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Global Automobile Demand Spurs Rubber Process Oil Market Growth to $2.59B by 2028 at 5.0% CAGR - TBRC Report
Rubber Process Oil Market Report
As per the report, the rubber process oil market size has grown strongly in recent years. It will grow from $2.03 billion in 2023 to $2.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The rubber process oil market size is expected to see steady growth in the next few years. It will grow to $2.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
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Growing Global Automobile Demand Boosts Rubber Process Oil Market
Increased consumption of rubber process oils in manufacturing tires is significantly contributing to the growth of the rubber process oil market. Rubber process oils are used in manufacturing automotive tires and tubes, bicycle tires, tire retreading materials, and others. The growing number of automobiles around the globe has contributed to an overall increase in tire demand, resulting in the growth of the rubber processing oil market. For instance, according to the 2022 Society of Indian Automobile Manufacturers (SIAM) report, between April 2021 and March 2022, passenger vehicle sales climbed from 404,397 to 577,875 units, while commercial vehicle sales increased from 50,334 to 92,297 units, three-wheeler sales increased from 393,001 to 499,730 units. Two-wheeler sales increased from 3,282,786 to 4,443,018 units. Therefore, increased consumption of rubber process oils in the manufacturing of tires has increased the demand for automobiles, which is expected to drive the growth of the rubber process oils market going forward.
Rubber Process Oil Market And Economic Growth
The rising disposable income significantly contributes to the growth of the rubber process oil market. Disposable income refers to the amount of money an individual or household has available for spending and saving after taxes and essential expenses. The rubber process oil market plays a pivotal role in supporting economic activities and industrial growth, contributing to job creation and income generation, which, in turn, helps elevate disposable income levels for individuals and households. For instance, in December 2023, according to the Bureau of Economic Analysis (BEA), a U.S.-based statistical agency part of the U.S. Department of Commerce, disposable personal income (DPI) witnessed a concurrent increase of 0.4 percent in November 2023 in both current and chained dollars, reflecting a positive trend in available income. Therefore, the rising disposable income is expected to drive the growth of the rubber process oils market going forward.
The rubber process oil market covered in this report is segmented -
1) By Type: Aromatic, Paraffinic, Naphthenic, Mild Extracted Solvent (MES), Residual Aromatic Extracted Solvent (RAE), Treated Distillate Aromatic Extracted Solvent (TDAE)
2) By Application: Rubber Processing, Adhesives And Sealants, Polymer, Consumer Products, Paints And Coatings
3) By End User: Automotive, Construction, Gas And Oil
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Major companies operating in the rubber process oil market report are Exxon Mobil Corporation, Royal Dutch Shell plc., Total S.A., Chevron Corporation, Eni S.p.A, Reliance Industries Limited, Petronas Lubricants Belgium NV, Repsol S.A., Indian Oil Corporation Limited, Iranol Oil Co, Hindustan Petroleum Corporation Limited, Gazprom Neft, CPC Corporation, Southwestern Petroleum Corporation, Eagle Compression LLC, ORGKHIM Biochemical Holding, Apar Industries Ltd., Nynas AB, Lodha Petro, Gandhar Oil Refinery Limited, Panama Petrochem Ltd., Cross Oil Refining & Marketing Inc., Hollyfrontier Refining & Marketing LLC, Kite International Investiments Ltd., Petro Gulf FZC, WBF Pte Ltd., Behran Oil Company, Vintrol Lubes Pvt Ltd., Witmans Industries Pvt Ltd.
Contents of the report:
1. Executive Summary
2. Rubber Process Oil Market Report Structure
3. Rubber Process Oil Market Trends And Strategies
4. Rubber Process Oil Market - Macro Economic Scenario
5. Rubber Process Oil Market Size And Growth
…..
27. Rubber Process Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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