Rubber Process Oil Market size is forecast to reach $2.11 billion by 2025, after growing at a CAGR of 3.87% during 2020-2025. With the rise in in automotive, aviation and other industries the demand for Rubber process oil market will grow as, Rubbers are commercially used to manufacture products ranging from rubber bands and toys to large-sized tires of automotive vehicles as well as aircraft. Growing public interest towards sustainable and environment-friendly products will further create small hurdles for Rubber Process oil during the forecast period.
Product - Segment Analysis
Aromatic rubber process oil segment holds the largest share in the Rubber Process oil market. Aromatic Oils are generally dark in colour & has good solvency and compatible with wide range of rubbers such as NR, SBR, and PBR. It is suitable to be used in the manufacture of automotive & OTR tyre, beltings, mats, molded rubber parts and others. The primary characteristics of aromatic hydrocarbons are the presence of the double bonded mix ring carbon structure. The primary characteristics of aromatic hydrocarbons is that the presence of the double bonded combine ring carbon structure. Aromatic extracts procured from selected refineries and suitably blended to fulfil stringent specifications, are used for compounding batches to manufacture tyres, tubes, hoses, calendar sheets, and others.
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End Use - Segment Analysis
Automotive sector has been the primary market for rubber process oil market. Rubber process oil suitable for use in manufacture of automobile rubber tyres, belting, battery case etc. Where colour is not an important parameter. So, Because of such a wide variety of application in vehicles rubber process oil becomes so much important for an automotive industry. Rubber process oil is derived from petroleum crude oil, when the additional volatile petrol and heating oil fractions are removed by distillation. Rubber process oil is mixtures of paraffinic, naphthenic and aromatic compounds of wide distribution of molecular weight. Rubber process oil is used in the rubber industry to enhance the process ability of rubbers and rubber compounds and increase the bulk of rubber so as to lower the price.
Geography - Segment Analysis
APAC dominated the rubber process oil market. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, due to the growing foreign direct investment for economic development of South East Asia, the current scenario is changing. But due to the effect of global pandemic COVID 19, it is expected that these countries may suffer also for limited period of time. But even in that scenario India and China are expected to dominate the global automotive industry. As these countries have a very larger market for automotive sector so, the rubber process oil will always have it core demand in this region.
Drivers – Rubber Process oil Market
Growing demand for electric vehicle
The shift towards electric vehicles in the developed and developing nations would help in the growth of existing IC engine vehicles and also help the Rubber Process oil market over the forecast timeframe. According to IEA, Norway, the Netherlands and Japan are frontrunners in the electronic vehicles segment. Norway held the share of 46 percent in terms of the global new electric car sales as reported by IEA in 2018. In order to meet zero emission targets under the “Paris Climate Accord”, in 2017, France government has announced that it will ban diesel and gasoline-powered vehicles completely and switch to electric powered vehicles by 2040.
Reduces production cost
Rubber process oils are used as processing aid in manufacturing of rubber products. Rubber oil functions as a plasticizer, improving the processability and filter incorporation, or as an extender. Depending upon the type of product that has to be made, the choice of the type of oil is made. To increase the bulk of rubber in order to lower cost (oil extender rubbers). Main application is process aid. Process aids are increasingly important to the industry because it improves efficiency and productivity and lowers energy consumption. To sum it up, it helps in reducing production cost and improving product quality.
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Challenges – Rubber Process oil Market
Impact of COVID 19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any vehicles. One of the major difficulties, market is facing are the shutdown of all kinds of international transportation. Global crisis for all sectors including automotive, which was hit by slowing demand in goods’ production and exports had slowdown the market for Rubber process oil.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Rubber Process oil market. In 2019, the market of Rubber Process oil has been consolidated by the top five players accounting for xx% of the share. Major players in the Rubber Process oil Market are Total S.A., Shell International B.V., Raj Petro Specialities P. Ltd., Petro China Company Limited, Nynas AB, Lukoil, among others.
Key Takeaways
Asia-Pacific dominates the Rubber Process oil market owing to increasing demand from various end use such as automotive, aviation, among others.
The growing demand from automotive industry, is likely to aid in the market growth of Rubber Process oil.
Rubber process oils (RPO) function as internal lubricants, improve the blending of the rubber formulations, facilitate the incorporation of fillers and other additives, owing to this, the market demand for Rubber Process oil will grow in the near future.
Impact of Covid 19 will create small hurdles for the rubber process oil market.
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