Browse in-depth TOC on "Process Oil Market"
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Among types, naphthenic is the largest segment in the process oil market owing to the rising demand for process oil in tires and footwear applications.
Naphthenic oils are expected to lead the process oil market during the forecast period, in terms of value. They have unique molecular structure, which offers excellent solvency and compatibility across various applications. These oils enhance the performance of rubber products, printing inks, wood treatments, and among other applications. They are also effective in dust control and caulking compounds, ensuring flexibility, stability, and long-lasting performance. Advances in refining technologies produce highly purified naphthenic oils, expanding their industrial applications. Additionally, the shift towards sustainable products boosts demand for naphthenic oils due to their lower environmental impact compared to other types, making them a vital component in driving market growth and innovation.
Among function, extender oil is the largest segment in the process oil market.
The extender oil function is expected to lead the process oil market during the forecast period, in terms of volume. Rubber process oil functions as an extender. Extender oil can be used to aid in the mixing process, reducing compounding time, improving process capability, and changing physical qualities. Moreover, extender oil enhances the reduction of wear, frictional heat, and energy loss. All such factors are expected to contribute to the growth of this segment in the process oil market.
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Among applications, tire & rubber is the largest segment in the process oil market.
The tire & rubber application is expected to lead the process oil market during the forecast period, in terms of volume. Increasing concerns for fuel efficiency and reducing energy consumption in the automotive sector are driving the growth of this segment. The growth of this segment is also supported by the rising demand for automobiles in the emerging countries such as India, China, Mexico, and Indonesia, amongst others.
Asia Pacific region is expected to be the largest process oil market.
In terms of volume, the process oil market is anticipated to be led by Asia Pacific throughout the projected period. This demand is explained by the rapid expansion of the region's growing economies, which has made Asia Pacific a profitable market for process oil producers. One of the biggest markets for process oil in Asia is China. Based on yearly sales and manufacturing production, it remains one of the major car markets globally, as per the International Trade Administration. Growth in the automotive industry will therefore increase the need for tyres and rubber, which will fuel the demand for process oils.
The major market players include Shell plc (UK), Exxon Mobil Corporation (US), TotalEnergies (France), Idemitsu Kosan Co., Ltd. (Japan), and Petroliam Nasional Berhad (PETRONAS) (Malaysia) are the leading players in the market. There is significant competition in the process oil market to develop new process technology, lower the manufacturing cost, expand, and increase the use of process oil in the end-use industries. Owing to such opportunities in the industry, companies are aiming to enhance their market share by adopting various strategies.
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