The size of the rubber process oil market was estimated to be USD 2.4 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2023 to USD 3.45 billion in 2030.
The Rubber process oils is used for processing and manufacturing of multiple rubber compounds. Usage of rubber process oil improves the diffusion of fillers and flow characteristics of the compound during further processing.
Rapid growth in the demand and sales of automobiles is expected to boost the consumption of rubber process oils in the tire and cause subsequent growth in the rubber process oil market. Rubber process oil improves the physical properties of vulcanization to reduce the end product of rubber compounds. It’s compatibility with most types of elastomers has increased its usability. Strict environmental regulations set by various regulatory bodies are also contributing to the growth of rubber process oil market.
The growing research and development activities, growing demand for natural based products, growth in personal care industry, high output in polymer manufacturing and cost benefits of using process oil over conventional energy source are some factors that will ensure growth in the demand for rubber process oil industry over the next five years. The formulation and issuance of various norms encouraging manufacturing of environment friendly products is a reason that might work against the growth and progress of rubber process oil industry.
The growth in global rubber process oil industry is inevitable due to high demand in the automotive sector. Rubber process oils are used during mixing compounds of rubber and helps in increasing the flow process of compounds and diffusions of fillers during the process. Furthermore, it is used to increase the bulk in rubber which reduces the costs.
The rubber process oil market segmentation on the basis of types are Naphthenic, Aromatic, treated distillate aromatic extract, Paraffinic. Rubber process oil on the basis of applications is segmented as tire, footwear, wire and cables coverings and flooring materials. Asia-pacific (APAC) contributes the major share in rubber process oil industry, followed by North America, Europe, Middle East and Africa and South America. The US and China are the largest consumers of rubber process oil due to the large manufacturing and supply of automobile tires.
The Naphthenic type of rubber process oil is the major contributor in the market and is popular for its high thermal stability and good compatibility with synthetic elastomers. It is a light-colored and non-staining compound. The treated distillate aromatic extract (TDAE) is a non-carcinogenic rubber process oil and widely used due to its environment friendly features. The Aromatic process oil consists of 20-35% of paraffinic, 20-40% of naphthenic and 35-50% of aromatic. Non-carcinogenic process oils include of Residual Aromatic Extracted Solvent (RAE), Mild Extracted Solvent (MES), Treated Distillate Aromatic Extracted Solvent (TDAE), and Treated Residual Aromatic Extract (TRAE).
Key company profile in the Global Rubber Process Oil Market Are Chevron Corp, Cross Oil, Ergon Inc, Gandhar Oil Refinery India Ltd., HollyFrontier Corp., Indian Oil Corp. Ltd., Lodha Petro, Nynas AB, Petroliam Nasional Berhad, Repsol SA, Shell plc, TotalEnergies SE, Chemtrade Refinery, The Mosaic, Tampa Electric, Lucite International, Valero Energy, Solvay, Climax Molybdenum, BASF, DuPont, Akzonobel N.V.
Rubber Process Oil Market Scope
|Revenue forecast in 2030
|USD 3.45 billion
|CAGR of 4.5% during 2020-2030
|Types, Applications, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Chemtrade Refinery, The Mosaic, Tampa Electric, Lucite International, Valero Energy, Solvay, Climax Molybdenum, BASF, DuPont, Akzonobel N.V.
Key segments of the Rubber Process Oil Market
by End-User Industry, (USD Billion)
- rubber products
- TPE manufacturing
Types, (USD Billion)
- Treated distillate aromatic extract
Applications, (USD Billion)
- Wire and cables coverings
- Flooring materials
Region Overview, (USD Billion)
- North America
- United States of America
- the Netherlands
- The United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America