Process Oil Market to exceed 5.56 Billion USD by 2022 with industry intelligence with competitive landscape
[155 Pages Report] The Process Oil Market is projected to grow from an estimated USD 4.7 billion in 2018 to
USD 5.6 billion by 2023, at a CAGR of 3.6% between 2018 and 2023. The process
oil market has been growing at a moderate pace over the past five years, owing
to the increasing demand for finished lubricants from various industries, such
as automotive, among others. Key players in the process oil market include
Royal Dutch Shell PLC, Chevron Corporation, Petronas Lubricants Belgium NV,
Nynas AB, Lukoil Oil Company, Repsol, and Avista Oil AG, among others.
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Process oils are predominantly used in the tire & rubber
industry. The emerging economies in the Asia-Pacific region are driving the
demand for process oils in various applications. In the tire & rubber
industry, process oils are used as carrier oils, plasticizers, dust control
agents, and processing aids. The growing investments in the tire industry in
China and India contribute to the increased demand for process oil in the
region. The emerging economies including China, Indonesia, and India are the
major markets for mining lubricants. The process oil market in Asia-Pacific is
expected to grow at a high rate.
Substantial investments have been made in the past few years
by the key players to address the growing demand for process oils. These
players have been focusing on agreements and expansions to cater to the
increasing demand for process oils in the market. Royal Dutch Shell plc and
Nynas AB reported the maximum number of developments in the process oil market
between 2014 and 2018. These companies have enhanced their production
capacities to strengthen their foothold in the market.
Royal Dutch Shell plc, one of the leading players in the
process oil market, launched the Quest carbon capture and storage (CCS) project
in Alberta, Canada. The project is designed to safely store more than 1 million
tons of CO2 each year, which equals to emissions produced from about 250,000
cars. This development is expected to improve the sales and enhance the
company’s position in the process oil market. In 2016, Royal Dutch Shell plc
announced that its recommended combination with BG Group PLC has received
merger clearance from the Australian Competition and Consumer Commission. This
merger is projected to help Royal Dutch Shell plc reinforce its position as the
world’s biggest LNG trader. In November 2017, Shell inaugurated the world’s
third-largest production facility for grease and integrated lubricants in Tuas,
Singapore. This is also the second-largest grease and integrated lubricants
facility in Asia Pacific. This expansion helped the company enhance its
presence in the Asia Pacific region.
Nynas AB is a Swedish company engaged in the manufacture of
specialty naphthenic oils and bitumen products. It acquired the Harburg
refinery in Germany. This acquisition helped the company enhance its presence
in the process oil market. In January 2018, Nynas opened a new rubber process
oil laboratory at Nynäshamn (Sweden) to enhance its testing capabilities in the
field of tire and rubber manufacturing. The laboratory is equipped with an
intermeshing 1.5-liter rubber mixer, an open mill, and instruments for
measuring viscosity, curing behavior, physical and dynamic properties, aging,
and abrasion. These capabilities are expected to help the company support its
customers in finding the best oil for different applications by demonstrating
the technical value of various process oils.
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