Dec 12, 2022

Impact" - https://www.reportlinker.com/p06372907/?utm_source=GNW Ltd, Unipetrol AS, Panama Petrochem Ltd, Nynas AB, H&R GROUP, Apar Industries Ltd., Gandhar Group, HF Sinclair Corporation, and CPC Corporation. The global process oil market is expected to grow from $4.81 billion in 2021 to $5.15 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The process oil market is expected to grow to $6.00 billion in 2026 at a CAGR of 3.9%. The process oil market consists of sales of finished lubricants, greases, thermal oils, hydraulic fluid, metal working fluids.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Process oils refer to special oils that are derived from petroleum and act as a carrier of other products. The process oil is used as a component of other raw materials in various industries. Asia Pacific was the largest region in the process oil market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the process oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified). The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The main types of process oil are naphthenic, paraffinic, non-carcinogenic, and aromatic.Paraffinic refers to a waxy crystalline flammable substance obtained especially from distillates of wood, coal, petroleum, or shale oil that is a complex mixture of hydrocarbons and is used chiefly in coating and sealing, in candles, rubber compounding, and in pharmaceuticals and cosmetics. The different functions include extender oil, plasticizer, solvent, defoamer, and others that are used in rubber processing, adhesives and sealants, consumer products, paints and coatings, pharmaceuticals, polymers, and other applications. The growth of the automotive industry is expected to propel the growth of the process oil market going forward.The automotive industry is responsible for the design, manufacture, and sale of automobiles. The process oils are compatible with most rubber polymers and are extensively used in the manufacture of automobile tyres, tread rubber, conveyor belts, automotive components, and floor mats. For instance, in 2021, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based automobile manufacturers association, 79.1 million motor vehicles were produced around the world, an increase of 1.3% when compared to 2020. Therefore, the growth of the automotive industry is driving the growth of the process oil market. Product innovations are the key trends gaining popularity in the process oil market.Major companies operating in the process oil market are focused on developing new innovative products to strengthen their position in the market. For instance, in May 2020, Nynas, a Sweden-based manufacturer of specialty naphthenic oils and bitumen products launched Nytex 8022, a highly versatile process oil.NYTEX 8022 is the ideal product for fulfilling the formulation requirements for highly concentrated chemical additives, such as mineral oil-based antifoam, which need the solubilization of the active components while remaining label-free. Moreover, the high flash point of NYTEX 8022 would allow the safe solubilization of the additives at high temperatures. The high solvent power of NYTEX 8022 will help to stabilize the formulations of printing inks, ceramic inks, and chemical auxiliaries used in leather and textile treatments. In December 2021, Slicker Recycling Ltd., a UK-based oil collection and recycling company acquired Hydrodec for an undisclosed amount. This acquisition would allow Slicker to expand its position as a leader in oil recycling out of Europe and ultimately help it achieve its mission to do the right things for the planet. Hydrodec is a US-based company operating in process oil. The countries covered in the process oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The process oil market research report is one of a series of new reports that provides process oil market statistics, including process oil industry global market size, regional shares, competitors with a process oil market share, detailed process oil market segments, market trends and opportunities, and any further data you may need to thrive in the process oil industry. This process oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.