The growth in the automotive sector is expected to drive the growth of the tire & rubber segment of the market. The growing applications of process oil in the polymer industry will be also be one of the factors responsible for the growth of the European process oil market. The tire & rubber application segment accounted for 42.9% share of the market in 2014, in terms of value, while the polymer segment contributed a share of 25.0% in the same year.
Currently, Russia is the largest consumer of process oil in Europe and the market in the country is estimated to grow at the CAGR 2.2% in terms of value, during the forecast period. The growing demand for process oil in the automotive and personal care industries is expected to drive the process oil market in Russia.
Key manufacturers in the European process oil market include
- Royal Dutch Shell PLC (Netherlands),
- Chevron Corporation (U.S.),
- Petronas Lubricants Belgium NV (Belgium),
- Nynas AB (Sweden),
- Lukoil Oil Company (Russia),
- Avista Oil AG (Germany),
- Repsol S.A. (Spain), and others.
Tire & rubber is the biggest application segment of the process oil market in Europe, having contributed a share of 42.9% in 2014. This large share can be attributed to the increasing demand of process oil as carrier oil, plasticizer, dust control agent, and processing aid. Polymer is the second-largest application segment and contributed a share of 25.0% to the market in Europe in 2014. Process oil is used in the polymer industry as plasticizing agent, catalyst carrier, extender oil, mold release agent, and pigment dispersing agent.
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