The Process Oil Global Market Report 2023 by The Business Research Company, provides process oil market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Process Oil Global Market Report 2023, the global process oil market size will grow from $4.84 billion in 2022 to $4.8 billion in 2023 at a compound annual growth rate (CAGR) of -0.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The process oil market size is expected to grow to $5.61 billion in 2027 at a CAGR of 4.0%
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.
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The process oil market 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
Product innovations are the key trends gaining popularity in the process oil market. Major companies operating in the market are focused on developing new innovative products to strengthen their position in the market. For instance, in May 2020, Nynas, a Sweden-based manufacturer of specialty naphthenic oils and bitumen products launched Nytex 8022, a highly versatile process oil. NYTEX 8022 is the ideal product for fulfilling the formulation requirements for highly concentrated chemical additives, such as mineral oil-based antifoam, which need the solubilization of the active components while remaining label-free. Moreover, the high flash point of NYTEX 8022 would allow the safe solubilization of the additives at high temperatures. The high solvent power of NYTEX 8022 will help to stabilize the formulations of printing inks, ceramic inks, and chemical auxiliaries used in leather and textile treatments.
Top 5 Major Key Players Are:
Shell plc
Exxon Mobil Corporation
TotalEnergies SE
Indian Oil Corporation Limited
Petroliam Nasional Berhad
Table Of Contents
1. Executive Summary
2. Process Oil Market Characteristics
3. Process Oil Market Trends And Strategies
4. Process Oil Market – Macro Economic Scenario
5. Process Oil Market Size And Growth
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26. Africa Process Oil Market
27. Process Oil Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Process Oil Market
29. Process Oil Market Future Outlook and Potential Analysis
30. Appendix
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