Process Oil Market Worth USD 6.25 Billion By 2026 Growing at 3.1% CAGR | Reports And Data

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Reports And Data

Increasing demand for the next-generation formulation of process oil coupled with high investment in R&D of process oil is fueling the market growth.

NEW YORK CITY, NY, UNITED STATES, February 6, 2022 /EINPresswire.com / -- According to a new report by Reports and Data, the global Process Oil Market is forecast to reach USD 6.25 Billion by 2026. The market is rising rapidly due to demand for the rubbers & polymers applications with the drastic incremental rise in the use of tires globally. The evolution of the manufacturing industries in the Asian developing regions has helped drive the process oil market broadly. The metal-cutting industries are one of the biggest participators of this market. The next-generation formulation of oils is 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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Process Oil Industry Overview
The global materials & chemicals industry revenue growth can be majorly attributed to increasing demand for essential consumer goods including soaps, detergents, and beauty & personal care products worldwide, rising preference for sustainable and eco-friendly raw materials, and growing use of advanced chemicals and raw materials in industries including agriculture, food & beverage industries, buildings & construction, automotive, packaging, and manufacturing industries. Other major factors driving the growth of this industry are rising pollution levels, increasing environmental awareness, increasing use of technologically advanced chemicals and materials, and rising demand for organic materials.

Competitive Landscape:
The global Process Oil market research report provides a competitive strategy analysis portfolio to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding the largest market share in terms of revenue in the global Process Oil market.

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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Further key findings from the report suggest

Metalworking industries had a market revenue of USD 0.78 in 2018 and are 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 sorts of applications include requiring a 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 spread over the surfaces of the system to neutralize the surfactants. The defoaming additives are 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 types of process oils are low staining, elastomer compatible, and low volatile also.

Next-generation process oils offer several advantages over conventional oils. These types 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.

Bio-Based oils are made from highly refined bio-based vegetable extracts that replace neutral petroleum mineral oils in applications like food-grade plastics, rubbers, adhesives, paper defoamer, and others. The bio-Based segment had market revenue of USD 0.78 Billion in 2018 with a CAGR of 4.6% during the forecast period.

Rubbers & polymers involve 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.

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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
Naphthenic
Paraffinic
Aromatic
Bio-Based

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

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Regional Outlook
North America
Europe
Asia Pacific
MEA
Latin America

Thank you for reading our report. The report can be customized according to the clients' requirements. To know more about the report, kindly get in touch with us and our team will ensure the report is customized to meet your needs.

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