A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global process oil market. Presenting exclusive insights into the market from 2017 to 2025, the report projects that the market will witness significant growth during the forecast period. Process oil is the kind oil that comprises paraffinic, naphthenic, and aromatic compounds with varying molecular weight, and is used as a raw material in the processing of materials such as textile, rubber, and polymer. The process oil is produced through a catalytic dewaxing process and advanced hydrocracking. Such refining processes bestow process oil qualities such as colorlessness, high saturation, low volatility, and an increase in purity and stability. Moreover, process oil is free of polar compounds, aromatics, and sulfurs. The growth of the market is primarily attributed to the booming demand for naphthenic oil and the adoption of new technologies in the market. The high usage of naphthenic oil in manufacturing applications is also expected to boost market growth. Adoption in a wide range of end-use industries such as plastics, polymer, rubber, tire, adhesives, personal care, defoamers, and textile, will continue to shape the market growth.
Market Revenue Impelled by Extensive Usage in Textile and Polymer Industries
Process oil finds remarkable adoption in the personal care and polymer industries and textile industry, thus acting as a significant growth driver to the process oil market. Moreover, the general consumers are exhibiting preference towards natural products, and this is expected to boost the usage of process oil in the personal care industry. Additionally, process oil is a vital component in the production of polymer products that are used in consumer goods, automotive, medical, and industry sectors, thereby gaining lucrative revenue opportunities to the process oil market. The market receives impetus from the textile industry, where processing oils are extensively used because it is essential that products made from fibers should have very low aging effects and discoloration. Since the products should avoid the formation of electrostatic charge and resist wear and tear, process oils help achieve the desired quality to the end-product. In addition to these major growth drivers, process oil is used in a wide range of applications such as spray oils, defoamers, explosives, fertilizers, hot-melt adhesives, optical cable fill gels, petroleum jelly, and thermoplastic elastomers, and the usage is expected to further push the revenue of the market.
North America Remains on Frontline of Global Market
North America is one of the leading regional markets, owing to the high consumption of naphthenic oil. Moreover, the abundant supply of naphthenic base process oil in the region to cater to the growing demand from the end-use industries is also expected to impel the market revenue in the coming years. Along similar lines, the increasing demand for naphthenic process oil in the manufacturing of rubber, polymers, and various consumer durables goods in Latin America is contributing to the growth of the region's market share in the global market. On the other hand, Europe records high consumption of aromatic process oil, which is expected to continue driving the regional market on a positive growth trajectory through the forecast period.