Rise in awareness about cleanliness and hygiene, increase in demand for personal care products among people, surge in standard of living among people, diving fashion consciousness among people, and extensive application of process oil in warp preparation in textile industry drive the growth of the global process oil market. Closure of manufacturing facilities, reduced demand from end-use industries, and shortage of raw materials during the pandemic had a negative impact on the market.
Portland, OR, Dec. 01, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global process oil market generated $4.7 billion in 2021, and is projected to reach $6.6 billion by 2031, growing at a CAGR of 3.4% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report Coverage & Details:
|Market Size in 2021||$4.7 billion|
|Market Size in 2031||$6.6 billion|
|No. of Pages in Report||245|
|Segments Covered||Type, application, and region|
|Drivers||Increase in the standard of living|
|Extensive application of process oil in warp preparation in textile industry|
|Opportunities||Rise in fashion consciousness among people|
|Wide applications in chemical and technical industries|
|Restrains||Increase in prices of crude oil|
- The outbreak of COVID-19 had a negative impact on the growth of the global process oil market, owing to the presence of lockdowns in numerous countries around the world.
- Lockdowns resulted in the closure and reduced demand from various manufacturing industries, including those involved in textile, chemical, polymer, and others, which adversely impacted the growth of the market.
- In addition, shortage of workforce, change in the prices of crude oil, and shortage of raw materials during the pandemic aggravated the impact on the market.
- However, the market is expected to recoup soon with eased restrictions.
The report offers detailed segmentation of the global process oil market based on type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on type, the naphthenic segment held the dominating market share in 2021, holding nearly two-fifths of the global process oil market, and is expected to maintain its leadership status during the forecast period. The paraffinic segment, on the other hand, is expected to cite the fastest CAGR of 3.7% during the forecast period.
Based on application, the tire and rubber segment held the dominating market share in 2021, holding more than one-third of the global process oil market, and is expected to maintain its leadership status during the forecast period. The polymer segment, on the other hand, is expected to cite the fastest CAGR of 3.7% during the forecast period.
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, holding around two-fifths of the global process oil market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 3.8% during the forecast period. The other regions analysed in the report include North America, Europe, and LAMEA.
The key players analysed in the global process oil market report include Behran Oil Co., Chevron Corporation, Exxon Mobil Corporation, Gandhar Oil Refinery (India) Limited, HF Sinclair Corporation, Indian Oil Corporation Ltd., LODHA Petro, Process Oils Inc., Shell Plc., and Total Energies.
The report analyses these key players in the global process oil market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analysing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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