Seattle, WA -- (SBWIRE) -- 10/03/2019 -- Process oils is obtained from petroleum. Some of the properties of process oil include, miscibility, color stability, and ageing resistance, which makes it useful in various applications. Chemical and technical industries use process oil as raw material or to facilitate processing. Process oil is primarily used to improve the process ability of rubbers and increase the bulk of rubber. Moreover, use of process oil can also enhance efficiency, productivity, and energy savings. Process oil is also used in manufacturing personal care products, polymers, textile, automobile parts, and in other industrial applications. Significant growth in various end-use industries is a major factor increasing demand for process oils. Moreover, the benefits outweigh the capital expenditure costs of process oils.
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However, presence of carcinogens polycyclic aromatic hydrocarbons (PAH) and polycyclic aromatics (PCA) in process oils can cause cancer. This is expected to hinder the market growth. Moreover, stringent regulations have led to focus on developing non-carcinogenic alternatives.
Process Oil Market Taxonomy
On basis of oil type, the process oil market is segmented into:
-Naphthenic Oil
-Paraffinic Oil
-Aromatic Oil
Non-carcinogenic Oils
-Treated Distillate Aromatic Extract
-Mild Extract Solvated
-Residual Aromatic Extract
-Bio based Oils
On basis of end use industry, the process oil market is segmented into:
Personal Care
-Cosmetics
-Toiletries
-Polymers
-Textile
Automobile
-"Under the hood" automotive parts
-Automobile moldings
-Tire whitewalls
Construction
-Sound and vibration dampening materials
-Wire and cable insulation and sheathing
-Weather stripping and rubber membranes
-Roofing compounds
Agriculture Industrial
-Conveyor belts for food processing
-High temperature application
-Adhesives, sealants and coatings
-Others
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High color and thermal stability in naphthenic process oils has increased their use in floor tiles and LPG tubes. Paraffinic process oils have high viscosity and flash point and find application in the automotive sector. Aromatic process oils are blended to meet stringent regulations and specifications. Bio-based process oil is used in the automobile and tire industry. Non-carcinogenic process oil is free of carcinogens and meets the regulations of PAH<10ppm.
Process Oil Market Outlook
Asia Pacific accounts for the largest market share in the global process oil market. Moreover, the market is expected to witness the fastest growth over the forecast period, owing to significant growth in the automobile and tire manufacturing industries. China exports tires to 200 countries, with 44.561 million new pneumatic tires exported in 2015 alone.
North America and Europe posted strong sales in automobile sector. An estimated 17.55 million vehicles were sold in the U.S. in 2016, with pickups and SUV's the favored vehicles due to low gasoline prices. However, the growth in the automotive sector is expected to be affected by stringent emission regulations. Three major automakers Ford, G.M, and Chrysler are the largest consumers of process oils.
Middle East and Africa are major crude oil producing regions. Significant growth in the downstream chemical processing industry is expected to increase demand for process oils in these regions.
The market growth in Latin America is inconsistent country-wise, with Mexico, Peru, Chile, and Colombia witnessing significant growth, whereas the market in Brazil, Venezuela, and Argentina witnessing a slowdown. The tire market in the region is heavily dependent on imports from China.
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Major players operating in the process oil market include, Royal Dutch Shell plc., Chevron Corporation, Petronas Lubricants Belgium NV, Nynas AB, ORGKHIM Biochemical Holding, and Repsol S.A.
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