Technavio has announced the top five leading vendors in their recentglobal process oil marketreport until 2021. This research report also lists 25 other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the global process oil market from 2017-2021. (Graphic: Business Wire)
The growth of the global process oil market will be attributed to stringent regulations on tire manufacturing, the growth of the polymer and personal care industries, and the growth in the transmission and distribution (T&D) networks both in the non-renewable and renewable energy sectors. Two major regulatory initiatives that comprise standard tire regulations were influenced by the European Union for the European market. Among the two regulatory initiatives, one was influenced by the ban on the use of the oils that contain high polyaromatic hydrocarbon content, which was adopted in 2007, in the European Union (EU). The other led to the inclusion of fuel efficiency ratings on tire labels to enhance the safety of automobiles and to ensure fuel economy, which was adopted in 2009.
Competitive vendor landscape
The global process oil market is a highly competitive market with major vendors such as Chevron, Nynas, PetroChina Company, Royal Dutch Shell, and TOTAL competing on the basis of price, quality, and market presence. Also, these vendors are also focusing on R&D to reduce costs and improve the durability of process oils. This, in turn, will reduce the maintenance and cost of the product.
Sayani Roy, an industry expert at Technavio for research on oil and gas, says, "In May 2016, Nynas had introduced a new high-viscosity product named Nytex 842 to meet the growing demand for polarity polymer, resin and bitumen, printing ink, rubber based adhesive, hydrocarbon resin, bitumen specialties, and polyurethane markets. Nytex 842 is a highly refined, high molecular weight process oil. It has a high flash point that makes suitable for use in high-temperature processes without compromising on safety standards."
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Top five process oil market vendors
Chevron is involved in exploring, production, transportation, and refining of crude oil and gas. It markets and sells transportation fuels, lubricants, and petrochemical products; generates power and geothermal energy; and develops energy resources such as biofuels.
Chevron's global refining system manufactures fuels and other products that are sold in the market by Chevron's marketing, and supply organizations. It markets these products under the Chevron, Texaco, and Caltex brands.
Nynas is involved in the production and marketing of specialty oil products. It offers oils for manufacturing different types of synthetic rubber and compounds, chemical and technical applications, naphthenic specialty oils, and base oils as a component in cutting fluids forhydraulic oils, grease, metal working, and other industrial lubricants.
Nynas provides bitumen binders for use in asphalt applications on bridges and construction and maintenance of motorways and runways. The company also offers other bitumen products for paving and industrial applications, and for roofing felt and pipe insulation.
PetroChina Company is one of the largest oil and gas production companies in China. The company is involved in exploration and production of hydrocarbons. It also manufactures an array of chemicals and petrochemical products. Its business activities cover all the major sectors of the petroleum and petrochemical industry.
PetroChina Company operates its business through four reportable segments: exploration and production, refining and chemicals, marketing, and natural gas and pipeline. PetroChina Company produces naphthenic-based transformer oils. These are manufactured using moderately refined low-viscosity and low pour point base oils.
Royal Dutch Shell
Royal Dutch Shell is engaged in the production and refining of petroleum, lubricants, and other chemicals in addition to fuels. The company has specialized lubricant research centers in Germany, the US, the UK, and Japan. It has strong collaborations (for lubricants) with original equipment manufacturers (OEMs).
Royal Dutch Shell has a huge presence in the process oil market. As the company has a long history in the process oil industry, it has a broad range of specially designed consultation and technical services for the process oil segment.
TOTAL is an energy sector establishment with a presence in both upstream and downstream sectors. The upstream sector includes hydrocarbon exploration, development, and production, and the downstream sector includes refining, petrochemicals, specialty chemicals, trading, and shipping of hydrocarbons and petroleum products, and marketing. TOTAL also operates in the renewable energy and power generation sectors.
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