Process Oil Global Market Worth $6.81 Billion By 2028 Rapid Growth Predicted CAGR of 5.5% | Apar Industries Ltd., Gandhar Group, Chevron Corporation, Ergon Inc., Saudi Aramco

The process oil market size has grown strongly in recent years. It will grow from $5.2 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrial growth, automotive sector, construction boom, globalization.

The process oil market size is expected to see strong growth in the next few years. It will grow to $6.81 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to emerging economies, environmental regulations, automotive innovations, construction and infrastructure projects. Major trends in the forecast period include technological advancements, shift to bio-based process oils, increased emphasis on specialty process oils.

Market Overview -
Process oils refer to special oils that are derived from petroleum and act as a carrier of other products. The process oil is used as a component of other raw materials in various industries.

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Automotive Industry Driving Growth In The Process Oil Market
The growth of the automotive industry is expected to propel the growth of the process oil market going forward. The automotive industry is responsible for the design, manufacture, and sale of automobiles. The process oils are compatible with most rubber polymers and are extensively used in the manufacture of automobile tyres, tread rubber, conveyor belts, automotive components, and floor mats. For instance, in 2021, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based automobile manufacturers association, 79.1 million motor vehicles were produced around the world, an increase of 1.3% when compared to previous year. Therefore, the growth of the automotive industry is driving the growth of the process oil market.

Competitive Landscape -
Major companies operating in the process oil market report are Shell plc, Exxon Mobil Corporation, TotalEnergies SE, Indian Oil Corporation Limited, National Petroleum Limited(PETRONAS), Repsol S. A, Hindustan Petroleum Corporation Limited, Idemitsu Kosan Co. Ltd., Orlen Unipetrol, Panama Petrochem Ltd., Nynas AB, H&R GROUP, Apar Industries Ltd., Gandhar Group, HF Sinclair Corporation, CPC Corporation (Taiwan Chinese Prtroleum Co. ), Chevron Corporation, Ergon Inc., HollyFrontier Refining & Marketing Co., PJSC Gazprom, Saudi Aramco, Devon Energy Corporation, Calumet Specialty Products Partners L. P., The Phillips 66 Company, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Limited, PJSC Rosneft Oil Company, JX Nippon Oil & Energy, PT Pertamina, Thai Oil Public Company Limited

Innovative In Process Oil Alternative
Major companies operating in the process oil market are introducing innovative products, such as Palmless, a palm oil alternative, to gain a competitive edge in the market. For instance, in November 2022, C16 Biosciences, a US-based start-up specializing in the production of oils and fats from innovative fermentation processes, developed a fermentation process based on food waste to produce a palm oil alternative that contains as many fatty acids as its plant-derived model. The company has just announced that its palm oil alternative will be launched under the Palmless brand name, with an initial launch in the beauty sector. The palm oil alternative is made from yeast grown in a lab, and the start-up has developed a proprietary yeast strain that produces oil that contains as many fatty acids as its plant-derived model.

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Key Segments -
The process oil market covered in this report is segmented -
1) By Type: Naphthenic, Paraffinic, Non-Carcinogenic, Aromatic
2) By Function: Extender Oil, Plasticizer, Solvent, Defoamer, Other Functions
3) By Application: Rubber Processing, Adhesives And Sealants, Consumer Products, Paints And Coatings, Pharmaceuticals, Polymers, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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