DUBLIN , Sept. 12, 2022 /PRNewswire/ -- The "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, Non-carcinogenic), Function (Extender Oil, Plasticizer, Solvent, Defoamer), Production Technology (Convention Route, Gas to Liquid, Bio-based), Application and Region - Global Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The market size of process oil is estimated to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a CAGR of 2.1% during the forecast period. The process oil market is on course for intense growth across different applications such as tire & rubber, polymer, personal care, textile, and other applications.

Tire & rubber was the leading application segment of process oil market in 2021

By application, the tire & rubber segment was the largest in the process oil market, in 2021, in terms of value. The growth of this segment can be attributed to the increase in demand for process oils as carrier oils, plasticizers, dust control agents, and processing aids in the automotive industry.

Naphthenic type was the leading segment of process oil market in 2021

By type, the naphthenic segment was the largest in the process oil market, in 2021, in terms of value. Naphthenic process oils are light-colored and non-staining compounds with properties such as thermal stability and excellent compatibility with synthetic elastomers. These oils have greater solvating power than paraffinic oils. They are highly stable at high temperatures and have low viscosity.

Asia Pacific was the leading region of process oil market in 2021

Asia Pacific is one of the major markets for naphthenic process oil, in terms of value. The Asia Pacific is the leader in the process oil market, and this dominance is expected to continue during the forecast period as well. Key countries in the Asia Pacific process oil market include China , Japan , South Korea , and India , which dominated the region's overall market in terms of volume, in 2021. The growing rubber and tire industries in emerging countries of Asia Pacific are expected to drive the growth of the process oil market in the region.

Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary

4 Premium Insights 4.1 Significant Opportunities in Process Oil Market 4.2 Process Oil Market, by Region 4.3 Process Oil Market, by Application 4.4 Process Oil Market, by Type

5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Growing Tire Manufacturing Industry Across the Globe 5.2.1.2 Increasing Demand and Consumption of Process Oils in Asia-Pacific 5.2.2 Restraints 5.2.2.1 Implementation of the European Union Directive 2005/69/ Ec Banning Use of Polycyclic Aromatic Hydrocarbons in Tire Manufacturing 5.2.2.2 Increased Use of Soybean Oil as Alternative for Process Oils in Tire Manufacturing 5.2.3 Opportunities 5.2.3.1 Growing Demand for Low-Viscosity Oils for Use in Vehicles 5.2.3.2 Increasing Demand for Green Process Oils Across the Globe 5.2.4 Challenges 5.2.4.1 Fluctuating Prices of Crude Oil 5.3 Porter's Five Forces Analysis 5.3.1 Threat of New Entrants 5.3.2 Threat of Substitutes 5.3.3 Bargaining Power of Buyers 5.3.4 Bargaining Power of Suppliers 5.3.5 Intensity of Competitive Rivalry 5.4 Ecosystem/Market Map 5.5 Value Chain 5.6 Average Price Trend 5.7 Case Study Analysis 5.7.1 Vegetable Oil Plasticizers as Replacement for Petroleum Oil in Rubber 5.8 Regulatory Landscape 5.8.1 Regulatory Bodies, Government Agencies, and Other Organizations 5.9 Patent Analysis 5.9.1 Insight 5.9.2 Legal Status of Patents 5.10 Impact of COVID-19 on Process Oil Market 5.11 Key Conferences & Events in 2022-2023 5.12 Trade Data

6 Process Oil Market, by Type 6.1 Introduction 6.2 Naphthenic 6.2.1 Thermal Stability and Excellent Solvency Properties to Increase Demand for Naphthenic Process Oil 6.3 Paraffinic 6.3.1 Growing Demand from Printing Inks Industry to Fuel Growth 6.4 Non-Carcinogenic 6.4.1 Stringent Regulations to Drive Market 6.5 Aromatic 6.5.1 Use of Aromatic Process Oils in Automotive Sector to Fuel Growth

7 Process Oil Market, by Function 7.1 Introduction 7.2 Extender Oil 7.2.1 Use of Extender Oil in Tire & Rubber Goods to Fuel Demand 7.3 Plasticizer 7.3.1 Flexibility and Plasticity Offered by Plasticizers to Polymer Solutions to Propel Demand 7.4 Solvent 7.4.1 Demand for Solvents in Petroleum Sector to Drive Its Growth 7.5 Defoamer 7.5.1 Reduction of Foam Formation in Industrial Process with Defoamers to Increase Demand 7.6 Others

8 Process Oil Market, by Production Technology 8.1 Introduction 8.2 Convention Route 8.2.1 Increased Well Productivity Through Convention Route to Fuel Demand 8.3 Gas to Liquid (Gtl) 8.3.1 Benefits of Gtl Technology in Energy Production to Propel Demand 8.4 Bio-Based 8.4.1 Advancement in Petroleum Sector to Enhance Growth

9 Process Oil Market, by Application 9.1 Introduction 9.2 Tire & Rubber 9.2.1 Increase in Automobile Demand to Drive Tire & Rubber Application 9.3 Polymer 9.3.1 Growth of Polymer Industry in Asia-Pacific to Drive the Growth 9.4 Personal Care 9.4.1 Increasing Demand for Natural Skincare Products is Driving Growth 9.5 Textile 9.5.1 Anti-Rupture and Anti-Dust Formation Properties Have Created High Demand 9.6 Others

11 Competitive Landscape 11.1 Strategies of Key Players 11.2 Revenue Analysis 11.3 Market Share Analysis 11.4 Company Evaluation Matrix 11.4.1 Star 11.4.2 Emerging Leaders 11.4.3 Pervasive 11.4.4 Participants 11.4.4.1 Competitive Benchmarking 11.5 Small and Medium-Sized Enterprises (SME) Matrix, 2021 11.5.1 Progressive Companies 11.5.2 Starting Blocks 11.5.3 Dynamic Companies 11.5.4 Responsive Companies 11.6 Competitive Scenario

12 Company Profiles 12.1 Shell plc 12.2 Exxon Mobil Corporation 12.3 Totalenergies 12.4 Idemitsu Kosan Co., Ltd. 12.5 Petroliam Nasional Berhad (Petronas) 12.6 Indian Oil Corporation Ltd 12.7 Gandhar Oil Refinery (India ) Limited 12.8 Hollyfrontier Refining & Marketing LLC 12.9 Behran Oil Co. 12.10 Orgkhim Biochemical Holding 12.11 Repsol 12.12 Hindustan Petroleum Corporation Limited 12.13 Orlen Unipetrol 12.14 Panama Petrochem Ltd 12.15 Nynas Ab 12.16 H&R Group 12.17 Apar Industries 12.17.2 Products/Solutions/Services Offered 12.18 Other Players 12.18.1 Cpc Corporation 12.18.2 Lodha Petro 12.18.3 Wbf Pte Ltd 12.18.4 Swepco 12.18.5 Cross Oil 12.18.6 Iranol Company 12.18.7 Vintrol Lubes Pvt. Ltd. 12.18.8 Petro Gulf Fzc 12.18.9 Witmans Industries Private Limited 12.18.10 Sterlite Lubricants 12.18.11 GP Petroleums 12.18.12 Wellbank Global Pte Ltd 12.18.13 Ergon North & South America

For more information about this report visit https://www.researchandmarkets.com/r/l7vi2i

Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/global-process-oil-market-2022-to-2027---growing-demand-for-low-viscosity-oils-for-use-in-vehicles-presents-opportunities-301621840.html

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.