CHICAGO, April 5, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, the Process Oil Market is projected to grow from USD 4.7 billion in 2018 to USD 5.6 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period. Growing preference for non-carcinogenic process oil in the tire & rubber application has also helped to grow the market for process oil.
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Among types, Naphthenic segment is the largest segment the Global process oil market owing to the rising demand for process oil in tires and footwear applications
Among types, the Naphthenic segment led the global process oil market during the forecast period in terms of volume. Naphthenic segment of the global process oil market is projected to grow at the highest CAGR during the forecast period. Naphthenic process oils are light colored and non-staining; they have excellent compatibility and low temperature performance, good color, and thermal stabilities. These oils have greater solvating power than paraffinic oils.
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Among applications, the tire & rubber oil segment is the largest segment in the Global process oil market
The tire & rubber application segment led the global process oil market during the forecast period and is expected to grow at the highest CAGR between 2018 and 2023. The increasing concern for fuel efficiency and lower energy consumption in automotive sector is driving the growth of this segment. The growth in this segment is also supported by the rising demand for automobiles in the emerging countries such as China, India, Indonesia, and Mexico amongst others.
Asia-pacific is expected to be largest market in the Global Process Oil market
Asia-pacific led the Process Oil Market in 2018 both in terms of value and volume. This demand can be attributed to the high growth in emerging economies of the region that has made Asia Pacific a lucrative market for the manufacturers of process oils. The growth of the tire and rubber industries in China and India has resulted in the high consumption of process oils in these countries in recent years. Key market players, such as Royal Dutch Shell PLC, Chevron Corporation, Nynas AB, Avista Oil AG, and Petronas Lubricants Belgium NV, are planning to expand their process oil business in the region. Emerging economies, including China and India, are the major markets for process oils.
Some of the leading players in this market are Royal Dutch Shell PLC, Chevron Corporation, Petronas Lubricants Belgium NV, Nynas AB, Lukoil Oil Company, Repsol, and Avista Oil AG and among others.
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