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The quenching oil industry in North America accounts for a significant share in the overall market owing to the rapid urbanisation and increased industrial operations in the region. The increasing demand for automobiles is driving the demand for steel and other metal components, which is driving the growth of the quenching oil industry. Quenching oils promote controlled cooling and wetting of steel in the hardening process. These oils are also suitable for mass production of high precision and high-quality products such as bearing races, automotive gears, and transmission components, among others. The manufacturers are increasingly investing in R&D activities to produce quenching oils, which have the ability to adhere to smooth or shiny surfaces, and thus, are suitable to manufacture components that require a bright finish.
The growing mergers and acquisitions by the key players are expected to further aid the industry growth. In May 2020, Chevron U.S.A. Inc., a wholly-owned subsidiary of Chevron Corporation (NYSE: CVX), acquired Pasadena Refining System, Inc. (PRSI) and PRSI Trading LLC from Petrobras America Inc. for USD 350 million. This marks the addition of a second refinery to Chevron U.S.A’s Gulf Coast downstream business and is expected to enhance the production capacity of Chevron-produced goods, including crude oil and refined products in the region. Such developments are expected to have a positive impact on the industry over the forecast period.
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The major players in the global quenching oil market are Chevron Corporation, Dow Chemical Company, Rocky Valley Oil & Chemical Co., CONDAT group, Tashoil Company Pvt. Ltd., W.S.Dodge Oil Co. Inc., and Hindustan Petroleum Corporation Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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