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Rubber Process Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Rubber materials are widely employed in human life. Rubbers are commercially used to manufacture products ranging from rubber bands and toys to large-sized tires of automotive vehicles as well as aircraft. Most typical usage of rubber process oil is especially on tires, white product, constructions, automotive provide trade, textile and medicine applications. The most parts of rubber compounds are rubber, method oils, reinforcing fillers, and oil-based, mostly softeners.Click here to Details of the Report-
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Rubber Process Oil Market: Overview
Based on type, the rubber process oil market can be segmented into naphthenic, TDAE, paraffinic, MES, DAE, RAE, and TRAE. Among these, the naphthenic segment accounts for a leading share of the global rubber process oil market. The naphthenic process oil is a light-colored and non-staining compound, which has excellent compatibility with synthetic elastomers as well as high thermal stability. The oil is being increasingly consumed in Europe and North America, primarily due to its low PCA content.
TDAE is projected to be a major segment of the global rubber process oil market during the forecast period. TDAE is a non-carcinogenic rubber process oil. It is widely used as a substitute for DAE. TDAE is a rapidly expanding segment of the global market. Demand for TDAE is expected to increase during the forecast period, due to its eco-friendly nature.
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Rubber Process Oil Market: Developments & Trends
Growth of the rubber process oil market can be attributed to rising consumption of rubber process oil in the production of tires. The rising number of automobiles across the globe has contributed to the demand for tires, thereby driving the rubber process oil market.
Several manufacturers of process oil are adopting naphthenic base oil as a key ingredient for the processing of oil. More than 60% of naphthenic oil is consumed in North America alone. Adoption of naphthenic oil by manufacturers in North America is likely to increase in the near future. The key reason for high usage of naphthenic oil in North America is ample supply of naphthenic base process oil in the region. This, in turn, is estimated to augment the naphthenic segment of the global rubber process oil market during the forecast period. The global rubber process oil market has changed considerably in the recent years. Some of the key trends currently witnessed in the market are introduction of new and advanced technologies and strategy of forming partnerships.
Increasing sales of automobiles in Asia Pacific have led to rising demand for tires, thereby promoting growth of the rubber process oil market in the region. Implementation of the European Union Directive banning the use of PCA in tire manufacture and increased use of soybean oil as an alternative for rubber process oil in tire production are the key factors restraining the rubber process oil market in Europe.
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Rubber Process Oil Market: Regional Outlook
Based on region, the global rubber process oil market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the key region of the global rubber process oil market.
Asia Pacific is a rapidly expanding market for rubber process oil, followed by North America and Europe. Growth of the market in Asia Pacific can be attributed to increase in sales of automobiles in the region. Various leading players in the Asia Pacific market have adopted strategies such as expansion, new product launches, and agreements so as to meet the rising demand for rubber process oil.
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Rubber Process Oil Market: Key Players
Key players operating in the global rubber process oil market are Royal Dutch Shell plc., Chevron Corporation, Petronas Lubricants Belgium NV, Hindustan Petroleum Corporation Limited, Cross Oil & Refining Co Inc., Calumet Specialty Products Partners, L.P., Gold Oil Corporation, Behran Oil Co., and Apar Industries Limited.
Companies in the Rubber Process Oil market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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