Process Oil Market

Royal Dutch Shell (Netherlands) and Nynas AB (Sweden) are leading players in Process Oil Market

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.

Related Reports:

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

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Report Code
CH 4085
RI Published ON
4/2/2019
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