“Tire & Rubber segment is the leading application segment of the Global Process oil market”
Among applications, the Tire & Rubber segment led the Global Process oil market during the forecast period. The Tire & Rubber application segment is one of the potential application segments of the Global Process oil market, which is expected to witness growth during the forecast period, 2018 to 2023 as well. The growth of this application segment can be attributed to increase in demand of process oils as carrier oils, plasticizers, dust control agents, and processing aids in automotive industry. The tire & rubber application segment is expected to grow at the second highest CAGR during the forecast period, 2018 to 2023.
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“Personal Care application segment is expected to grow at the highest CAGR during the forecast period”
Process oils are used in various personal care products, such as petroleum jelly, hair care products, and skin care products, among others. The growth of the process oil market in personal care application can be attributed to the rising disposable incomes, improving lifestyles, and increasing demand for natural personal care products. With improving lifestyles and increased disposable incomes, demand for skin care products has increased significantly. Consumers have become more conscious regarding the quality and use of cosmetics to improve their personality. This increasing consumer awareness is expected to boost the demand for organic and herbal personal care products, and in turn, drive the growth of the process oil market. Non-carcinogenic process oils are widely used for the manufacturing of cosmetic products.
“Naphthenic dominated the global process oil market in terms of type during the forecast period”
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 temperature and have low viscosity.
Asia Pacific and North America are the major markets for naphthenic process oil, in terms of both value and volume. Presence of naphthenic oil producers such as Ergon (US), San Joaquin Refining (US), Tulstar Products Inc. (US), Lubline (US), Cross Oil (US), Idemitsu Kosan Co., Ltd. (Japan), and Hindustan Petroleum Corporation Ltd. (India) is one of the key significant factors fueling the growth of the markets in these regions.
“Asia-Pacific is leading the Global Process oil market, in terms of consumption”
In terms of consumption, Asia-Pacific region is the leader in the global base oils market and this dominance is expected to continue during the forecast period as well. The Process oil market in Russia is projected to grow at the highest CAGR between 2018 and 2023, Owing to increasing investments made in the automobile sector and rapid industrial growth. 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 2018.
The break-up of profiles of primary participants for the report has been given below:
- By Company Type: Tier 1?31%, Tier 2?46%, and Tier 3?23%
- By Designation: C Level?50%, D Level?30%, and Others?20%
- By Region: Asia Pacific?30%, North America?34%, Europe?20%, Middle East & Africa?13%, and South America-3%
Major companies in the process oil market include Royal Dutch Shell (the Netherlands), Exxonmobil (US), Total S.A. (France), Indian Oil Corporation Limited (India), Petronas Group (Malaysia), Repsol S.A. (Spain), Hindustan Petroleum Corporation Limited (India), Idemitsu Kosan Co., Ltd (Japan), Unipetrol Group (Czech Republic), Panama Petrochem Ltd (India), Nynas AB (Sweden), H&R Group (Germany), Apar Industries (India), Gandhar Oil Refinery Limited (India), and Hollyfrontier Refining & Marketing LLC (US).
This report defines, segments, and projects the process oil market based on type, application, and region. It strategically profiles key players and comprehensively analyzes the ranking of leading players in the process oil market. It also tracks and analyzes competitive developments such as expansions, acquisitions, partnerships, agreement, new product launches, and new product development in the process oil market.
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This report is expected to help market leaders/new entrants in this market by providing them the closest approximations of revenues of the process oil market and its subsegments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape, gain insights to enhance the position of their businesses, and enable them to make suitable go-to-market strategies. The report is expected to help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.