Because of its subsequent demand due to the booming automotive and textile industry, the Global Process Oil market is anticipated to rise with a CAGR of 3.63% in terms of revenue generation and a CAGR of 3.61% in terms of demand, by the end of the forecast period of 2018-2026. The process oil market is also expected to enjoy increased popularity in the personal care sector between these projected years.
The market for process oil is segmented according to its application and types. The market finds its applications in areas like personal care, tire & rubber, polymer, textile, etc. The various types of process oils available in the market include aromatic, naphthenic, paraffin and non-carcinogenic. In the present scenario, the naphthenic process oils are dominating the market by type segment.
Geographically, the global process oil market is bifurcated into Asia-Pacific, Europe, North America and rest of the world. The market in Asia-Pacific is expected to grow significantly due to the large-scale consumption of these oils in the emerging rubber and tire industries. India and China are projected to be the primary contributors to this region during the forecast period. The North American market, on the other hand, is likely to account for a major share of the global market by 2026. Process oil is extensively utilized in various sectors of this region, including industrial, automotive, consumer goods, etc.
Avista Oil Ag, Apar Industries Ltd, Bahrain Oil Company, Calumet Lubricants Co Ltd, Chevron Corporation, Ergon North & South America, Gazprom, Exxon Mobil Chemical Company, Gp Petroleums, Hollyfrotier Refining & Marketing Inc, Hindustan Petroleum Corporation Ltd, Idemitsu Kosan Co Ltd, Jx Nippon Oil & Energy Corporation, Iranol Company, Lanxess Process Oil, Oao Lukoil, Nynas Ab, Orgkhim Biochemical Holding, Petronas Lubricants Belgium Nv, Panama Petrochem Ltd, PetroChina Lubricant Company, Phillips 66 Company, Petrobras, Repsol Sa, Rosneft, Royal Dutch Shell Plc, Sasol, Sunoco Lp, Sepahan Oil Company, and Total Sa are some of the well-known process oil companies in the global market.