Press release
Process Oil Market Size: Exploring Projected Outlook, Size, Share and Growth for 2024-2031 | Royal Dutch Shell plc, Chevron Corporation
Process Oil Market
Process oils are mainly used as processing aids and extenders in the rubber and polymer industries. They help improve the workability and consistency of uncured rubbers.
Market Dynamics:
Process oils find major applications in rubber processing owing to their ability to plasticize and soften rubbers. They also offer improved extrudability and machining properties of uncured rubbers. This drives the growth of process oils in the rubber processing segment. Further, stringent environmental regulations regarding the usage of volatile organic compound emitting solvents is increasing the adoption of process oils as an alternative in various applications such as coatings and pharma. Growing infrastructure and construction activities also contribute to the rising demand for rubber products, hence fueling market growth of process oils over the forecast period.
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Process Oil Market Drivers: Growing Demand for Lubricant in Automotive Industry
The automotive industry worldwide has seen tremendous growth in the past decade owing to rising disposable incomes and growing automotive production. Process oils find wide application as lubricating oils in the automotive sector. They are used for improving the viscosity and other properties of automotive lubricants such as engine oils, gear oils, transmission fluids, etc. According to estimates, over 1 billion vehicles will be added globally by 2040 with a majority coming from developing nations. This consistent rise in the automotive sector production directly translates to higher demand for automotive lubricants and consequently process oils.
Process Oil Market Drivers: Increasing Consumption in Rubber and Plastic Industries
Process oils are extensively used as extenders and plasticizers in the rubber and plastic industries. They help improve the processing, compounding and extrusion of rubber and plastic products. The global rubber and plastic industry has witnessed steady growth over the past few years and accounts for a sizable share of the total process oil consumption. Growth in end-use sectors such as automotive, packaging, construction is driving the production of rubber and plastic goods. This in turn is augmenting the demand for process oils from these industries. According to industry estimates, the global rubber and tire market is forecast to grow at over 3.5% annually until 2025.
Process Oil Market Trends: Increasing Preference for Bio-based and Synthetic Process Oils
With growing environmental regulations restricting the use of mineral-based products, consumers are showing more inclination towards bio-based and synthetic process oils. Bio-based process oils derived from renewable vegetable or animal fats and oils offer superior environmental profile over petroleum-based oils. Likewise, synthetic process oils manufactured using alpha-olefins have advantages such as high viscosity index and oxidation stability. Considering sustainability as a key trend, process oil producers are investing in bio and synthetic oil production facilities. The eco-friendly attributes of these process oil variants are fueling their adoption across industries. This emerging trend is likely to reshape the competitive dynamics of the global process oil market in the coming years.
Worldwide major and leading players within the market are:
★ Royal Dutch Shell plc
★ Chevron Corporation
★ Petronas Lubricants Belgium NV
★ Nynas AB
★ ORGKHIM Biochemical Holding and Repsol S.A
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Segmental Overview
Process Oil Market segmentation offers an in-depth analysis of the various segments of the market, including application, type, end use, and region. The segmentation overview section offers crucial information about the market share, sales, and growth rate for each of the segments over the forecast period. Moreover, an examination of the relative multitude of significant sub-portions in the market has been canvassed in the report.Having a knowledge about the various segments and sub-segments helps businesses recognize the importance of factors that drive industry growth.
The titled segments and sub-section of the Process Oil market are illuminated below:
Global Process Oil Market, By Product Type:
★ On basis of oil type, the process oil market is segmented into:
★ Naphthenic Oil
★ Paraffinic Oil
★ Aromatic Oil
★ Non-carcinogenic Oils
★ Treated Distillate Aromatic Extract
★ Mild Extract Solvated
★ Residual Aromatic Extract
★ Bio based Oils
★ On basis of end use industry, the process oil market is segmented into:
★ Personal Care
★ Cosmetics
★ Toiletries
★ Polymers
★ Textile
★ Automobile
★ "Under the hood" automotive parts
★ Automobile moldings
★ Tire whitewalls
★ Construction
★ Sound and vibration dampening materials
★ Wire and cable insulation and sheathing
★ Weather stripping and rubber membranes
★ Roofing compounds
★ Agriculture
★ Industrial
★ Conveyor belts for food processing
★ High temperature application
★ Adhesives, sealants and coatings
★ Others
Regional Analysis for Process Oil Market:
📍 North America (United States, Canada, and Mexico)
📍 Europe (Germany, France, UK, Russia, and Italy)
📍 Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
📍 South America (Brazil, Argentina, Colombia, etc.)
📍 The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
Key Highlights of the Report
Offers a comprehensive and holistic analysis of the Process Oil Market.
Evaluates the competitive environments, covering partnerships, joint ventures, acquisitions, and organic growth.
Provides forecast information related to every region and sub-region of the Process Oil market.
Includes information on the key opportunities and challenges faced by key industry players worldwide.
Covers the Process Oil market's current and future market outlook on industry drivers, market restraints, and regional constraints.
The report answers a number of crucial questions, including:
➥ Which companies dominate the global Process Oil market?
➥ What current trends will influence the Process Oil market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular Process Oil market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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