The Global Process Oils Market accounted for USD 4.45 billion in 2016 and is projected to grow at a CAGR of 3.9% till 2024
Global Process Oils Market By Type (Naphthenic, Non-Carcinogenic, Aromatic, Paraffinic); By Containing Materials (Peptizers, Fatty Acid Derivatives, Petroleum Oils, Polymers, Waxes) By Application (Tire & Rubber, Polymer, Textile, Polymer, Others), By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024
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Process oils Market Definition:
Process oil is a combination of naphthenic, non-carcinogenic, aromatic, paraffinic used either as an acid for processing or as a raw material. Process oils are refined using solvent extraction, flash solvency, or aromatics. Process oils are used in various industries including personal care, polymer, defoamer, textile, cable fill, and tire.
Major Market Drivers and Restraint:
•Increasing usage of the process oils in the rubber and tire industries
•Growing market for green and eco-friendly oils
•Limitations on the usage of polycyclic aromatic hydrocarbon
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Process oils Market Segmentation:
The Process Oils Market is segmented on the basis of type into naphthenic, non-carcinogenic, aromatic, and paraffinic. Non-carcinogenic are further segmented into Treated Distillate Aromatic Extracted Solvent (TDAE), Mild Extracted Solvent (MES), Residual Aromatic Extracted Solvent (RAE), Treated Residual Aromatic Extract (TRAE))
On the basis of containing materials, the market is segmented into peptizers, fatty acid derivatives, petroleum oils, polymers, and waxes.
On the basis of application, the market is segmented into tire & rubber, polymer, textile, polymer, and others.
On the basis of geography, the process oils market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, Asia-Pacific is expected to dominate the market.
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Competitive Landscape: Process oils Market
The Global Process Oils Market is consolidated due to the presence of a limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors of Process oils Market:
Some of the major players in the process oils market are:
•Royal Dutch Shell plc,
•ORGKHIM Biochemical Holding,
•Petronas Lubricants Belgium NV,
•Hindustan Petroleum Corporation Limited,
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