Asia Pacific Process Oil Market Forecast 2017-2025
KEY FINDINGS The Asia Pacific Process Oil market is anticipated to grow from $ 1448 million and 1532 kilo tons in 2016 to $2012 million and 2149 kilo tons by 2025, at a CAGR of 3.69% and 3.85% respectively between 2017 and 2025.
MARKET INSIGHTS The high development in rising economies of Asia-Pacific has made it a lucrative market for many global oil process companies. India and China have an ample supply of the naphthenic base process oil, which further contributes to the market expansion. The Indian process oil market is expected to rise with the highest CAGR over the forecast period. India’s dominant tire industry is a major factor responsible for its market growth.
COMPETITIVE INSIGHTS Some of the leading process oil manufacturers in this region are Hindustan Petroleum Corporation Ltd, Apar Industries Ltd, Phillips 66 Company, Oao Lukoil, Exxon Mobil Chemical Company, JX Nippon Oil & Energy Corporation, Iranol Company, Orgkhim Biochemical Holding, Sepahan Oil Company and Chevron Corporation.