Byproduct financial definition of byproduct
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by-product a product which results from a common production process but which is secondary to the main product being produced from that process. The refining of crude oil to produce petrol, for example, also produces by-products such as tar and creosote. See BY-PRODUCT PRICING, PROCESS PRODUCTION.
by-product a product that is secondary to the main product emerging from a production process. For example, the refining of crude oil to produce petroleum generates a range of by-products like bitumen, naptha and creosote.