Rising demand for next-generation process oil formulation, coupled with high investment in process oil R&D, is fueling the growth of the market.
NEW YORK CITY, NY, USA, Feb. 6, 2022 /EINPresswire.com/ — According to a new report from Reports and Data, the global process oil market is expected to reach USD 6.25 billion by 2026. The market is rapidly increasing due to the demand for rubber and polymer applications with the drastic incremental increase in tire usage worldwide. The development of manufacturing industries in developing regions of Asia has been instrumental in boosting the process oil market. Metal cutting industries are one of the biggest players in this market. The formulation of next generation oils is in huge demand throughout the forecast period.
The Asia-Pacific region is expected to generate the highest revenue of USD 2.34 billion in 2026, due to its wide market penetration due to the rise of the automotive tire industry coupled with the proliferation of metal industries in India and China. .
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Process Oil Industry Overview
The global revenue growth of the Materials and Chemicals industry can be mainly attributed to the growing demand for essential consumer goods including soaps, detergents and beauty and personal care products worldwide, to the growing preference for sustainable and environmentally friendly raw materials and the increasing use of chemicals and advanced products. raw materials in sectors such as agriculture, food and beverage, building and construction, automotive, packaging and manufacturing industries. Other major factors driving the growth of this industry are increasing levels of pollution, increased environmental awareness, increasing use of chemicals and technologically advanced materials, and increasing demand for materials. organic.
The Global Process Oil Market research report provides a portfolio of competitive strategy analyzes to provide a better understanding of the competitive landscape. The report further examines in depth the business strategies undertaken by leading manufacturers in mergers and acquisitions, joint ventures and collaborations. It sheds light on the companies with the largest market share by revenue in the global process oil market.
Major participants are Indian Oil Corporation Limited, ExxonMobil, Hindustan Petroleum Corporation Limited, Royal Dutch Shell PLC, Nynas AB, Behran Oil Company, HollyFrontier Refining & Marketing LLC, Gulf Petroleum Limited, Panama Petrochem Ltd. and Idemitsu Kosan Co., Ltd.
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Other key findings from the report suggest
Metallurgy industries earned a market revenue of USD 0.78 in 2018 and is expected to grow at a CAGR of 4.2% during the forecast period. Metallurgical industries include metal removal, metal surface treatments, metal cutting and metal shaping, supporting rust prevention for their metals. These types of applications particularly require a huge amount of pure, high performance process oils. These oils are very slightly veiled and less volatile.
Anti-foam additives are used to minimize foam formation and the potential emission of volatile organic compounds. The formulations work as a carrier fluid and spread over system surfaces to neutralize surfactants. Defoaming additives are expected to have a market share of 8.1% by 2026.
The paraffinic segment will reach a market share of 21.8% by 2026, growing at a CAGR of 2.8% during the forecast period. These types of process oils are low soiling, elastomer compatible and also low volatile.
Next-generation process oils offer several advantages over conventional oils. These types of oils are extra pure and provide excellent performance. In applications such as adhesives, personal care products, antifoam additives, rubber and thermoplastics incorporate these oils extensively for a better solution.
Bio-based oils are made from highly refined bio-based plant extracts that replace neutral petroleum mineral oils in applications such as food grade plastics, rubbers, adhesives, paper defoamers and others. The bio-based segment achieved a revenue of USD 0.78 billion in 2018 with a CAGR of 4.6% during the forecast period.
Rubbers and polymers involve applications with tires, inner tubes, shoes, gloves, rubbers, hoses, belts and others. Generally, oils with low viscosity and a more linear molecular structure compared to conventional process oils are used in these applications. Rubbers and polymers held the highest market share of 19.8% in 2018 growing and with a CAGR of 5.4% during the forecast period.
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For the purposes of this report, Reports and Data has segmented the global road marking materials market based on type, formulations, applications and region:
Personal care products
Textiles & Fabrics
Cable coatings and adhesives
Rubbers and polymers
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