HOME Top Market Reports Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, and Non-carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile), and Region (Asia-Pacific, North America, Europe, Middle East & Africa) - Global Forecasts to 2022

Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, and Non-carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile), and Region (Asia-Pacific, North America, Europe, Middle East & Africa) - Global Forecasts to 2022

By: marketsandmarkets.com
Publishing Date: June 2017
Report Code: CH 4085

 

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The process oil market is projected to reach USD 5.56 Billion by 2022, at a CAGR of 3.8% between 2017 and 2022.

The years considered for the study are:

  • Base Year – 2016
  • Estimated Year – 2017
  • Projected Year – 2022
  • Forecast Period – 2017 to 2022

For the companies profiled in the report, 2016 has been considered as the base year. In cases where the information was not available for the base year, the years prior to it have been considered.

The objectives of this study are:

  • To define, describe, and forecast the process oil market based on type, application, and region
  • To analyze and forecast the process oil market size in terms of volume (million tons) and value (USD million)
  • To provide detailed information regarding the key factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions made to the overall market
  • To analyze opportunities in the market for stakeholders and draw a competitive landscape of the market
  • To forecast the market size, in terms of value, with respect to five main regions, namely, Asia-Pacific, Europe, North America, Middle East & Africa, and South America
  • To strategically profile key players and comprehensively analyze their core competencies and market share
  • To analyze competitive developments, such as expansions, mergers & acquisitions, and new product developments in the process oil market

Research Methodology:

The research methodology used to estimate and forecast the process oil market involves obtaining data on key vendor revenues through secondary research (Hoovers, Bloomberg, Chemical Weekly, Factiva, and various other government and private websites). Vendor offerings are also taken into consideration to determine market segmentation. The bottom-up procedure was employed to arrive at the overall size of the process oil market. After arriving at the overall market size, the total market was split into several segments and sub-segments, which were later verified through primary research by conducting extensive interviews with key personnel, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments of the market. The breakdown of profiles of primaries is depicted in the figure below.

Process Oil Market

To know about the assumptions considered for the study, download the pdf brochure

The process oil market has a diversified ecosystem, including raw material suppliers, along with vendors, end users, and government organizations. Key players in this market are Royal Dutch Shell plc (Netherlands), Chevron Corporation (U.S.), and Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), Avista Oil AG (Germany), and Hindustan Petroleum Corporation Limited (India), among others. Government & research organizations, raw material suppliers & distributors, construction companies, and industry associations have been considered as the stakeholders in this study.

Target Audience

  • Process Oil Producers
  • Process Oil Traders, Distributors, and Suppliers
  • Manufacturers Operating in End-use Industries
  • Related Associations and Industry Bodies

Scope of the report: This research report categorizes the process oil market based on type, application, and region, forecasts volumes and revenues, and analyzes trends in each of the submarkets.

Based on Type, the process oil market has been segmented into:

  • Naphthenic
  • Paraffinic
  • Aromatic
  • Non-carcinogenic

Based on Application, the process oil market has been segmented into:

  • Tire & Rubber
  • Polymer
  • Personal Care
  • Textile
  • Others (coating, defoamer, and adhesives)

Based on Region, the process oil market has been segmented into:

  • Asia-Pacific
  • North America
  • Europe
  • Middle East & Africa
  • South America

The following customization options are available for the report:

  • Further breakdown of Asia-Pacific and Europe process oil markets
  • Company information
  • Detailed analysis and profiling of additional market players (up to three)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Opportunities in the Process Oil Market
    4.2 Process Oil Market, By Region
    4.3 Process Oil Market in Asia-Pacific
    4.4 Process Oil Market: Developed & Emerging Nations
    4.5 Process Oil Market, By Type

5 Market Overview (Page No. - 33)
    5.1 Introduction
    5.2 Regulations
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Growth of the End-User Industries
           5.3.2 Restraints
                    5.3.2.1 Limitations on the Usage of Polycyclic Aromatic Hydrocarbon (PAH)
           5.3.3 Opportunities
                    5.3.3.1 Increasing Demand for Low Viscosity Oils
                    5.3.3.2 Increasing Demand for Green Oils
           5.3.4 Challenges
                    5.3.4.1 Fall in Crude Oil Prices
    5.4 Porter’s Five Forces Analysis
           5.4.1 Threat of New Entrants
           5.4.2 Threat of Substitutes
           5.4.3 Bargaining Power of Suppliers
           5.4.4 Bargaining Power of Buyers
           5.4.5 Intensity of Competitive Rivalry
    5.5 Revenue Pocket Matrix

6 Process Oil Market, By Type (Page No. - 40)
    6.1 Introduction
    6.2 Market Size Estimation
    6.3 Naphthenic
    6.4 Paraffinic
    6.5 Aromatic
    6.6 Non-Carcinogenic

7 Process Oil Market, By Application (Page No. - 50)
    7.1 Introduction
    7.2 Tire & Rubber
    7.3 Polymer
    7.4 Personal Care
    7.5 Textile
    7.6 Others

8 Regional Analysis (Page No. - 61)
    8.1 Introduction
    8.2 Asia-Pacific
           8.2.1 China
           8.2.2 India
           8.2.3 Japan
           8.2.4 South Korea
           8.2.5 Indonesia
           8.2.6 Thailand
           8.2.7 Rest of Asia-Pacific
    8.3 North America
           8.3.1 U.S.
           8.3.2 Canada
           8.3.3 Mexico
    8.4 Europe
           8.4.1 Russia
           8.4.2 Germany
           8.4.3 U.K.
           8.4.4 France
           8.4.5 Spain
           8.4.6 Italy
           8.4.7 Rest of Europe
    8.5 Middle East & Africa
           8.5.1 Saudi Arabia
           8.5.2 UAE
           8.5.3 Iran
           8.5.4 Rest of Middle East & Africa
    8.6 South America
           8.6.1 Brazil
           8.6.2 Argentina
           8.6.3 Columbia
           8.6.4 Rest of South America

9 Competitive Landscape (Page No. - 103)
    9.1 Introduction
           9.1.1 Dynamic
           9.1.2 Innovator
           9.1.3 Vanguard
           9.1.4 Emerging
    9.2 Competitive Benchmarking
           9.2.1 Product Offerings
           9.2.2 Business Strategy
    9.3 Market Ranking of Key Players

10 Company Profiles (Page No. - 108)
(Overview, Financial*, Products & Services, Strategy, and Developments)
     10.1 Royal Dutch Shell PLC
     10.2 Chevron Corporation
     10.3 Nynas AB
     10.4 Repsol S.A.
     10.5 OAO Lukoil
     10.6 Avista Oil AG
     10.7 Phillips 66 Company
     10.8 Idemitsu Kosan Co., Ltd.
     10.9 Hindustan Petroleum Corporation Ltd.
     10.10 Sunoco LP (Sunoco Lubricants Europe)
     10.11 Orgkhim Biochemical Holding
     10.12 Iranol Company
     10.13 Paramo A.S.
     10.14 Behran Oil Company
     10.15 Petronas Lubricants Belgium Nv
     10.16 Other Key Players in the Process Oil Market
             10.16.1 Apar Industries Limited
             10.16.2 Mark Speciality India Pvt. Ltd.
             10.16.3 Vintrol Lubes Pvt. Ltd.
             10.16.1 Paras Lubricants Limited
             10.16.2 Witmans Industries Pvt. Ltd.
             10.16.3 Tirupati Balaji Riders Oil Co. Private Limited
             10.16.4 Sepahan Oil Company
             10.16.5 Panama Petrochem Ltd.
             10.16.6 Sah Petroleums Limited
             10.16.7 H&R Group
             10.16.8 Ergon North & South America
             10.16.9 Exxonmobil Chemical Company, Inc.
             10.16.10 Hollyfrontier Refining & Marketing LLC
             10.16.11 Petrochina Lubricant Company
             10.16.12 Raj Petro Specialities P.Ltd
             10.16.13 Cross Oil Refining & Marketing, Inc.
             10.16.14 Calumet Lubricants Co., Limited Partnership
             10.16.15 Total S.A.

*Details Might Not Be Captured in Case of Unlisted Companies

11 Appendix (Page No. - 147)
     11.1 Discussion Guide
     11.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     11.3 Introducing RT: Real Time Market Intelligence
     11.4 Available Customizations
     11.5 Related Reports
     11.6 Author Details


List of Tables (105 Tables)

Table 1 Process Oil Market in Asia-Pacific Expected to Witness High Growth During the Forecast Period
Table 2 Process Oil Market, By Type, 2015–2022 (USD Million)
Table 3 Process Oil Market, By Type, 2015–2022 (Kilotons)
Table 4 Naphthenic Process Oil Market, By Region, 2015–2022 (USD Million)
Table 5 Naphthenic Process Oil Market, By Region, 2015–2022 (Kilotons)
Table 6 Paraffinic Process Oil Market, By Region, 2015–2022 (USD Million)
Table 7 Paraffinic Process Oil Market, By Region, 2015–2022 (Kilotons)
Table 8 Aromatic Process Oil Market, By Region, 2015–2022 (USD Million)
Table 9 Aromatic Process Oil Market, By Region, 2015–2022 (Kilotons)
Table 10 Non-Carcinogenic Process Oil Market, By Region, 2015–2022 (USD Million)
Table 11 Non-Carcinogenic Process Oil Market, By Region, 2015–2022 (Kilotons)
Table 12 Process Oil Market, By Application, 2015–2022 (USD Million)
Table 13 Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 14 Process Oil Market in Tire & Rubber Application, By Region, 2015–2022 (USD Million)
Table 15 Process Oil Market in Tire & Rubber Application, By Region, 2015–2022 (Kilotons)
Table 16 Process Oil Market in Polymer Application, By Region, 2015–2022 (USD Million)
Table 17 Process Oil Market in Polymer Application, By Region, 2015–2022 (Kilotons)
Table 18 Process Oil Market in Personal Care Application, By Region, 2015–2022 (USD Million)
Table 19 Process Oil Market in Personal Care Application, By Region, 2015–2022 (Kilotons)
Table 20 Process Oil Market in Textile Application, By Region, 2015–2022 (USD Million)
Table 21 Process Oil Market in Textile Application, By Region, 2015–2022 (Kilotons)
Table 22 Process Oil Market in Other Applications, By Region, 2015–2022 (USD Million)
Table 23 Process Oil Market in Other Applications, By Region, 2015–2022 (Kilotons)
Table 24 Process Oil Market, By Region, 2015–2022 (USD Million)
Table 25 Process Oil Market, By Region, 2015–2022 (Kilotons)
Table 26 Asia-Pacific: Process Oil Market, By Country, 2015–2022 (USD Million)
Table 27 Asia-Pacific: Process Oil Market, By Country, 2015–2022 (Kilotons)
Table 28 Asia-Pacific: Process Oil Market, By Type, 2015–2022 (USD Million)
Table 29 Asia-Pacific: Process Oil Market, By Type, 2015–2022 (Kilotons)
Table 30 Asia-Pacific: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 31 Asia-Pacific: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 32 China: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 33 China: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 34 India: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 35 India: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 36 Japan: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 37 Japan: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 38 South Korea: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 39 South Korea: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 40 Indonesia: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 41 Indonesia: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 42 Thailand: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 43 Thailand: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 44 Rest of Asia-Pacific: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 45 Rest of Asia-Pacific: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 46 North America: Process Oil Market, By Country, 2015–2022 (USD Million)
Table 47 North America: Process Oil Market, By Country, 2015–2022 (Kilotons)
Table 48 North America: Process Oil Market, By Type, 2015–2022 (USD Million)
Table 49 North America: Process Oil Market, By Type, 2015–2022 (Kilotons)
Table 50 North America: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 51 North America: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 52 U.S.: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 53 U.S.: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 54 Canada: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 55 Canada: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 56 Mexico: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 57 Mexico: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 58 Europe: Process Oil Market, By Country, 2015–2022 (USD Million)
Table 59 Europe: Process Oil Market, By Country, 2015–2022 (Kilotons)
Table 60 Europe: Process Oil Market, By Type, 2015–2022 (USD Million)
Table 61 Europe: Process Oil Market, By Type, 2015–2022 (Kilotons)
Table 62 Europe: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 63 Europe: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 64 Russia: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 65 Russia: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 66 Germany: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 67 Germany: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 68 U.K.: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 69 U.K.: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 70 France: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 71 France: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 72 Spain: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 73 Spain: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 74 Italy: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 75 Italy: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 76 Rest of Europe: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 77 Rest of Europe: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 78 Middle East & Africa: Process Oil Market, By Country, 2015–2022 (USD Million)
Table 79 Middle East & Africa: Process Oil Market, By Country, 2015–2022 (Kilotons)
Table 80 Middle East & Africa: Process Oil Market, By Type, 2015–2022 (USD Million)
Table 81 Middle East & Africa: Process Oil Market, By Type, 2015–2022 (Kilotons)
Table 82 Middle East & Africa: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 83 Middle East & Africa: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 84 Saudi Arabia: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 85 Saudi Arabia: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 86 UAE: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 87 UAE: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 88 Iran: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 89 Iran: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 90 Rest of Middle East & Africa: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 91 Rest of Middle East & Africa: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 92 South America: Process Oil Market, By Country, 2015–2022 (USD Million)
Table 93 South America: Process Oil Market, By Country, 2015–2022 (Kilotons)
Table 94 South America: Process Oil Market, By Type, 2015–2022 (USD Million)
Table 95 South America: Process Oil Market, By Type, 2015–2022 (Kilotons)
Table 96 South America: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 97 South America: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 98 Brazil: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 99 Brazil: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 100 Argentina: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 101 Argentina: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 102 Columbia: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 103 Columbia: Process Oil Market, By Application, 2015–2022 (Kilotons)
Table 104 Rest of South America: Process Oil Market, By Application, 2015–2022 (USD Million)
Table 105 Rest of South America: Process Oil Market, By Application, 2015–2022 (Kilotons)


List of Figures (47 Figures)

Figure 1 Process Oil Market Segmentation
Figure 2 Process Oil Market: Research Design
Figure 3 Breakdown of Primary Interview: By Company Type, Designation, and Region
Figure 4 Market Size Estimation: Bottom-Up Approach
Figure 5 Market Size Estimation: Top-Down Approach
Figure 6 Process Oil Market: Data Triangulation
Figure 7 Naphthenic Segment Projected to Lead the Process Oil Market During the Forecast Period
Figure 8 Tire & Rubber Expected to Be the Largest Segment of the Process Oil Market During the Forecast Period
Figure 9 Asia-Pacific Estimated to Lead the Process Oil Market in 2017
Figure 10 Growth in the Automotive Sector is Expected to Drive the Growth of the Process Oil Market During the Forecast Period
Figure 11 Asia-Pacific Process Oil Market Projected to Grow at the Highest CAGR During the Forecast Period
Figure 12 Tyre & Rubber Segment Estimated to Account for the Largest Share of the Asia-Pacific Process Oil Market in 2017
Figure 13 India and China to Projected to Witness High Growth in Process Oil Market During the Forecast Period
Figure 14 Naphthenic Segment Projected to Lead Asia-Pacific Process Oil Market During the Forecast Period
Figure 15 Properties of Process Oils
Figure 16 Drivers, Restraints, and Opportunities of the Process Oil Market
Figure 17 Porter’s Five Forces Analysis
Figure 18 Revenue Pocket Matrix, By Application
Figure 19 Revenue Pocket Matrix, By Type
Figure 20 Naphthenic Expected to Be the Largest Segment of the Process Oil Market During the Forecast Period
Figure 21 Asia-Pacific Projected to Be the Largest Market for Naphthenic Process Oil During the Forecast Period
Figure 22 Asia-Pacific Projected to Be the Largest Market for Paraffinic Process Oil During the Forecast Period
Figure 23 Asia-Pacific Expected to Witness Highest Growth in the Aromatic Process Oil Market During the Forecast Peri0d
Figure 24 Asia-Pacific Projected to Witness Highest Growth in Non-Carcinogenic Process Oil Market During the Forecast Period
Figure 25 Personal Care Application Segment Expected to Witness Highest Growth During the Forecast Period
Figure 26 Asia-Pacific Projected to Lead the Process Oil Market in Tire & Rubber Application During the Forecast Period
Figure 27 Asia-Pacific Projected to Lead the Process Oil Market in Polymer Application During the Forecast Period
Figure 28 Asia-Pacific Projected to Lead the Process Oil Market in Personal Care Application During the Forecast Period
Figure 29 Asia-Pacific Projected to Lead the Process Oil Market in Textile Application During the Forecast Period
Figure 30 Asia-Pacific Projected to Lead the Process Oil Market in Other Applications During the Forecast Period
Figure 31 Asia-Pacific Process Oil Market Snapshot
Figure 32 North America Process Oil Market Snapshot
Figure 33 Europe Process Oil Market Snapshot
Figure 34 Middle East & Africa Process Oil Market Snapshot
Figure 35 South America Process Oil Market Snapshot
Figure 36 Dive Chart
Figure 37 Royal Dutch Shell PLC Accounted for the Largest Share of the Process Oil Market, 2017
Figure 38 Royal Dutch Shell PLC: Company Snapshot
Figure 39 Chevron Corporation: Company Snapshot
Figure 40 Nynas AB: Company Snapshot
Figure 41 Repsol S.A.: Company Snapshot
Figure 42 OAO Lukoil: Company Snapshot
Figure 43 Phillips 66 Company: Company Snapshot
Figure 44 Idemitsu Kosan Co., Ltd.: Company Snapshot
Figure 45 Hindustan Petroleum Corporation Ltd.: Company Snapshot
Figure 46 Sunoco LP (Sunoco Lubricants Europe): Company Snapshot
Figure 47 Paramo A.S.: Company Snapshot

The process oil market is projected to grow from USD 4.61 Billion in 2017 to USD 5.56 Billion by 2022, at a CAGR of 3.8% from 2017 to 2022. The growth of the market is driven by the increasing demand for process oils to manufacture rubbers and tires. Process oils enhance the grip of tires, which is a major factor for the safety and stability of a vehicle.

Based on type, the non-carcinogenic segment is expected to witness the highest growth from 2017 to 2022. Non-carcinogenic process oils include Treated Distillate Aromatic Extracted Solvent (TDAE), Mild Extracted Solvent (MES), Residual Aromatic Extracted Solvent (RAE), and Treated Residual Aromatic Extract (TRAE). These oils help in improving abrasion resistance and rolling resistance of tires. Non-carcinogenic process oils are used by tire manufacturers for the manufacturing of Styrene-Butadiene Rubber (SBR).

Based on application, the tire & rubber application segment is estimated to be the largest segment of the process oil market in 2017, in terms of value. The growing demand for automobiles from emerging countries, such as China and India has led to a rise in the demand for process oil for the manufacturing of tires and rubbers.

Asia-Pacific is estimated to be the largest market for process oils in 2017 and is projected to witness the highest growth between 2017 and 2022. The high growth in emerging economies has made Asia-Pacific a lucrative market for the manufacturers of process oils. The growth of the tire and rubber industries in China and India has resulted in the high consumption of process oils in these countries in recent years.

The process oil market in North America has reached maturity. The market in Latin America is expected to witness significant growth during the forecast period, owing to the increasing demand for process oils from industries, such as tire & rubber, polymer, personal care, and textile, among others in the region.

Process Oil Market

The ban on the use of aromatic oils in the manufacturing of rubbers, tires, polymers can restrain the growth of the market in the coming years.

Royal Dutch Shell plc (Netherlands), Chevron Corporation (U.S.), and Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), and Hindustan Petroleum Corporation Limited (India) are some the key players operational in the process oil market. Royal Dutch Shell Plc has a strong geographic presence with operations in over 100 countries across the globe. The company is focusing on expansions as a key growth strategy. The products offered by the company are used for the manufacturing of rubbers, elastomers, and tires to increase the elasticity of the products.

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