Rubber Process Oil Market Size, Share, Growth Analysis 2022

The global rubber process oil market size was valued at USD 2,952.2 million in 2021 and is poised to grow at a significant CAGR of 11.2% during the forecast period 2022-28. Rubber process oils play a crucial role in the production and processing of various rubber compounds. These oils improve the dispersion of fillers and flow characteristics during further processing, ultimately enhancing the physical properties of vulcanization and reducing the end-product cost. The broader usage of rubber process oils is attributed to their compatibility with most types of elastomers. The rising demand for automotive tires in emerging economies is driving the demand for rubber process oils. However, unexpected fluctuations in the prices of raw materials pose a challenge to the market's growth.
Additionally, concerns about the usage of non-biodegradable products are expected to impede the market's demand in the coming years.

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Rubber Process Oil Market Growth Factors:
The growth of the rubber process oil market is primarily driven by increasing demand and consumption in the Asia Pacific region, as well as the rising use of solution styrene-butadiene rubber (S-SBR) in automobile tires, the increasing number of automobiles worldwide, and the consequent demand for tires.

Additionally, the production of low-viscosity oils for use in vehicles and the growing global population are contributing to market growth. The market is also being driven by increasing demand for environmentally friendly rubber process oils, ongoing technological advancements in production processes, and rising research and development activities, which are expected to create new opportunities for the rubber process oil market over the forecast period. However, the market is facing several challenges, including the fluctuating costs of raw materials, the European Union directive banning the use of polycyclic aromatic hydrocarbons in tire manufacturing, and increasing environmental concerns regarding the use of non-biodegradable products. These factors are expected to act as restraints on the growth of the rubber process oil market in the forecast period.

The global rubber process oil market segmentation
1) By Type: Treated Distillate Aromatic Extracted (TDAE), Distillate Aromatic Extract (DAE), Mild Extracted Solvate (MES), Residual Aromatic Extract (RAE), Treated Residual Aromatic Extract (TRAE), Paraffinic, Naphthenic

Rubber Process Oil Market Regional Analysis:
In 2022, the North American market held the second-largest revenue share and is expected to continue to grow due to the increasing demand for rubber process oil across a variety of end-use industries, including oil and gas, construction, automotive, and pharmaceuticals. The European market held a moderate revenue share due to its well-developed end-use industries. However, the market may be hindered by the EU Directive that prohibits the use of Polycyclic Aromatic Hydrocarbons (PAHs) in extender oils used for manufacturing tires, as well as the growing trend towards using substitutes such as soybean oil for rubber process oil in tire production.

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Key players profiles in the Rubber Process Oil Market report are Apar Industries Limited, Behran Oil Company, Gandhar Oil Refinery (India) Limited, Hindustan Petroleum Corporation Limited (HPCL), Hollyfrontier Refining & Marketing LLC, Indian Oil Corporation Limited, Idemitsu Kosan Co., Ltd., Nynas AB, Orgkhim Biochemical Holding, Panama Petrochem Ltd

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