Global Process Oil Market Forecast 2019-2027KEY FINDINGS
Because of its subsequent demand due to the booming automotive and textile industry, the global process oil market is anticipated to rise with a CAGR of 3.62% in terms of revenue, and 3.60% in terms of demand during the forecasting years of 2019-2027. The process oil market is also expected to enjoy increased popularity in the personal care sector between these projected years.
The growth of the process oil market in the automotive sector, increase in the practice of process oil in the personal care industry, and the high demand of process oil in the textile industry are driving the market growth essentially. Although, toxicity is one of the major concerns regarding the use of process oil as it contains polycyclic hydrocarbons, which are toxic. The other restraint which is affecting the growth of process oil market is the volatility in raw material prices. It poses a significant risk to the performance of the company and its long-term growth, especially in the petrochemical industry.
Geographically, the global process oil market is bifurcated into Asia-Pacific, Europe, North America and the Rest of World. The market in Asia-Pacific is expected to grow significantly due to the large-scale consumption of these oils in the emerging rubber and tire industries. India and China are projected to be the primary contributors to this region during the forecast period. The North American market, on the other hand, is likely to account for a huge share of the global market by 2027. Process oil is extensively utilized in various sectors of this region, including industrial, automotive, consumer goods, etc.
Rosneft, Orgkhim Biochemical Holding, Nynas AB, Hollyfrontier Refining & Marketing Inc., Sepahan Oil Company, Iranol Company, GP Petroleums, Calumet Specialty Products Partners, L.P., Panama Petrochem Ltd., Sasol, Petrobras, Phillips 66 Company, JX Nippon Oil & Gas Eploration, Idemitsu Kosan Co. Ltd., Royal Dutch Shell PLC, Lukoil, Petronas Lubricants International, Chevron Corporation, Petrochina Company Ltd., Total SA, Ergon North & South America, Avista Oil AG, Repsol SA, Hindustan Petroleum Corporation Ltd., Exxon Mobil Chemical Company, Gazprom, Lanxess Process Oil, APAR Industries Ltd., and Sunoco LP are some of the well-known process oil companies in the global market.
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