The market analysis report titled ‘Global Process Oil Market Size study, By Product Type (Naphthenic, Paraffinic, Non-carcinogenic, Aromatic), By Application (Tire & Rubber, Polymer, Personal Care, Textile, Others), and Regional Forecasts 2022-2028’ available with MarketStudyReport, asserts that worldwide process oil marketplace is estimated to witness a sturdy growth during 2022-2028, and subsequently amass a sustainable valuation by the end of the forecast period.

Increasing product demand from the tire manufacturing sector and rising adoption of solution styrene-butadiene rubber (S-SBR) in automobile tires are the key factors expected to propel global process oil market growth throughout the study period.

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For the uninitiated, process oil is a high-performance colorless oil that is manufactured by utilizing refining processes such as advanced hydrocracking and catalytic dewaxing. This oil is primarily adopted across a variety of chemical and technical industries as a raw material component.

In addition, increasing preference for low-viscosity oils for use in vehicles, and the surging popularity of eco-friendly process oils are anticipated to improve the revenue margins of the industry landscape during 2022-2028.

Despite the positive outlook, the volatile pricing structure of crude oil, and the increasing adoption of soyabean oil as an affordable alternative for process oils may significantly hamper the progress graph of the marketplace in the ensuing years.

Based on product type, the naphthenic segment of global process oils marketplace is expected to showcase a decent growth rate through the analysis timeframe, creditable to the surging adoption of naphthenic as a primary base oil in the production of
process oils.

Geographically, Asia Pacific market is likely to accumulate a substantial remuneration in the projected timeframe, owing to the presence of top players, and the availability of affordable labor in the region.

Meanwhile, North America industry landscape is likely to showcase promising growth over the forecast timeline, owing to rapid economic development and increasing product adoption within various end-use verticals of the region.

The competitive terrain of global process oil industry is defined by key players such as Panama Petrochem Ltd., Hindustan Petroleum Corporation Ltd., HollyFrontier Refining & Marketing LLC, Exxon Mobil Corporation, Indian Oil Corporation Ltd., Orgkhim Biochemical Holding, Idemitsu Kosan Co., Ltd., Shell plc, Orlen Unipetrol A.S., and Tata Power Company Ltd.