Dublin, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The "Process Oil Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type, By Function, By Application, By Production Technology, By Region, Competition" report has been added to ResearchAndMarkets.com's offering.
The global process oil market is anticipated to grow at a steady pace in the forecast period, 2023-2028. Over the projection period, the market will be driven by the rising use of process oil in end-use sectors, including manufacturing, automotive, cosmetics, and textiles, among others.
Process oils are a mixture of paraffinic, naphthenic, and aromatic chemicals with various molecular weights that are generated from petroleum. They are utilized as raw materials or as a processing aid for materials in a variety of sectors, including rubber & tire, personal care products, polymer, textile, and others. Process oils are manufactured for use in commerce using sophisticated refining techniques, including catalytic dewaxing and advanced hydrocracking.
The growing automotive sector is driving the Global Process Oil Market.
Future growth of the process oil market is anticipated to be driven by the expansion of the automotive sector. Automobile design, production, and retailing are all handled by the automotive industry. The process oils are widely used in the production of floor mats, conveyor belts, automotive parts, and tread rubber since they are compatible with most rubber polymers. For instance, 79.1 million motor cars were produced globally in 2021, up 1.3% from 2020, according to the European Automobile Manufacturers Association (ACEA), a group of automakers based in Belgium. As a result, the expansion of the automobile sector fuels the expansion of the process oil sector.
Rise in the tire manufacturing industry to Fuel the Market
Process oil demand is being fueled by the rising use of light motor vehicles in developing countries, which is also driving tire demand. Over the past several years, there has been a significant increase in the demand for tires from the two-wheeler market. The tire business is anticipated to benefit from the Asia Pacific market. Over the coming years, Asia Pacific is predicted to see a 3-4% yearly growth in the consumption of natural rubber.
The production of tires has advanced more quickly over the last few decades because of the rising standards set by OEMs, consumers, and government regulations. Tire producers are coping with rising worldwide demand, stricter environmental restrictions, and consumer labeling requirements in part by increasing their reliance on automation technologies and building new plants that enable automated procedures.
Rising demand for naphthenic oil and adoption of new technologies
Naphthenic base oil has become a popular additive for oil processing among manufacturers of process oils. Approximately 60% of naphthenic oil is consumed in North America alone. In the upcoming years, it is anticipated that manufacturers will use processed oil more frequently. The region's plentiful supply of naphthenic base process oil is the key factor influencing naphthenic oil utilization in North America.