Process Oil Market: Overview
Process oil is a combination of paraffinic, naphthenic, and aromatic compounds with varying molecular weight. It is used as raw material component or as an aid in processing of materials in industries such as textile, rubber and polymer. Process oil is produced by refining processes such as catalytic dewaxing process and advanced hydrocracking. Process oil obtained after refining is colorless and exhibits high performance qualities such as high saturation, low volatility, and increase in purity and stability. It is nearly free of polar compounds, aromatics, and sulfur.
Materials that can be used as process oil include chemical peptizers, petroleum oil, fatty acid soaps and esters, liquid polymers, partially vulcanized rubber, and waxes. Process oil is used in a wide range of applications in various industries such as plastics, polymer, rubber, tire, adhesives, personal care, defoamers, and textile.
Process Oil Market Dynamics and Trends
Increase in usage of process oil in personal care and polymer industries, followed by textile industry, is one of the major drivers of the process oil market. Consumers of personal care products are following the trend of using natural-based products. This is boosting the personal care industry. Process oil plays an important role in manufacturing polymer products, which are used in consumer goods, automotive, medical, and industrial sectors. These applications are expected to propel the demand for process oil, resulting in significant growth of the market. In textile industry, it is essential that products made from fibers should have very low ageing effects and discoloration. These products should also avoid formation of electrostatic charge on them and not be prone to easy wear and tear. Process oil is used to achieve these specifications.
Process oil is also used to improve the ability of rubber to get processed in the rubber industry. It also helps to increase the bulk of rubber in order to lower its cost. Furthermore, process oil is employed in a wide range of applications such as spray oils, defoamers, explosives, fertilizers, hot-melt adhesives, optical cable fill gels, petroleum jelly, textile and leather auxiliaries, and thermoplastic elastomers. Thus, the process oil market is expected to continue to expand in the near future.
Process Oil Market: Segmentation
Based on material, the process oil market can be segmented into paraffinic, naphthenic, and aromatic. Based on process oil containing materials, the market can be segmented into peptizers, petroleum oils, fatty acid derivatives, polymers, and waxes. In terms of application, the process oil market can be segmented into personal care, polymer, plastics, rubber, and textile.
Process Oil Market: Region-wise Outlook
In terms of value and volume, Asia Pacific is expected to lead the process oil market due to the increasing demand in the automotive industry. Of late, many companies have been shifting their manufacturing divisions to Asia Pacific due to the easy access to labor, availability of labor at economical costs, and easy availability of raw materials. This is anticipated to boost the process oil market in the region. Thus, Asia Pacific, followed by Europe, dominates the process oil market.
Process Oil Market: Key Players
Key players operating in the process oil market include Phillips 66 Company, Panama Petrochem Ltd., Process Oils Inc., Calumet Specialty Products Partners L.P., Shell Global, Chevron, LUKOIL Oil Company, Repsol, and Avista Oil AG.
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