Process Oil Market by Type, Function, Production
Dublin, Sept. 06, 2022 (GLOBE NEWSWIRE) — The “Process Oil Market by Type (Aromatic, Paraffinic, Naphthenic, Non-carcinogenic), Function (Extender Oil, Plasticizer, Solvent, Defoamer), Production Technology (Convention Route, Gas to Liquid, Bio-based), Application and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The market size of process oil is estimated to grow from USD 4.8 billion in 2022 to USD 5.3 billion by 2027, at a CAGR of 2.1% during the forecast period. The process oil market is on course for intense growth across different applications such as tire & rubber, polymer, personal care, textile, and other applications.
Tire & rubber was the leading application segment of process oil market in 2021
By application, the tire & rubber segment was the largest in the process oil market, in 2021, in terms of value. The growth of this segment can be attributed to the increase in demand for process oils as carrier oils, plasticizers, dust control agents, and processing aids in the automotive industry.
Naphthenic type was the leading segment of process oil market in 2021
By type, the naphthenic segment was the largest in the process oil market, in 2021, in terms of value. Naphthenic process