The global process oil market size was worth around USD 4515.2 million in 2021 and is estimated to grow to about USD 5055.010897 million by 2028, with a compound annual growth rate (CAGR) of approximately 1.9 percent over the forecast period.
Process Oil Market
Fine tolerances in tyre manufacturing, the use of radial tyres to minimize vehicle fuel consumption, low rolling resistance tyres, and an emphasis on enhancing grip and road performance of tyres to boost vehicle fuel efficiency are among the most recent tyre industry trends. Process oils are one of the most important components in tyre production. The rise of the automobile industry has a direct impact on global tyre usage. Vehicle production has a direct impact on tyre demand around the world. Consequently, the process oil market is likely to be driven by the global automotive industry's expansion over the forecast period.
According to the Market Research report, the global process oil market was worth around USD 4515.2 million in 2021 and is estimated to grow to about USD 5055.010897 million by 2028, with a compound annual growth rate (CAGR) of approximately 1.9 percent over the forecast period.
Asia-Pacific has become an area with immense promise and opportunity due to the increasing demand for textiles and personal care goods in nations like India and China. China has surpassed the United States as the world's largest provider of textiles and apparel since 1994. By focusing on OEM production and processing, the country controls the global low-to-medium end market, while the EU continues to dominate the global upmarket and high-quality textile business. North America will be the second-largest process oil market in terms of value in 2021. The North American process oil business is expected to grow slowly since end-use sectors such as rubber and polymer have reached maturity in the region. However, because the majority of the region's refineries that produce naphthenic products are based in the United States, naphthenic goods are more expensive.
Some of the main competitors dominating the global process oil market include - Royal Dutch Shell (Netherlands), ExxonMobil (US), Total S.A. (France), Indian Oil Corporation Limited (India), Petronas Group (Malaysia), Repsol S.A. (Spain), Hindustan Petroleum Corporation Limited (India), Idemitsu Kosan Co., Ltd (Japan), Unipetrol Group (Czech Republic), Panama Petrochem Ltd (India), Nynas AB (Sweden), H&R Group (Germany), Apar Industries (India), Gandhar Oil Refinery Limited (India), and Hollyfrontier Refining & Marketing LLC (US).
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