“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%
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