New York, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Increasing demand for next generation formulation of process oil coupled with high investment in R&D of process oil is fueling the market growth.

The global process oil market is forecast to reach USD 6.25 Billion by 2026, according to a new report by Reports and Data. The market is rising rapidly due to demand for the rubbers & polymers applications with drastic incremental rise in the use of tires globally. Evolution of the manufacturing industries in the Asian developing regions have helped driving the process oil market broadly. The metal-cutting industries are one of the biggest participator of this market. The next generation formulation of oils are hugely in demand throughout the forecast period.

The Asia Pacific region is forecasted to generate the highest revenue of USD 2.34 Billion in the year 2026, owing to its extensive market penetration due to the rise in the automotive tire industry coupled with the proliferation of the metal-working industries in India, and China.    

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Further key findings from the report suggest

• Metalworking industries had a market revenue of USD 0.78 in the 2018 and is expected to grow at a CAGR of 4.2% during the forecast period. Metalworking industries include metal removal, metal surface treatments, metal cutting, and metal shaping, sustaining the rust prevention for their metals. These sort of applications include require huge amount of pure and high performance based process oils. These oils are very low fogging and less volatile.
• Defoaming additives are used to minimize the foam formation and potential emission of volatile organic compounds. The formulations function as a carrier fluid and spreads over the surfaces of the system to neutralize the surfactants. The defoaming additives is forecasted to have a market share of 8.1% by 2026.
• The paraffinic segment will achieve a market share of 21.8% by 2026 growing at a CAGR of 2.8% in the forecast period. These type of process oils are low staining, elastomer compatible and low volatile also.
• Bio-Based oils are made from the highly refined bio-based vegetable extracts that replace neutral petroleum mineral oils in applications like, food-grade plastics, rubbers, adhesives, paper defoamer and others. Bio-Based segment had a market revenue of USD 0.78 Billion in 2018 with a CAGR of 4.6% during the forecast period.
• Rubbers & polymers involves applications with tires, tubes, footwear, gloves, erasers, hose pipes, belts and others. Typically oils with low viscosity and more linear molecular structure compared to the conventional process oils are used in these applications. The rubbers & polymers had the highest market share of 19.8% in 2018 growing and with a CAGR of 5.4% during the forecast period.
• Next generation process oils offer several advantages over the conventional oils. These type of oils are extra pure and provide excellent performance. In applications such as, adhesives, personal care products, defoaming additives, rubber and thermoplastics are hugely incorporating these oils for a better solution.
• North America is accounted to gain 26.5% of market possession by 2026 with a CAGR of 3.9% in the forecast period.
• Europe had the second largest market share of 17.2% in 2018 and forecasted to grow at a CAGR of 1.9% during the forecast period.
• Key participants include Indian Oil Corporation Limited, ExxonMobil, Hindustan Petroleum Corporation Limited, Royal Dutch Shell PLC, Nynas AB, Behran Oil Company, HollyFrontier Refining & Marketing LLC, Gulf Petroleum Limited, Panama Petrochem Ltd., and Idemitsu Kosan Co., Ltd.

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Segments covered in the report:

For the purpose of this report, Reports and Data have segmented the global road marking materials market on the basis of the type, formulations, applications, and region:                     

Type Outlook (Revenue, USD Billion; 2016-2026)

• Naphthenic
• Paraffinic
• Aromatic
• Bio-Based

Formulation Outlook (Revenue, USD Billion; 2016-2026)

• Conventional
• Next Generation

Applications Outlook (Revenue, USD Billion; 2016-2026)

• Metalworking Industries
• Personal Care Products
• Defoaming Additives
• Textile & Fabrics
• Cables Covering & Adhesives
• Rubbers & Polymers
• Printing Inks
• Others

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Regional Outlook (Revenue, USD Billion; 2016-2026)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of the Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific
• Middle East & Africa
  • Latin America
• Brazil

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