INCREASING DEMAND FOR SAFE OILS UPSWINGS THE GLOBAL PROCESS OIL MARKET AT 3.49% OF CAGR BY 2025
“According to a new market research report published by Inkwood Research, The Global Process Oil market is expected to develop from $ 4827 million and 4787-kilo tons in 2016 to $ 6558 million and $ 6449-kilo tons by 2025, growing at a CAGR of 3.49% during the years 2017 to 2025.”
“Browse 85 market data Tables and 45 Figures spread through 265 Pages and in-depth TOC on “Global process oil market” Forecast 2017-2025.”
The growing Global process oil market in the automotive sector, increasing the practice of process oil in the personal care industry and high demand for process oil in the textile industry are driving the growth of the process oil market across the globe.
Naphthenic Oils hold the largest market share in the type segment
Process oil is majorly used as a rubber process oil as it is extensively used in the manufacturing of rubber compounds and to improve the processability of rubber compounds or to upsurge the bulk of rubber to lower cost. Naphthenic oils are recognized by a molecular structure made from “rings” of hydrocarbons, i.e., the carbon and hydrogen atoms are connected in a circular design. The characteristics of naphthenic oils incorporate low viscosity, good stability, high volatility and a low pour point. They are rich in aromatics which gives them a dissolvability advantage for specific sorts of added substances. Naphthenic oils are produced from crude oil distillates that are even more of Louisiana-grade. Naphthenic oils are utilized as a part of rubber parts, rubber process oil, rubber mats, rubber footwear oils, specialty chemicals, tires, nylon tire cord, refrigeration oil, floor tiles, LPG tubes, moulded articles.
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The Asia Pacific is the fastest growing region in the Global Process Oil market
The Asia-pacific process oil market has been evolving considering the past decade. The Asia-Pacific process oil market is mainly driven by the enhancing demand of the personal care and cosmetics and rising manufacturing and production of the automobile sector which include both the passenger and commercial vehicles in which process oils are used in precise quantity. The Automobile manufacturing is majorly done in the countries such as China and South Korea as they both dominate the production and manufacturing market of the region. The tire manufacturing industry is also booming in the region mainly in the countries such as Japan, South Korea, China, and Malaysia. The presence of multinational organizations like Dunlop, Yokohama, and Bridgestone in the countries such as Japan and South Korea are boosting the manufacturing and production of tires in the country.
The key players in the Global Process Oil market are Royal Dutch Shell Plc, Total Sa, Idemitsu Kosan Co Ltd, Lanxess Process Oil and Exxon Mobil Chemical Company.
The Global process oil market report provides competitive landscapes, market drivers, trends, restraints, opportunities and challenges in this market. The report estimates the current size and the future growth potential of the market across diverse applications, technologies, verticals, types, and regions. The outlook of the report additionally comprises of mergers and acquisitions, strategies, product portfolios, agreements, partnerships and collaborations amongst the key players.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals including technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension acknowledging the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.