Global Process Oil Market to 2023 by Type (Aromatic, Paraffinic, Naphthenic, and Non-Carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile)
April 24, 2019 - 5:16 AM EDT
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Global Process Oil Market to 2023 by Type (Aromatic, Paraffinic, Naphthenic, and Non-Carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile)
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.
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 an increase in demand of process oils as carrier oils, plasticizers, dust control agents, and processing aids in the automotive industry. The tire & rubber application segment is expected to grow at the second highest CAGR during the forecast period, 2018 to 2023.
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, the 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Process Oil Market 4.2 Process Oil Market, By Type 4.3 Process Oil Market, By Application 4.4 Process Oil Market, By Region
5 Market Overview 5.1 Introduction 5.2 Regulations 5.3 Market Dynamics 5.3.1 Drivers 5.3.1.1 Growing Tire Manufacturing Industry Across the Globe 5.3.1.2 Increasing Demand and Consumption of Process Oils in the Asia Pacific Region 5.3.1.3 Growing Use of Solution Styrene-Butadiene Rubber (S-Sbr) in Automobile Tires 5.3.2 Restraints 5.3.2.1 Implementation of the European Union Directive 2005/69/Ec Banning the Use of Polycyclic Aromatic Hydrocarbons in Tire Manufacturing 5.3.2.2 Increased Use of Soybean Oil as an Alternative for Process Oils in Tire Manufacturing 5.3.3 Opportunities 5.3.3.1 Growing Demand for Low-Viscosity Oils for Use in Vehicles 5.3.3.2 Increasing Demand for Green Process Oils Across the Globe 5.3.4 Challenges 5.3.4.1 Fluctuating Price of Crude Oil 5.4 Porter's Five Forces Analysis 5.5 Macroeconomic Indicators 5.5.1 Annual GDP Growth Rate of Major Economies 5.5.2 Automotive Industry
6 Process Oil Market, By Type 6.1 Introduction 6.2 Naphthenic 6.3 Paraffinic 6.4 Non-Carcinogenic 6.5 Aromatic
7 Process Oil Market, By Application 7.1 Introduction 7.2 Tire & Rubber 7.3 Polymer 7.4 Personal Care 7.5 Textile 7.6 Others
8 Regional Analysis 8.1 Introduction 8.2 Asia Pacific 8.2.1 China 8.2.2 India 8.2.3 Japan 8.2.4 South Korea 8.2.5 Indonesia 8.2.6 Thailand 8.2.7 Rest of Asia Pacific 8.3 North America 8.3.1 US 8.3.2 Canada 8.3.3 Mexico 8.4 Europe 8.4.1 Russia 8.4.2 Germany 8.4.3 UK 8.4.4 France 8.4.5 Spain 8.4.6 Italy 8.4.7 Rest of Europe 8.5 Middle East & Africa 8.5.1 Saudi Arabia 8.5.2 UAE 8.5.3 Iran 8.5.4 Rest of Middle East & Africa 8.6 South America 8.6.1 Brazil 8.6.2 Argentina 8.6.3 Columbia 8.6.4 Rest of South America
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Related Topics: Petrochemicals , Lubricants and Greases
Source: GlobeNewswire PR
(April 24, 2019 - 5:16 AM EDT)