The rubber process oil market is projected to grow at a CAGR of 5.95% during the forecast period to reach US$1,062.046 million by 2027, from US$708.496 million in 2020.
The rubber industry uses rubber process oils as the main ingredient while manufacturing tires. Rubber process oils (RPO) are used to improve the blending of rubber formulation and act as internal lubricants. Further, it facilitates the incorporation of fillers and other additives and improves certain physical characteristics and functions as a low-cost extender. These rubber process oils are used in tire, footwear, and flooring materials among others. It improves efficiency and productivity while manufacturing rubber products. It reduces viscosity, and elasticity, and aids the dispersion of filters. Due to its vast use, the rubber process oil market is expected to witness significant growth during the forecast period. The rubber process oil market is segmented into type, application and geography.
However, factors such as volatility in raw material prices and growing concerns about the usage of non-biodegradable products are currently hampering the growth of the rubber process oil market.
The Rubber Process Oils market is expected to be dominated by the Asia Pacific region.
The growth of this market is supported by the rising sale of automobiles in this region. It is expected that the growing manufacturing activities coupled with higher automotive demand are expected to create higher demand for rubber process oils in the tire and rubber manufacturing industry in the Asia Pacific region. Furthermore, the affirmative support of the government for the growth of the competitive rubber industry in this region is expected to fuel the market. For instance, the government of India supports the rubber industry through its National Rubber Policy 2019. The policy’s goal is to promote a well-developed value chain of the environmentally sustainable and globally competitive rubber industry. Such initiatives and government support are prime factors fuelling the growth of the rubber process oil market in this region.
The pandemic had a significant impact on the rubber process oil market. Owing to the government-imposed lockdowns, the manufacturing industry had to temporarily halt its operations. Furthermore, the restrictions on transport globally hindered the entire supply chain industry. Additionally, the demand for automotive and related products was reduced due to a shift in consumer preference during a time of crisis such as the global pandemic. As a result, the overall rubber process oil market felt an adverse impacts in 2020.
|Market Size Value in 2020||US$708.496 million|
|Market Size Value in 2027||US$1,062.046 million|
|Growth Rate||CAGR of 5.95% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Application, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Nynas AB, Panama Petrochem Ltd., behranoil.com, TotalEnergies, Idemitsu Kosan Co., Ltd, HollyFrontier Specialty Products, iranol.ir, HP Lubricants, CPC Corporation, LODHA Petro|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the rubber process oil market?
A1. The global rubber process oil market is projected to grow at a CAGR of 5.95% during the forecast period.
Q2. What will be the rubber process oil market size by 2027?
A2. The rubber process oil market is projected to reach a market size of US$1,062.046 million by 2027.
Q3. What is the size of the global rubber process oil market?
A3. Rubber Process Oil Market was valued at US$708.496 million in 2020.
Q4. Which region holds the largest share of the rubber process oil market?
A4. The Asia Pacific region is expected to dominate the rubber process oil market.
Q5. What factors are anticipated to drive the rubber process oil market growth?
A5. The growing use of Solution Styrene-Butadiene Rubber (S-Sbr) in tires is fueling the demand for rubber process oils.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. RUBBER PROCESS OILS MARKET, BY TYPE
5.2. Aromatic-based RPO
5.3. Paraffinic-based RPO
5.4. Naphthenic-based RPO
6. RUBBER PROCESS OILS MARKET, BY APPLICATION
6.3. Flooring Material
6.5. Wire and Cable Coverings
7. RUBBER PROCESS OILS MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.1. United Kingdom
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Nynas AB
9.2. Panama Petrochem Ltd.
9.5. Idemitsu Kosan Co., Ltd
9.6. HollyFrontier Specialty Products
9.8. HP Lubricants
9.9. CPC Corporation
9.10. LODHA Petro
Panama Petrochem Ltd.
Idemitsu Kosan Co., Ltd
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