NEW YORK, June 9, 2016 /PRNewswire/ -- The global process oil market is projected to reach USD 4.98 billion by 2020, at a CAGR of 2.5% between 2015 and 2020. The main reason for the growth of the global process oil market is increasing demand for finished lubricants from various industries, along with increase in the number of various end user industries.
"Tire & rubber segment is the leading application segment of the global process oil market"
Among applications, the tire & rubber segment led the global process oil market in 2014. It is also expected to grow at the highest CAGR during the forecast period, 2015 to 2020. The tire & rubber application segment is one of the potential application segments of the global process oil market.
Growth of this application segment can be attributed to increased usage of process oils as carrier oils, plasticizers, dust control agents, and processing aids in the automotive industry.
"Asia-Pacific is leading the global process oil market, in terms of consumption"
In terms of consumption, the Asia-Pacific region is the leader in the global process oil market and this dominance is expected to continue during the forecast period as well. The process oil market in Russia is projected to grow at the highest CAGR from 2015 to 2020, owing to increasing investments made in the automobile sector and rapid industrial growth in the country. Key countries in the Asia-Pacific process oil market include China, Japan, South Korea, and India. In 2014, these countries collaboratively accounted for a market share of 75.0% in the Asia-Pacific process oil market, in terms of volume.
Profile break-up of primary participants in this report:
- By Company Type - Tier 1 – 50%, Tier 2 – 13%, and Tier 3 – 37%
- By Designation – C-level – 50%, Director-level – 31%, and Others – 19%
- By Region – Asia-Pacific - 45%, North America – 30%, Europe – 20%, RoW – 5%
This study estimates the size of the global process oil market during the forecast period, 2015 to 2020. As a part of quantitative analysis, the study segments the global process oil market at the regional level, with the current market estimation and forecast till 2020. Major regions covered in this report include Asia-Pacific, North America, Europe, and RoW. By application, the global process oil market is classified into tire & rubber, polymer, personal care, and textile.
Further, as a part of qualitative analysis, the research provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by the key market players, such as Royal Dutch Shell plc, Chevron Corporation, and Petronas Lubricants Belgium NV in the global process oil market.
With the given market data, MarketsandMarkets also offers customizations as per specific needs of the companies.
Reasons to buy this report:
This report covers following key aspects:
- What will be the market size by 2020 and what will be the growth rate
- Which are the key market trends
- What is driving the global process oil market
- What are the challenges impacting the growth of the global process oil market
- Who are the key players in the global process oil market
- The report covers the global process oil market for key regions, such as Asia-Pacific, North America, Europe, and RoW.
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