According to a new report by Reports and Data, the global rubber process oil market is projected to reach USD 2,927.6 Million by 2028. These oils are specialized internal lubricants used in rubber formulation to enhance its physical properties, act as cost-effective extenders, facilitate the blending of fillers and additives, and more.
The market for rubber process oil is influenced by the increasing urbanization and industrialization. The growing use of adhesives, sealants, and rubber products is driving the demand for rubber process oil. The automotive industry heavily relies on this market for manufacturing tires, door liners, car floor mats, belts, gloves, and various other products. Fluctuations in crude oil prices and stringent government regulations pose challenges to the market.
The aforementioned factors collectively create growth opportunities for the market, while the adverse effects of aromatic hydrocarbon used in rubber product manufacturing pose limitations. However, each factor will have a specific impact on the market during the forecast period. Continuous developments in the rubber lubricant market, driven by innovative efforts, have improved the efficiency of rubber process oil.
In the Asia Pacific region, the market for rubber lubricants is rapidly growing due to a sudden rise in population and rapid urbanization. Countries like China, India, and Japan, with favorable political, social, and economic conditions, have experienced significant growth in this market. The gas and oil industries, as well as the automotive industries in the APAC region, utilize rubber oils for the production of adhesives and sealants used in pipelines and houses.
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Key Findings from the report:
- The automotive and transportation industries held the largest market share of 34.5% in 2018. Rubber process oil is used in the production of automotive tubes, tires, belts, hoses, tire rethreading material, and more. These lubricants exhibit good affinity and are compatible with SBR, PBR, natural rubber, and CR. They offer high strength, controlled deformation, and abrasion resistance.
- The TDAE (Treated Distillate Aromatic Extract) segment is projected to witness the highest compound annual growth rate (CAGR) of 5.6% during the forecast period. This growth is driven by the European Union's ban on the use of DAE (Distillate Aromatic Extract) due to its toxicity.
- Rubber processing held the largest market share of 32.6% in 2018. The process oil industry is growing in this segment due to the increasing demand for rubber accessories in the automobile industry as a result of rapid urbanization. Adding these lubricants to rubber improves the processability of rubber polymers.
- The Asia Pacific region is expected to witness the highest CAGR of 6.1% during the forecast period. Rubber oil lubricants in this region enhance vulcanization quality and make end products more affordable for end-users. Countries like India, China, Taiwan, Indonesia, and Japan are experiencing rapid growth in the rubber process oil market.
Key participants in the market include Repsol S.A, Chevron Corporation, Nynas AB, Witmans Industries Pvt. Ltd., Gulf Petroleum Ltd., Behran Oil Company, ORGKHIM Biochemical Holding, Royal Dutch Shell PLC, Petronas Lubricants Belgium NV, and Gandhar Oil Refinery Limited, among others.
Rubber Process Oil Market: Drive factors
Factors Driving the Rubber Process Oil Market
1. Rising Urbanization and Industrialization: The market for rubber process oil is influenced by the increasing urbanization and industrialization worldwide. As urban areas expand and industries grow, the demand for rubber products, adhesives, and sealants rises, driving the need for rubber process oil.
2. Growing Automotive Industry: The automotive industry plays a significant role in driving the demand for rubber process oil. These oils are used in the manufacturing of various automotive components such as tires, belts, hoses, car floor mats, and more. With the expanding automotive sector globally, the demand for rubber process oil is increasing.
3. Cost-Effective Extenders: Rubber process oil serves as cost-effective extenders in rubber formulation. They enhance the physical properties of rubber, making it more durable and flexible. The cost-effectiveness of rubber process oil makes it a preferred choice for manufacturers, contributing to market growth.
4. Increasing Applications in Adhesives and Sealants: Rubber process oil finds extensive applications in the production of adhesives and sealants. The rising demand for these materials across various industries, including construction and automotive, is boosting the market for rubber process oil.
Overall, the combination of urbanization, industrialization, automotive industry growth, cost-effectiveness, expanding applications, crude oil price fluctuations, and government regulations collectively drive the rubber process oil market.
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