Rubber Process Oil Market – Overview
Rubber is commercially used for manufacturing of various products and in a wide number of applications. It is also used in the production of toys, rubber bands, automotive tires, as well in aircraft parts. Rubber process oil or natural rubber process oil is used as an ingredient in the mixture of rubber compounds for the production of various types of rubber.
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It acts as an integral part in the production of rubber materials. The wide uses of rubber in varied number of products and commodities and their rising demand has propelled the need for rubber process oil, thereby augmenting the growth of the global rubber process oil market. This demand is likely to increasing during the forecast period set between 2021 and 2031.
Rubber process oil is used in a number of products such as flooring materials, cable coverings, rubber shock absorbers, tires, polishes, adhesives, sealants, and others. It is also used in carbon black, industrial hoses, footwear, and polishes. The increasing uses of rubber for various purposes will help augment the growth of this market in the coming years. There are mainly three types of rubber process oil namely aromatic oil, paraffinic oil, and naphthenic oil.
Some of the key players of the global Rubber Process Oil market include:
- Behran Oil Co.
- Royal Dutch Shell Plc.
- Hindustan Petroleum Corporation Limited
- Cross Oil Refining Co. Inc.
- Gold Oil Corporation
- Apar Industries Limited
- Calumet Specialty Products Partners
Rubber Process Oil Market – Geographical Insights
The global rubber process oil market is regionally categorized into five major regions. These include North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Currently, Asia Pacific is leading the global rubber process oil market, followed closely by North America and then Europe in the third position. The dominance of Asia Pacific over the global rubber process oil market is attributed to the increasing sales rate for automobiles in the region.
Most of the companies producing tires prefer to tie knots with local rubber process oil suppliers for easy, convenient, and most reliable product supply without any interruption. The high consumption rate of rubber processing oil in the production of automobile tires especially in India, China, and Japan will further help this region continue dominance.
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Rubber Process Oil Market – Growth Drivers
The increasing demand for low-viscosity oils to use in vehicles is considered a key growth driver of the global rubber process oil market. Besides this, the rapidly growing tire industry and growing demand from automobile industry will also boost growth. On the contrary, the implementation of stringent rules by the European Union Directive on the ban of polycyclic aromatic hydrocarbons for the manufacturing and production of tires may serve as a major challenge to competitors operating in the rubber process oil market during the forecast period. Nevertheless, the advent and promotion of using styrene-butadiene rubber solution in automobile tires is likely to create new growth opportunities for this market in the coming years.
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