The global market for process oils reached nearly $5.1 billion in 2017 and should reach $6.0 billion by 2022, at a compound annual growth rate (CAGR) of 3.5% for the period of 2017-2022
NEW YORK, Fev. 12, 2018 /PRNewswire/ -- The global market for process oils reached nearly $5.1 billion in 2017 and should reach $6.0 billion by 2022, at a compound annual growth rate (CAGR) of 3.5% for the period of 2017-2022.
Read the full report: https://www.reportlinker.com/p05312880
-- Interventional Naphthenic as a segment reached $1.6 billion in 2017 and should reach $1.8 billion by 2022 at a CAGR of 2.3% through 2022.
-- Noncarcinogenic as a segment reached nearly $1.3 billion in 2017 and should reach $1.6 billion by 2022 at a CAGR of 5.1% through 2022.
Chapter 1: Introduction
Process oil refers to special mineral oils that are derived from refining base oils, mainly as a mixture of naphthenic, aromatic and paraffinic compounds. Process oils have high saturation, low volatility, color stability and low oxidation. Furthermore, they increase the stability and purity of finished products making them suitable for application in various industries such as tires, rubber, personal care products, polymers, textiles and others as raw material or as a processing aid for materials.
With the growth in applications of process oils in various end-use industries the demand for process oils has increased. In the tire and rubber industries, process oils function as internal lubricants and improve the blending of rubber formulations, and the use of process oils makes products softer, more flexible and even provides insulating properties.
The demand for weather-resistant, flexible rubber products makes process oil an important ingredient in the production of automotive tires. Similarly, the use of process oil in the personal care products industry lubricate, soften, smooth, extend and even moisturize and add emollience to the finished product.
Further, European regulations, such as REACH Regulation 1907/2006 and E.U. Directive 2005/69/EC, restrict the amount of polycyclic aromatic hydrocarbons (PAHs) to less than 3% by mass. These strict regulations have led the way for noncarcinogenic and low PAH process oil creating rising demand for noncarcinogenic process oil in the European market for process oils.
According to the Illinois Department of Public Health, in the United states, the maximum content levels for total PAH's has been restricted to 0.2 parts per billion by the USEPA (United States Environmental Protection Agency). The restriction has been imposed to control the release of PAH into the environment. This is anticipated to hinder the growth of aromatic process oil in tire manufacturing in the U.S.
A trend that has gained momentum in the market for process oils is the production of next-generation process oils, which includes gas-to-liquid (GTL) oils. GTL oils are made from the Fischer-Tropsch process and have a uniform chemical structure. GTL technology enables large-scale production of base oils, and acts as a base to produce premium finished process oils and lubricant products. For instance, in Oct. 2017, Sasol, Shell, and ExxonMobil developed GTL technology for the production of process oil, and several smaller companies are developing their own GTL technologies.
Moreover, the developing trend of using low PAH oils is creating an opportunity for the market for process oils as it is leading to increased demand for process oils such as naphthenic oil and petroleumbased safe process oils with low PAH content. The driving factor leading to the trend of using low PAH oil is the growing environmental risks and health problems due to high levels of PAHs (PAHs from tires are released into the environment due to tire wear) and E.U. legislation mandating the replacement of aromatic process oils with noncarcinogenic oils in tire and rubber compounds.
Study Goals and Objectives
-- Determination of segments and key market structures in the global market for process oils and assessment of the factors that impact market growth.
-- Identification of key market participants, product portfolios, recent developments and application areas.
-- Identification of various strategies adopted by companies to enhance their market positions, which includes expansions, product launches, mergers and acquisitions, innovations, partnerships, collaborations and joint ventures.
-- Assessing and analyzing the market trends, drivers, restraints, opportunities and influences and their impact on market revenues and growth (2016-2022).
-- The report provides an analysis of each of the market segments based on the type of process oil (i.e., naphthenic, paraffinic, aromatic and noncarcinogenic), application areas and regions.
-- Study of challenges that need to be addressed in the global market for process oils to achieve financial success.
-- To present a conclusion from the study conducted through intensive primary and secondary research.
Scope of Report
The scope of the report is widely characterized on the basis of consumption of process oils across geographies, which include North America, Europe, Asia-Pacific and the rest of the world. The report also covers different applications of process oils in tires and rubber, polymers, personal care products, textiles, coatings, defoamers and adhesives.
Although the report intends to include the numerous applications of process oil, it does not include revenue generated from the use of process oil in transformers nor applications of process oil as a lubricant in industrial machines and tools.
Estimated values used are based on manufacturers' total revenues. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation.
Intended Audience The intended audience of the report includes the following:
-- Process oil manufacturers and potential entrants.
-- Key companies involved in the crude oil exploration, extraction and refining.
-- Dealers and distributors.
-- Large-scale end uses such as tires, polymers, rubber, personal care products, textiles and other end-use industries.
-- Research institutes, associations and academia.
Research Methodology A bottom-up approach was used to estimate the size of the market for process oils and was further verified with revenue figures obtained using the top-down approach.
The research methodology used to calculate market size also includes the following:
-- Market revenues of the key companies were determined through primary and secondary research, including a study of the annual reports of the leading companies in the market, and interviews with key opinion leaders such as chief executive officers (CEOs) and directors.
-- Secondary research included a general search by keyword through paid and unpaid sources, such as Factiva and OneSource, and government websites, publicly available websites and company websites.
-- The penetration percentage and forecast of micro markets were established through primary and secondary sources and validated through primary sources.
-- The forecast takes into account market trends such as pricing and volume analysis.
Market for Process Oils, by Type
Napthenic
Paraffinic
Aromatic
Noncarcinogenic
Market for Process Oils, by Application
Tires and Rubber
Polymers
Cosmetics and Personal Care Products
Textiles
Others
Market for Process Oils, by Region
North America
Europe
Asia-Pacific
Rest of the World
Some of these are:
-- Bio-succinic acid market.
-- Solution Styrene Butadiene Rubber (S-SBR) Market for Tire, Polymer Modification, Footwear & Others.
-- Circulating Fluidized Bed (CFB) Boilers (Subcritical, Supercritical, Ultra-Supercritical) Market for Power Generation.
-- Glycolic Acid Market for Personal Care, Household Cleaning, Industrial and Other Applications.
-- Medical Polymers, Resins and Fibers (PVC, PP, PE, PS), Elastomers (SBC, Rubber Latex).
-- Biodegradable Plastics Market for Devices, Equipment, Packaging and Other Applications.
Chapter 2: Summary and Highlights
Process oils have become an essential part of many industries especially those in the technical and chemical sectors. Process oil has been widely used in industries such as tires and rubber, polymers, textiles, personal care products, adhesives, coatings, defoamers and others.
In the rubber industry, process oil is used in the form of extender oils, which extend rubber and improves its processability. Within the polymer industry, process oils are used as plasticizing agents, catalyst carriers and mold release agents. In the manufacture of personal care products, process oils are used as a blending base. Within the textile industry, process oils are used as finishing agents.
The global market for process oils is projected to grow at a CAGR of 3.5% during the forecast period of 2017 through 2022. By 2022, total revenues are expected to reach nearly $6.0 billion an increase from $5.0 billion in 2017.
Read the full report: https://www.reportlinker.com/p05312880
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
