Process Oil Market Expected to Collect 5.56 Billion USD by 2023

[155 Pages Report] The Process Oil Market is projected to reach USD 5.56 billion by 2022, at a CAGR of 3.8% between 2017 and 2022. Process oils increase the performance of the rubber and tire products. They provide high stability, with a relative inertness towards curing additives; better compatibility with rubber and rubber blend. Process oils also provide for low volatility (both during the high temperature production phases and during the storage of the final products) and also the correct viscosity and plasticity in order to facilitate the blending and dispersion of the fillers and helping the elastomer workability. Process oil are effective with thermoplastic resins of high polarity. They are also effective in terms of improving the strength of heat-curable resins.

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Among types, the non-carcinogenic segment is expected to grow at the highest CAGR during the forecast period. Non-carcinogenic process oils include Treated Distillate Aromatic Extracted Solvent (TDAES), Mild Extracted Solvent (MES), Residual Aromatic Extracted Solvent (RAES), and Treated Residual Aromatic Extract (TRAE). These oils help in improving abrasion resistance and rolling resistance of tires. Tire manufacturers use non-carcinogenic process oils for the manufacture of Styrene-Butadiene Rubber (SBR).

The implementation of EU Regulation 1907/2006 (REACH) Annex XVII Restriction 501 defines the acceptable levels of Polycyclic-Aromatic Hydrocarbons (PAHs) in extender oils and tires. Green process oils are non-carcinogenic and completely environment-friendly, as they contain a negligible amount, that is, a maximum of 10 ppm of PAHs. Apart from European countries, other nations such as China and Brazil have also implemented similar regulations to restrict the hazardous effects of tire and rubber products on the environment.      

On the basis of application, the process oil market is classified into tire & rubber, polymer, personal care, and textile, among others. The personal care segment is expected to grow at the highest CAGR during the forecast period. Increasing demand for process oils as carrier oils, plasticizers, dust control agents, and processing aids in the tire & rubber industry drives the process oil market. Process oils form a group of additive-free petroleum products used in various industrial processes.

The Asia Pacific process oil market is expected to grow at the highest CAGR during the forecast period, owing to the increasing investments in the automobile sector and rapid industrial growth. Key countries in the Asia Pacific process oil market include China, Japan, South Korea, and India. These countries dominated the region’s overall market in 2018, in terms of volume. The process oil market in North America is already in a state of maturity, thus expected to witness a moderate growth.

 Key players in this market are Royal Dutch Shell plc   (Netherlands), Chevron Corporation (U.S.), and Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), Avista Oil AG (Germany) and Hindustan Petroleum Corporation Limited (India), among others. Government & research organizations, raw material suppliers & distributors, construction companies, and industry associations have been considered as the stakeholders in this study.

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