Process Oil Market | Key players: Key players operating 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

According to recent market research "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, and Non-Carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile), and Region (APAC, Europe, North America, MEA, South America) - Global Forecast to 2023", The process oil market is projected to grow from USD 4.7 billion in 2018 to USD 5.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period. Growing preference for non-carcinogenic process oils in the tire & rubber application has helped drive the process oil market.

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Based on type, polymer segment expected to command the second-largest market share during forecast period

The polymer segment is estimated to account for a share of 25.6% of the process oil market in 2018, in terms of value. Process oils are utilized in the polymer industry as plasticizing agents, catalyst carriers, extender oils, mold release agents, and pigment-dispersing agents.

Based on application, paraffinic segment expected to command the second-largest market share during forecast period

Paraffinic process oils use water as the pigment-carrying solvents in printing inks. These oils help the inks provide excellent color fidelity, sharp images, and vibrant colors in the final print. These inks are mostly used in indoor applications but can also be used in outdoor applications with lamination. Water tends to soak into uncoated substrates, due to which paraffinic process oils are advised to be used on coated substrates. These inks are generally used on textile and paper substrates. On textile substrates, these inks can be used to print on soft signage, home décor, and apparel. In soft signage, these inks are used for retail Point-of-Purchase (PoP) displays.

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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.

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.

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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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