February 09, 2018
WELLESLEY, Mass., Feb. 08, 2018 (GLOBE NEWSWIRE) -- The growth in applications of process oils in various end-use industries and stricter regulations favoring production of noncarcinogenic and low PAH process oils are among key drivers of the global market for process oils. In a new report, Process Oils: Emerging Opportunities and Global Markets, BCC Research estimates this global market to grow from $5.0 billion in 2017 to $6.0 billion in 2022, indicating a compound annual growth rate (CAGR) of 3.5%.
This comprehensive report analyzes market segment, which includes naphthenic, paraffinic, aromatic and noncarcinogenic process oils. In terms of revenue, naphthenic process oils hold the largest market share of 32.4% (2017), followed by noncarcinogenic, paraffinic and aromatic. By 2022, total revenues from the naphthenic segment are expected to reach $1.8 billion. By segment type, noncarcinogenic process oils should achieve the highest growth rate at 5.1% CAGR, which will yield total revenues of $1.6 billion in 2022.
The increasingly widespread adoption of eco-friendly process oil, especially in the rubber, tires and tape sectors, is driving high growth in the noncarcinogenic process oils market. The thriving global automobile market, which is expected to achieve a 5% per annum growth rate, will increase the demand for tires, thereby increasing demand for noncarcinogenic process oils. Besides being eco-friendly, noncarcinogenic process oils offer additional advantages such as abrasion resistance, low-temperature flexibility and resistance to reversion.
“The production of next-generation process oils, which includes gas-to-liquid (GTL) oils, is trending in the market,” said Tanmay Joshi, BCC Research analyst and author of the report. “GTL oils are made from the Fischer-Tropsch process and have a uniform chemical structure. GTL technology, which enables large-scale production of base oils, acts as a base to produce premium finished process oils and lubricant products. In 2017 Sasol, Shell and ExxonMobil developed GTL technology, as well as several smaller companies.”
Process Oils: Emerging Opportunities and Global Markets( EGY148A )
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