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Rubber Process Oils: Sustainability Meets Efficiency in 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to infrastructure development, environmental regulations, natural rubber production, replacement tire market, shifts in consumer preferences for high-performance tires.
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%. The growth in the forecast period can be attributed to digital transformation, changing automotive design, increasing focus on sustainability, rise in electric vehicle adoption, demand for specialty rubber products. Major trends in the forecast period include bio-based rubber process oils, customized formulations, enhanced performance additives, energy-efficient manufacturing, enhanced product traceability.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Rubber Process Oil Market 2024 Key Insights:
• 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%.
• Growing Global Automobile Demand Boosts Rubber Process Oil Market
• Rubber Process Oil Market And Economic Growth
• Asia-Pacific was the largest region in the rubber process oil market in 2023 and is expected to be the fastest-growing region in the forecast period
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