Rubber Process Oil Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Aromatic-based RPO, Paraffinic-based RPO, Naphthenic-based RPO), By Application (Tire, Flooring Material, Footwear, Wire And Cable Coverings, Others), And By Geography - Forecasts From 2022 To 2027

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.

Drivers

• The growing use of Solution Styrene-Butadiene Rubber (S-Sbr) in tires is fueling the demand for rubber process oils.
• Rising demand for rubber gloves across various industries including healthcare and automotive is also bolstering the growth of the rubber process oil market.
• Rising investments in R&D by rubber process oil manufacturers to develop green rubber process oils will propel the growth of the rubber process oil market in the coming years.

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.

Product offering

• Panama Petrochem Ltd, offers PANOL C160-A which is an aromatic rubber processing oil. It has high rubber and polymer solvency and it offers good compatibility. This rubber processing oil can be used in manufacturing tubes and tires for automotive, belting, battery containers, and technical molded goods among others.
• HP Lubricants, an umbrella brand for manufacturing various lubricants and specialty products offers ELASTO 710 Rubber Process Oils. The ELASTO 710 oil is applicable in areas of manufacturing automobile rubber tires, belting, battery cast, etc. The company claims it offers excellent plasticizing properties and adequate miscibility.

COVID-19 Insight

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.

Rubber Process Oil Market Scope:

Market Segments

• By Type
  • Aromatic-based RPO
  • Paraffinic-based RPO
  • Naphthenic-based RPO
• By Application
  • Tire
  • Flooring Material
  • Footwear
  • Wire and Cable Coverings 
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Taiwan
    • Others