The Asia-Pacific process oil market is expected to accelerate ahead over the forecast years of 2019-2027 with a CAGR of 4.00% in terms of revenue and 3.91% in terms of demand, generating a total revenue of $ xx million by the end of 2027. The advancement in technology and rise in the throughput of process oil, along with the strategy of growing partnerships among the organizations are some of the key trends which are identified across the value chain of the Asia-pacific process oil market.
The high development in rising economies of Asia-Pacific has made it a lucrative market for many global process oil companies. India and China have an ample supply of the naphthenic base process oil, which further contributes to the market expansion. The Japan process oil market is expected to rise with the highest CAGR over the forecast period. Japan has the most pivotal rubber industries in the world. The growth of the automobile sector in Japan is also enhancing the demand for tires manufacturing and production in the country, which in turn, is creating opportunities for the growth of process oils market.
Some of the leading process oil manufacturers in this region are Rosneft, Orgkhim Biochemical Holding, Nynas AB, Hollyfrontier Refining & Marketing Inc., Sepahan Oil Company, Iranol Company, GP Petroleums, Calumet Specialty Products Partners, L.P., Panama Petrochem Ltd., Sasol, Petrobras, Phillips 66 Company, JX Nippon Oil & Gas Eploration, Idemitsu Kosan Co. Ltd., Royal Dutch Shell PLC, Lukoil, Petronas Lubricants International, Chevron Corporation, Petrochina Company Ltd., Total SA, Ergon North & South America, Avista Oil AG, Repsol SA, Hindustan Petroleum Corporation Ltd., Exxon Mobil Chemical Company, Gazprom, Lanxess Process Oil, APAR Industries Ltd., and Sunoco LP.