HOME Research Insight New Product Launches, Expansions, and Collaborations were the Major Strategies Adopted by Key Players to Achieve Growth in the Process Oil Market.

New Product Launches, Expansions, and Collaborations were the Major Strategies Adopted by Key Players to Achieve Growth in the Process Oil Market.

The process oil market is expected to witness significant growth in the coming years, driven by the increase in the demand for process oils from the tire & rubber and personal care applications. Some of the key players operational in the market include 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).

New product launches, expansions, and collaborations were the major strategies adopted by key players to achieve growth in the process oil market.

Nynas AB, previously known as AB Nynäs Petroleum, is a subsidiary of Neste Oyj and Petróleos de Venezuela S.A. Nynas AB is engaged in the business of producing and marketing specialty oil products internationally. The company offers naphthenic specialty oils, such as transformer oils, oils for the manufacturing of several types of synthetic rubber and different compounds used in car tires, and oils for chemical and technical applications such as adhesives and printing inks. In April 2016, Nynas AB launched a new process oil, Nytex 842. Nytex 842 offers all the advantages of pure naphthenic oils, such as high compatibility with polar and non-polar rubber and good processability. The product launch will help strengthen the product portfolio and improve the position of the company in the process oil market.

Royal Dutch Shell plc, commonly known as Shell, is a holding company headquartered in The Hague, the Netherlands. Shell is a vertically integrated company and is active in both upstream and downstream activities in the oil & gas industry. It is one of the world’s six major companies operating in the oil & gas industry and is also involved in the chemicals and other energy-related businesses. The company produces and markets process oils as a part of its lubricant business in the downstream business. In March 2014, Shell established its first technology center in Shanghai, China. This R&D facility is dedicated to research and development on lubricants and oils. The facility will focus on product and application development in China, India, Indonesia, South Korea, Thailand, and Vietnam.

Related 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

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