The report covers forecast and analysis for the rubber process oil market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion) and on volume (Metric Tons). The study includes drivers and restraints for the rubber process oil market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the rubber process oil market on a global level.
As per the report, the global demand for rubber process oil market was valued at approximately USD 1.87 Billion in 2018 and is expected to generate revenue of around USD 2.35 Billion by end of 2025, growing at a CAGR of around 4.4% between 2019 and 2025.
Rubber processing oils (RPOs) are organic substances which are usually added to polymers in order to improve the processability of such polymers. They provide many other advantages such as softness, elongation and low-temperature flexibility increments in desirable polymer and enhance their properties. The RPOs are commercially used to manufacture multiple rubber compound products such as small rubber bands to giant aircraft tires. The upsurge in the automobile sales around the globe anticipates augmenting the use of rubber process oils in the rubber and tire market as they are known to enhance the mechanical properties of the rubber products. The stringent environmental regulations which are set by different regulatory organizations are also contributing to the growth of this market. The major factor which drives the entire rubber process oil market is its ability to improve properties of vulcanization, which, in turn, reduces the cost of the end products of rubber compounds.
Worldwide demand for rubber process oil is growing at a rapid pace. Global demand for rubber process oil is also expected to be driven by the growing demand for low-viscosity oils for use in vehicles. The major restraint towards the rubber process oil market is the unexpected fluctuations in the prices of raw materials for rubber process oil. The rubber process oil market has a major threat from substitute products such as soybean oil in tire manufacturing. There is also an increase in demand for green rubber process oil in the market with aromatic content along with environmental protection characteristics.
Based on type, the market is segmented Naphthenic, Treated Distillate Aromatic Extracted Solvent (TDAE), Paraffinic, Mild Extracted Solvent (MES), Distillate Aromatic Extracted (DAE) and Residual Aromatic Extracted (RAE) & Treated Residual Aromatic Extracted Solvent (TRAE). Based on application, the market is segmented into rubber processing, adhesives & sealants, polymer, consumer products, paints & coatings, and pharmaceuticals. At the region level, Asia Pacific dominated the global rubber process oil market and accounted for the highest market share in 2018. The major reason behind the upsurge is the increase in demand for automotive tires in emerging economies such as India, China, etc. The European rubber process oil market is growing due to the presence of automobile giants in the region.
Some of the key players in rubber process oil market include Chevron Corporation, Nynas AB, Repsol S.A., Witmans Industries Pvt. Ltd., Behran Oil Company, Gulf Petroleum Ltd., Royal Dutch Shell PLC, Petronas Lubricants Belgium NV, ORGKHIM Biochemical Holding, Hindustan Petroleum Corporation Limited, Lodha Petro, and Gandhar Oil Refinery Limited, among others.
Global Rubber Process Oil Market: Type Segment Analysis
- RAE & TRAE
Global Rubber Process Oil Market: Application Segment Analysis
- Rubber Processing
- Adhesives & Sealants
- Consumer Products
- Paints & Coatings
Global Rubber Process Oil Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa