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The Process Oil Market to push through the innovation-based backyard at a CAGR of 4.1% between 2017-2027
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Global Process Oil Market: Dynamics
The global process oil market is expected to witness incremental $ opportunity of US$ 1,548.4 Mn between 2017 and 2025 and will be mainly driven by the increasing automotive sector that eventually demands rubber process oil for the manufacturing of rubber products such as tires and vehicle interiors. Process oil being the basic raw material used in the production of goods in the rubber processing industry, the demand in the global market is anticipated to witness significant growth during the next eight years. Process oil is also consumed in large quantities in the polymers and paints and coatings industries. These sectors will drive volume growth of the global process oil market in the foreseeable future. Some of the other factors likely to boost the growth of the process oil market are -
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A strategic shift from conventional rubber processing to oil based processing
A steady growth in end-use industries such as automotive and rubber processing, coupled with an increase in refinery capacity
Increase in R&D activities in end-use industries
Competitive advantage of access to essential raw material feedstock
Global Process Oil Market: Segmental Forecast
The global process oil market is segmented on the basis of Product Type (Aromatic, Paraffinic, Naphthenic) and Application (Rubber Processing, Adhesives & Sealants, Consumer Products, Paints & Coatings, Pharmaceuticals, Polymers, Others).
The Aromatic product type segment is estimated to hold the maximum revenue share in the global market - about 45% by the end of 2025. This segment will reach a market valuation of US$ 2,572.2 Mn by the end of the forecast period, up from an estimated US$ 1,806.7 Mn in 2017, registering a CAGR of 4.5% during the forecast period.
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By application, Rubber Processing will continue to hold a large share of the global market throughout the period of forecast and register a CAGR of 4.6% in terms of value. This segment will reach a market valuation of US$ 2,096.0 Mn by the end of 2025.
Global Process Oil Market: Regional Forecast
Persistence Market Research tracks the performance of the global process oil market across the five key geographies of North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. In terms of value share, the Asia Pacific regional market will dominate the global process oil market, estimated to hold about 43% market share by the end of 2025. The APAC process oil market is estimated to be valued at US$ 1,590.2 Mn in 2017 and this is expected to increase to US$ 2,450.7 Mn by the end of 2025. This is reflective of a CAGR of 4.6% in terms of value during the forecast period.
Global Process Oil Market: Vendor Landscape
The report profiles some of the leading companies operating in the global process oil market such as Behran Oil Co, Ergon Inc., San Joaquin Refining Co., Inc., Chevron Corp, Meiwa Corporation, Exxon Mobil Corporation, Nynas AB, Idemitsu Kosan Co., Ltd., Calumet Specialty Products Partners, L.P., Total S.A., Hindustan Petroleum Corporation Limited, Royal Dutch Shell plc., Petroliam Nasional Berhad (PETRONAS), ORGKHIM BIOCHEMICAL HOLDING, Lubline, Avista Oil AG, Savita Oil Technologies Ltd., Panama Petrochem Ltd, Apar Industries Limited, and Raj Petro Specialties P. LTD.
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