DUBLIN, April 16, 2019 /PRNewswire/ -- The "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, and Non-Carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile), and Region (APAC, Europe, North America, MEA, South America) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The process oil market is projected to grow from an estimated USD 4.69 billion in 2018 to USD 5.60 billion by 2023, at a CAGR of 3.6% between 2018 and 2023.
This growth is primarily driven by the tire & rubber segment of the market. The increasing number of light motor vehicles in developing regions is fueling the demand for tires, and subsequently the market for process oil.
The demand for tires from the two-wheeler segment has increased tremendously over the past few years. The Asia Pacific market is expected to provide a boost to the tire industry. The consumption of natural rubber is expected to grow at around 3-4% annually over the next few years in Asia Pacific. The synthetic rubber market is expected to grow at a CAGR of 5% over the next few years.
The increasing demand for non-carcinogenic process oil in Asia Pacific is a major factor driving the process oil market in the region. The growth of the process oil market is expected to be hampered by several regulatory guidelines issued by different governing bodies, which exert pressure on manufacturers and encourage the manufacturing of environment-friendly products.
Since 2010, the European Union has implemented legislation that mandates the rubber industry to develop new tire and rubber formulations without the use of potentially carcinogenic aromatic oil in compounding. The polycyclic aromatic (PCA) content of the new oil formulations should be less than 3% as per the IP 346 standard.
The US and China are the largest consumers of process oil. Royal Dutch Shell plc (Netherlands), Chevron Corporation (US), Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), and Hindustan Petroleum Corporation Limited (India) are the key players operating in the process oil market. New product launches, expansions, and collaborations are the major strategies adopted by key players to achieve growth in the process oil market.
- Growing Tire Manufacturing Industry Across the Globe
- Increasing Demand and Consumption of Process Oils in the Asia Pacific Region
- Growing Use of Solution Styrene-Butadiene Rubber (S-Sbr) in Automobile Tires
- Implementation of the European Union Directive 2005/69/Ec Banning the Use of Polycyclic Aromatic Hydrocarbons in Tire Manufacturing
- Increased Use of Soybean Oil as an Alternative for Process Oils in Tire Manufacturing
- Growing Demand for Low-Viscosity Oils for Use in Vehicles
- Increasing Demand for Green Process Oils Across the Globe
- Fluctuating Price of Crude Oil
- Apar Industries Limited
- Behran Oil Company
- CPC Corporation
- Cross Oil Refining & Marketing, Inc.
- Eagle Petrochem
- Ergon North & South America
- Gandhar Oil Refinery (India) Limited
- Gulf Petroleum Ltd.
- H&R Group
- Hindustan Petroleum Corporation Limited
- Hollyfrontier Refining & Marketing LLC
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Limited
- Kite International
- Lodha Petro
- Nynas AB
- Orgkhim Biochemical Holding
- Panama Petrochem Ltd.
- Petro Gulf FZC
- PETRONAS Group
- Repsol S.A.
- Royal Dutch Shell Plc
- Southwestern Petroleum Corporation
- Sterlite Lubricants PvtLtd.
- Total S.A.
- Unipetrol Group
- Vintrol Lubes PvtLtd.
- WBF Pte Ltd.
- Wellbank Global Pte Ltd.
- Witmans Industries PvtLtd.
For more information about this report visit https://www.researchandmarkets.com/r/5hd6x1
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