The global process
oil market is forecast to reach USD 6.25 Billion by 2026, according to
a new report by Reports and Data. The market is rising rapidly due to demand
for the rubbers & polymers applications with drastic incremental rise in
the use of tires globally. Evolution of the manufacturing industries in the
Asian developing regions have helped driving the process oil market broadly.
The metal-cutting industries are one of the biggest participator of this
market. The next generation formulation of oils are hugely in demand throughout
the forecast period.
The Asia Pacific region is
forecasted to generate the highest revenue of USD 2.34 Billion in the year
2026, owing to its extensive market penetration due to the rise in the
automotive tire industry coupled with the proliferation of the metal-working
industries in India, and China.
Further key findings from
the report suggest
- Metalworking industries had a market revenue of USD
0.78 in the 2018 and is expected to grow at a CAGR of 4.2% during the
forecast period. Metalworking industries include metal removal, metal
surface treatments, metal cutting, and metal shaping, sustaining the rust
prevention for their metals. These sort of applications include require
huge amount of pure and high performance based process oils. These oils
are very low fogging and less volatile.
- Defoaming additives are used to minimize the foam
formation and potential emission of volatile organic compounds. The
formulations function as a carrier fluid and spreads over the surfaces of
the system to neutralize the surfactants. The defoaming additives is
forecasted to have a market share of 8.1% by 2026.
- The paraffinic segment will achieve a market share of
21.8% by 2026 growing at a CAGR of 2.8% in the forecast period. These type
of process oils are low staining, elastomer compatible and low volatile
also.
- Bio-Based oils are made from the highly refined
bio-based vegetable extracts that replace neutral petroleum mineral oils
in applications like, food-grade plastics, rubbers, adhesives, paper
defoamer and others. Bio-Based segment had a market revenue of USD 0.78
Billion in 2018 with a CAGR of 4.6% during the forecast period.
- Rubbers & polymers involves applications with
tires, tubes, footwear, gloves, erasers, hose pipes, belts and others.
Typically oils with low viscosity and more linear molecular structure
compared to the conventional process oils are used in these applications.
The rubbers & polymers had the highest market share of 19.8% in 2018
growing and with a CAGR of 5.4% during the forecast period.
To identify the key trends in
the industry, click on the link below:
- Next generation process oils offer several advantages
over the conventional oils. These type of oils are extra pure and provide
excellent performance. In applications such as, adhesives, personal care
products, defoaming additives, rubber and thermoplastics are hugely
incorporating these oils for a better solution.
- North America is accounted to gain 26.5% of market
possession by 2026 with a CAGR of 3.9% in the forecast period.
- Europe had the second largest market share of 17.2%
in 2018 and forecasted to grow at a CAGR of 1.9% during the forecast period.
- Key participants include Indian Oil Corporation Limited, ExxonMobil, Hindustan Petroleum Corporation Limited, Royal Dutch Shell PLC, Nynas AB, Behran Oil Company, HollyFrontier Refining & Marketing LLC, Gulf Petroleum Limited, Panama Petrochem Ltd., and Idemitsu Kosan Co., Ltd.
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