Growing at a CAGR of 2.5% in 2022 – 2027, Global Personal Care Market will boost the Global Process Oils Market predicts Mordor Intelligence

Source- Mordor Intelligence


Hyderabad, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The demand for Global Process Oil has witnessed a slow growth in many parts of the countries across the globe. Process oils are special oils used in a wide range of chemical and technical industries as either raw material components or processing aids. They are used in various industries such as Rubber Industry, Polymer production, Personal Care industry, Textiles, and other such applications. With technological advancements, polymers are needed globally. Polymers are important to chemists and industrialists for their near-infinite polymerization possibilities. Polymers may vary in hardness, elasticity, and biodegradability. Polymers save energy through manufacturing lighter cars and insulating buildings, packaging consumable items, lowering land usage and fertilizer use with synthetic fibres, conserving other materials with coatings, and saving lives in medical uses. 

The manufacturing of polymers is a major consumer of process oils. The production of polymer compounds relies heavily on process oils. To improve their performance, plastics including crystalline polystyrene (PS), high-impact polystyrene (HIPS), polyolefins, thermoplastic elastomers, and others are blended with process oils. Increasing manufacture of these polymers is a key factor propelling the process oils market. They improve the final polymer's melt flow rate and keep it under control says Himanshu Vasisht, Senior Manager at Mordor Intelligence.  

The automobile sector's revival is also helping to boost demand for process oils. Rubber process oils are a type of process oil used in manufacturing tires for vehicles and aviation. Production of automobiles in the world rose that year, 2021. Global automotive production grew by 3% from 2020, and the demand for process oils is expected to expand at a faster rate considering the rising popularity of electric vehicles in many nations. 

With the increase in demand from several major sectors, the opportunity for manufacturers to produce processed oils has increased. The increase in demand has created new prospects for collaborations, manufacturing innovation, and mergers and acquisitions. 

The opportunities can be seen by various manufacturers such as Chevron Corporation. Recently, Chevron Global Energy Inc, a subsidiary of US-based Chevron Corporation, acquired Neste Oyj's "NEXBASE" brand. The agreement covers Neste's global base oils business, its premium brand NEXBASE, all formulation coverage, and a global marketing and distribution platform. The parties have also agreed on a long-term offtake for Neste’s base oils supply from Porvoo, Finland. NYNAS AB another manufacturer of process oils has recently launched NYTEX 8022, a versatile process oil. NYTEX 8022 is the product, formulated to meet the requirements of highly concentrated chemical additives, such as mineral oil-based antifoam, that require the active components to be dissolved while remaining label-free. Furthermore, the high flash point of NYTEX 8022 allows the additives to be safely dissolved at high temperatures. 

About Mordor Intelligence -  

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Process Oils Market Report or ask for a more customised report


 

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