According to the recent research report titled ‘GLOBAL Process Oil Market 2019-2027’, available with Market Study Report, global process oil market is projected to record a CAGR of 3.85% and 3.81% in terms of revenue and volume respectively over 2019-2027.
 

Industry experts cite that growing automotive sector and personal care vertical, alongside rising vehicular production are primarily stimulating global process oil market growth. Surging demand for process oil in textile industry is contributing to the overall market outlook.
 

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Moreover, mounting exploration activities for hydrocarbons in non-OPEC regions, and advantages of adhering to usage of low polyaromatic hydrocarbons (PAH) oils are also adding significant traction to the industry progression.
 

Coming to the restraints, introduction of dry-type transformers, and restrictions on usage of polycyclic aromatic hydrocarbon (PAH) are negatively impacting the business expansion. Further, varying crude oil and raw material prices is hampering worldwide process oil industry remuneration.
 

Based on type, the market is split into non-carcinogenic, aromatic, paraffin, and naphthenic oil. With respect to application spectrum, the industry is divided into textile, personal care, polymer, tiber & rubber, and others.
 

Citing the regional landscape, top contributors to global process oil market valuation are North America (Canada, United States), Europe (Russia, Italy, Spain, France, Germany, United Kingdom), Asia Pacific (South Korea, India, Japan, China), Latin America (Mexico, Brazil), and Middle East & Africa (South Africa, Saudi Arabia, Turkey, United Arab Emirates.)
 

As per the report, Middle East & Africa currently holds major portion of worldwide process oil market share and is slated to grow substantially over the coming years, attributable to mounting demand for synthetic rubber. In addition, increasing sales recorded by automobile industry for passenger and commercial vehicles is adding impetus to the regional industry development.
 

Top firms influencing global process oil market trends are Total S.A., Sunoco LP, Nynas AB, Ergon Refining Inc., Calumet Specialty Products Partners L.P., HollyFrontier Refining & Marketing LLC, Hindustan Petroleum Corporation Limited (HPCL), Royal Dutch Shell plc, Apar Industries Limited, Chevron Corporation, and Panama Petrochem Ltd. among others.