Corporation Pte Ltd, an aromatic facility. The facility has a pipe-still capacity of 592,000 barrels per day and ethylene production capacity of 1.9 million tons per year. The acquisition will help the company to focus more on innovating products related to the market

Competitive Analysis:
Global Process oil market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of global process oil market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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