The [155 Pages Report] "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, and Non-carcinogenic), Application (Tire & Rubber, Polymer, Personal Care, Textile), and Region (Asia-Pacific, North America, Europe, Middle East & Africa) - Global Forecasts to 2022", The process oil market is projected to grow from USD 4.61 Billion in 2017 to USD 5.56 Billion by 2022, at a CAGR of 3.8% from 2017 to 2022. The growth of the market is driven by the increasing demand for process oils from the tire and rubber industry.

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Among types, the naphthenic segment is expected to grow at the highest CAGR of 4.3% from 2017 to 2022. The growth of the segment share can be attributed to the use of naphthenic process oils for the manufacturing of various products including rubber, inks, plasticizers, and sealants, among others. Naphthenic oils are refined in a range of viscosity, flash, solvency, and color.

Among applications, the tire & rubber application segment is estimated to account for a share of 40.1% of the process oil market in 2017, in terms of value. It is projected to grow at a CAGR of 4.3% from 2017 to 2022, in terms of value. Process oils increase performance of rubber and tire products and provide high stability, with a relative inertness towards curing additives.  Process oils have low volatility, and high viscosity and plasticity. These properties facilitate blending and dispersion of fillers in tire and rubber products and improve their elastomer workability.   

Asia-Pacific is estimated to account for the largest share of 42.1% of the process oil market in 2017 and is projected to grow at a CAGR of 4.7% between 2017 and 2022. This large share can be attributed to the increased automotive sales in the Asia-Pacific region. Increase in automotive sales will boost the tire and rubber market which will drive the consumption of process oil in the region. 

The process oil market in North America has reached maturity. The market in Latin America is expected to witness significant growth during the forecast period, owing to the increasing demand for process oils from industries, such as tire & rubber, polymer, personal care, and textile, among others in the region.

Royal Dutch Shell plc (Netherlands), Chevron Corporation (U.S.), and Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), and Hindustan Petroleum Corporation Limited (India) are the key players operational in the process oil market.

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