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Process Oils Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Process Oils Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • December 2021
  • 174 pages
  • ID: 6190204
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The global process oils market is valued at 4,578 kilo tons and is expected to witness a healthy growth, at an estimated CAGR of around 3%, through the forecast period.

COVID-19 pandemic has impacted the market, negatively in 2020. According to International Trade Centre’s December 2020 report, retail sales were projected to be down by around 11% in 2020 compared to 2019, with Fashion, Apparel, and Luxury goods projected to witness a 15-20% decrease in the best-case up to 30% decrease in the worst-case scenario. The same report has also stated that Textile machinery manufacturers (globally) have reported major drops in sales, with the Italian Textile Machinery Manufacturers Association reporting a 44% decrease in sales of machinery overseas and 62% locally

Key Highlights
Over the short term, the major factor driving the growth of the market studied is increasing demand from polymer production.
Surge in rubber oils usage is also likely to augment the demand for process oils in the coming years.
Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market Trends

Increasing Demand from Rubber Application

Rubber process oil is manufactured using petroleum after more volatile petrol, and heating oil fractions are separated by implementing the distillation process.
It is a mixture of aromatic, naphthenic, and paraffinic compounds of a wide distribution of molecular weight. It is used in the rubber industry to improve the processability of rubbers and rubber compounds, thereby increasing the bulk of rubber in order to lower the prices.
It acts as an internal lubricant and improves the blending of rubber formulations. In addition, it also facilitates the incorporation of fillers and additives and improves some of the physical characteristics and functions as a low-cost extender.
It is an oil composition having kinetic viscosity at 100°C from 25 to 50 CST. The major benefits offered by rubber oil include improved efficiency and productivity coupled with lower energy consumption.
The rubber process oils are increasingly used as an environmentally friendly and safe product across various industries.
Both natural and synthetic process oil is commercially used in the production of a number of rubber products, including rubber bands, toys, tires, and others.
It is used during the mixing of rubber compounds, which facilitates increasing the dispersion of fillers and flow characteristics of the compound.
In addition, rubber process oils elevate the electrical conductivity and increase the resistance to flame.
The rubber process oil is increasingly used in applications such as tires, tubes, profiles, rubber sheets, and others.
The expansion of the rubber industry across the world is promoting the use of rubber process oils across various application industries. Some of the common applications of rubber include tires, the automotive supply industry, construction, white goods, biomedical, and textile applications.
Moreover, it is also used in the production of diesel, lubricator in rubber process, used as a part in ink production, and others.

Asia-Pacific Region to Dominate the Market

Asia-Pacific has become an area of immense potential and opportunities, due to the extensive demand for textiles and personal care products in the countries, such as India and China.
China has been the biggest textile and apparel exporter in the world since 1994. The country dominates the global, low-to-medium end market by mainly engaging in OEM manufacturing and processing, while the EU continues to dominate the global upmarket and high-quality textiles.
At present, penetration of personal care products in India is comparatively lower when compared to developed or even other developing economies. However, improving economic environment and increasing purchasing power of the Indian population is expected to increase the adoption of personal care products in the country.
According to a report published by the Ministry of Economy and Industry, the beauty and personal care (BPC) industry in the country is expected to reach more than USD 10 billion by 2021, at an estimated growth rate of 5%-6% annually. The personal care and cosmetics sector in India is expected to register continuous growth, with increasing shelf space in retail stores and boutiques in India.
Due to all such factors, the market for process oils in the region is expected to have a steady growth during the forecast period.

Competitive Landscape

The process oils market is partially consolidated in nature. Some of the major players in the market include Chevron Corporation, HollyFrontier Refining & Marketing LLC, HP Lubricants, Royal Dutch Shell Plc, and Total, among others.

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