Process Oil market Demand 2020 | Key players Royal Dutch Shell plc, Chevron Corporation, and Petronas Lubricants Belgium NV, Nynas AB

Process Oil are used in chemical and technical industries as raw material or to facilitate processing. Their main application is process aid. For instance, they improve the process ability of rubbers and increase the bulk of rubber. Additionally, efficiency, productivity, and energy savings also increases. Process Oils are petroleum derived and have important properties such as miscibility, color stability, and ageing resistance, which makes it useful in various applications. They are used in manufacture of personal care products, polymers, textile, automobile parts, and industrial applications.

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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 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.

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

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This release was published on openPR.