Process Oil Market worth $5.3 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO , April 1, 2022 /PRNewswire/ -- According to the report "Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, Non-carcinogenic), Function (Extender Oil, Plasticizer, Solvent, Defoamer), Production Technology (Convention Route, Gas to Liquid, Bio-based), Application and Region - Global Forecast to 2027", published by MarketsandMarkets™, the market is projected to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 2.1% during the forecast period. Growing preference for non-carcinogenic process oils in the tire & rubber application has helped drive the process oil market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=70882267
Browse in-depth TOC on "Process Oil Market"
257 – Tables
54 – Figures
259 – Pages
View Detailed Table of Content Here: https://www.marketsandmarkets.com/Market-Reports/process-oil-market-70882267.html
Among types, naphthenic is the largest segment in the process oil market owing to the rising demand for process oil in tires and footwear applications
The naphthenic type is expected to lead the process oil market during the forecast period, in terms of volume. Naphthenic oils have a wide range of applications as process oils, such as rubber process and extender oils, inks, wood treating compounds, PVC plastisols, dust control, caulking and sealant compounds.
Among function, extender oil is the largest segment in the process oil market
The extender oil function is expected to lead the process oil market during the forecast period, in terms of volume. Rubber process oil functions as an extender. Extender oil can be used to aid in the mixing process, reducing compounding time, improving process capability, and changing physical qualities. Moreover, extender oil enhances the reduction of wear, frictional heat, and energy loss. All such factors are expected to contribute to the growth of this segment in the process oil market.
Among applications, tire & rubber is the largest segment in the process oil market
The tire & rubber application is expected to lead the process oil market during the forecast period, in terms of volume. Increasing concerns for fuel efficiency and reducing energy consumption in the automotive sector are driving the growth of this segment. The growth of this segment is also supported by the rising demand for automobiles in the emerging countries such as China, India, Indonesia, and Mexico, amongst others.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=70882267
Asia Pacific region is expected to be the largest process oil market
Asia Pacific is expected to lead the process oil market during the forecast period, in terms of volume. This demand can be attributed to the high growth in emerging economies of the region that has made Asia Pacific a lucrative market for the manufacturers of process oils. China is one of the largest countries in the Asian process oil market. It continues to be the world's largest vehicles market in terms of annual sales and manufacturing output, according to the International Trade Administration. In the wake of the COVID-19 pandemic, the Chinese government has taken various steps to support automobile consumption. Thus, growth in the automotive sector will enhance the consumption of tire & rubber, which will lead to the growth of the process oil market.
Some of the leading players in this market are Shell plc (UK), Exxon Mobil Corporation (US), TotalEnergies (France), Idemitsu Kosan Co., Ltd. (Japan), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Indian Oil Corporation Ltd (India), Gandhar Oil Refinery (India) Limited (India), ORGKHIM Biochemical Holding (Russia), Repsol (Spain), Hindustan Petroleum Corporation Limited (India), Panama Petrochem Ltd (India), Nynas AB, (Sweden), H&R Group (Germany), and APAR Industries (India), among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=70882267
Browse Adjacent Market: Bulk Chemicals and Inorganics Market Research Reports & Consulting
Related Reports:
Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA)
https://www.marketsandmarkets.com/Market-Reports/base-oil-market-203695851.html
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/process-oil-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/process-oil.asp
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article