Increasing demand for Rubber Process Oil in automotive industry, rise in demand for consumers & growth in population, urbanization are propelling market growth
NEW YORK, NY, UNITED STATES, November 10, 2021 /EINPresswire.com/ — The global rubber process oil market is forecast to reach USD 2,927.6 Million by 2028, according to a new report by Reports and Data. These oils are special internal lubricants that are used in the formulation of rubber, improve its physical attributes, work as cost-effective extenders, encourage the fuse of fillers and different added substances, and others.
The market for such lubricants is influenced by the rising urbanization and industrialization. The rising applications of adhesives and sealants and rubber products are booming the demand for rubber process oil. The automotive industry is depended on this market for manufacturing of tires, door liners, car floor mats, belts, gloves, and many others. The cost price of crude oil continuously fluctuates, and strict government regulations are creating a market restraint.
The factors mentioned above jointly create opportunities for the market growth while factors such as critical effects of aromatic hydrocarbon used in rubber products manufacturing add limitations in the market. However, each element would have a specific impact on the market during the forecast period. Consistent developments in the rubber lubricant market owing to innovative efforts have improved the efficiency of rubber process oil.
In the Asia Pacific region due to the sudden rise in population and rapid urbanization, the market for rubber lubricants is propelling at a swift rate. The rising economy in counties like China, India, and Japan due to favorable political, social, and economic conditions has shown a significant rise in this market. Gas and oil industries and automotive industries of the APAC region are using these rubber oils for the production of adhesives, and sealants used in pipelines and houses.
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Key participants Repsol S.A, Chevron Corporation, Nynas AB, Witmans Industries Pvt. Ltd., Gulf Petroleum Ltd., Behran Oil Company, ORGKHIM Biochemical Holding, Royal Dutch Shell PLC, Petronas Lubricants Belgium NV, and Gandhar Oil Refinery Limited, among others.
Further key findings from the report suggest
• Automotive and transportation industries held the largest market share of 34.5% in the year 2018. Rubber process oil products are used in the production of automotive tubes and tires, belts, hoses, tires rethreading material, and many others. These lubricants provide good affinity and are favorable for use with SBR, PBR, natural rubber, and CR. The products of this market have high affinity, high strength, controlled deformation, and abrasion resistance.
• The TDAE (Treated Distillate Aromatic Extract) segment is forecasted to witness the highest CAGR of 5.6% during the forecast period. This segment is rising since the European Union has banned the use of DAE due to its toxicity.
• Rubber processing held the largest market share of 32.6% in the year 2018. The process oil industry is growing in this segment due to the rising demand for rubber accessories in the automobile industries due to rapid urbanization. These lubricants, when added to rubber, improves the processability of the rubber polymers.
• Asia Pacific is expected to witness the highest CAGR of 6.1% during the forecast period. These rubber oil lubricants improves the quality of vulcanization and makes the end products affordable for the end-users. Countries like India, China, Taiwan, Indonesia, and Japan are rapidly catching up with the growth in the rubber processed oil market.
Power and energy industry comprises of key companies operating in fuel, petroleum, natural gas, and nuclear power markets. Constant production of energy and power is imperative for country’s economic growth. It also covers exploration and production of oil and gas reserves, oil and gas drilling, and refining industries. Power and energy sector is one of the most diversified sector across the globe. Rapid industrialization and urbanization has increased the dependency on power and energy and industries today consume large amounts of fuel making energy industry a crucial element of today’s industrial infrastructure.
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For the purpose of this report, Reports and Data have segmented into the global Rubber Process Oil market on the basis of type, application, end-users and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
• Rubber Processing
• Adhesives & Sealants
• Consumer Products
• Paints & Coatings
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
• RAE (Residual Aromatic Extract) & TRAE (Treated Residual Aromatic Extract)
• TDAE (Treated Distillate Aromatic Extract)
• MES (Mild Extracted Solvent)
• DAE (Distillate Aromatic Extract)
End-Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
• Gas and Oil
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Source: EIN Presswire