DUBLIN--(BUSINESS WIRE)--The "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, Non-carcinogenic), Function (Extender Oil, Plasticizer, Solvent, Defoamer), Production Technology (Convention Route, Gas to Liquid, Bio-based), Application and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The market size of process oil is estimated to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a CAGR of 2.1% during the forecast period. The process oil market is on course for intense growth across different applications such as tire & rubber, polymer, personal care, textile, and other applications.
Tire & rubber was the leading application segment of process oil market in 2021
By application, the tire & rubber segment was the largest in the process oil market, in 2021, in terms of value. The growth of this segment can be attributed to the increase in demand for process oils as carrier oils, plasticizers, dust control agents, and processing aids in the automotive industry.
Naphthenic type was the leading segment of process oil market in 2021
By type, the naphthenic segment was the largest in the process oil market, in 2021, in terms of value. Naphthenic process oils are light-colored and non-staining compounds with properties such as thermal stability and excellent compatibility with synthetic elastomers. These oils have greater solvating power than paraffinic oils. They are highly stable at high temperatures and have low viscosity.
Asia Pacific was the leading region of process oil market in 2021
Asia Pacific is one of the major markets for naphthenic process oil, in terms of value. The Asia Pacific is the leader in the process oil market, and this dominance is expected to continue during the forecast period as well. Key countries in the Asia Pacific process oil market include China, Japan, South Korea, and India, which dominated the region's overall market in terms of volume, in 2021. The growing rubber and tire industries in emerging countries of Asia Pacific are expected to drive the growth of the process oil market in the region.
Market Dynamics
Drivers
- Growing Tire Manufacturing Industry Across the Globe
- Increasing Demand and Consumption of Process Oils in Asia-Pacific
Restraints
- Implementation of the European Union Directive 2005/69/ Ec Banning Use of Polycyclic Aromatic Hydrocarbons in Tire Manufacturing
- Increased Use of Soybean Oil as Alternative for Process Oils in Tire Manufacturing
Opportunities
- Growing Demand for Low-Viscosity Oils for Use in Vehicles
- Increasing Demand for Green Process Oils Across the Globe
Challenges
- Fluctuating Prices of Crude Oil
Companies Mentioned
- Apar Industries
- Behran Oil Co.
- CPC Corporation
- Cross Oil
- Ergon North & South America
- Exxon Mobil Corporation
- Gandhar Oil Refinery (India) Limited
- GP Petroleums
- H&R Group
- Hindustan Petroleum Corporation Limited
- Hollyfrontier Refining & Marketing LLC
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Ltd
- Iranol Company
- Lodha Petro
- Nynas Ab
- Orgkhim Biochemical Holding
- Orlen Unipetrol
- Panama Petrochem Ltd
- Petro Gulf Fzc
- Petroliam Nasional Berhad (Petronas)
- Repsol
- Shell plc
- Sterlite Lubricants
- Swepco
- Totalenergies
- Vintrol Lubes Pvt. Ltd.
- Wbf Pte Ltd
- Wellbank Global Pte Ltd
- Witmans Industries Private Limited
For more information about this report visit https://www.researchandmarkets.com/reports/5571441/process-oil-market-by-type-aromatic-paraffinic?utm_source=BW&utm_medium=PressRelease&utm_code=rkbc9n&utm_campaign=1746876+-+The+Worldwide+Process+Oil+Industry+is+Expected+to+Reach+%245.3+Billion+by+2027&utm_exec=jamu273prd
