Press release
Rubber Process Oil Market Poised for 5.7 % Growth, Set to Hit $58.26 Billion by 2029
Rubber Process Oil
The expansion of the rubber process oil market can be attributed significantly to its increased use in tire production. These oils are employed in the creation of automotive tires and tubes, bicycle tires, tire retreading materials, among others. The surge in automobile numbers worldwide has led to a corresponding rise in tire demand which, in turn, has facilitated growth in the rubber processing oil market. The 2022 report from the Society of Indian Automobile Manufacturers (SIAM) offers a case in point, indicating that passenger vehicle sales rose from 404,397 units to 577,875 units between April 2021 and March 2022, sales of commercial vehicles increased from 50,334 to 92,297 units, three-wheeler sales surged from 393,001 to 499,730 units and two-wheeler sales jumped from 3,282,786 to 4,443,018 units. As a result, the uptick in rubber process oil consumption for tire production has bolstered automobile demand, a trend that's projected to propel the growth of the rubber process oils market in the future.
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What is the future CAGR of the rubber process oil market, and how will it impact industry expansion?
In recent times, the size of the rubber process oil market has been experiencing steady growth. The market, which is expected to expand from $2.11 billion in 2024 to $2.21 billion in 2025, projects a compound annual growth rate (CAGR) of 4.7%. Factors such as infrastructure progression, environmental laws, production of natural rubber, the market for replacement tires, and consumers' shifting predilections towards high-performance tires have been instrumental in driving the growth during the historic period.
In the coming years, the rubber process oil market is projected to experience robust expansion, with its size predicted to reach $2.76 billion by 2029, rising at a compound annual growth rate (CAGR) of 5.7%. Factors like digital transformation, evolving automobile designs, heightened emphasis on sustainability, increase in the acceptance of electric vehicles, and demand for specialized rubber goods contribute to the growth during the forecast period. The forthcoming period is expected to witness trends such as bio-sourced rubber process oils, bespoke formulations, advanced performance additives, efficient energy production, and improved product traceability.
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What are the most significant trends transforming the rubber process oil market today?
The increase in disposable income is a major factor driving the expansion of the rubber process oil market. This disposable income involves the sum of money remaining for spending and saving, post-tax and after covering all necessary expenses. The rubber process oil market plays a vital role in fueling economic and industrial progress, producing jobs, and generating income. This, in turn, raises the levels of disposable income for individuals and households. In December 2023, as reported by the Bureau of Economic Analysis (BEA), a statistical agency of the U.S. Department of Commerce, there was a simultaneous increase of 0.4 percent in the disposable personal income (DPI) in November 2023, mirrored in both current and chained dollar values, signifying a positive trend in available income. Thus, the escalating disposable income is anticipated to propel the advancement of the rubber process oils market in the future.
Which key market segments comprise the rubber process oil market and drive its revenue growth?
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
Subsegments:
1) By Aromatic: Heavy Aromatic Oil, Light Aromatic Oil
2) By Paraffinic: Low Aromatic Paraffinic Oil, High Viscosity Paraffinic Oil
3) By Naphthenic: Medium Naphthenic Oil, High Naphthenic Oil
4) By Mild Extracted Solvent (MES): Low Aromatic MES, High Performance MES
5) By Residual Aromatic Extracted Solvent (RAE): RAE With High Stability, RAE For Specific Applications
6) By Treated Distillate Aromatic Extracted Solvent (TDAE): TDAE With Low Aromatic Content, TDAE For Eco-Friendly Applications
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What regions are at the forefront of rubber process oil market expansion?
Asia-Pacific was the largest region in the rubber process oil market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the rubber process oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the rubber process oil market?
Major companies operating in the rubber process oil market include 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, Petro Gulf FZC, WBF Pte Ltd., Behran Oil Company, Vintrol Lubes Pvt Ltd., Witmans Industries Pvt Ltd.
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What Is Covered In The Rubber Process Oil Global Market Report?
•Market Size Forecast: Examine the rubber process oil market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the rubber process oil market for a structured understanding.
•Key Players Overview: Analyze major players in the rubber process oil market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the rubber process oil market.
•Segment Contributions: Evaluate how different segments drive overall growth in the rubber process oil market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the rubber process oil market.
•Industry Challenges: Identify potential risks and obstacles affecting the rubber process oil market.
•Competitive Landscape: Review strategic developments in the rubber process oil market, including expansions, agreements, and new product launches.
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