The rubber oil process market is expected to grow at a CAGR of over 4% during the forecast period. Major factor driving the market studied is increasing demand from rubber processing. On the flip side, Volatility in raw material price and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Increasing demand of bio based rubber process oil is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Rubber process oil from rubber processing application is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Rubber Process Oil from Rubber Processing
- Rubber Process Oils are used during mixing of rubber compounds and these help in improving the dispersion of fillers and flow characteristics of the compound during further processing.
- Rubber Process Oils are customised to specific requirements of various rubber products with respect to viscosity and aniline point, and are reputed for their consistent quality and prompt delivery schedules.
- Rubber process oil are used in rubber industries form raw material stage to finished products such as tyres, tube, battery cases, foot ware, mats, hoses.
- Growing usage of rubbers made products from industrial and automotive sector in developing economies is likely to boost the demand for rubber process oil in rubber processing.
- Hence, owing to the above-mentioned factors, the application of rubber process oil from rubber processing is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for rubber process oil during the forecast period. The rising demand of rubber process oil from rubber processing and growing application in automotive sector in developing countries like China, Japan and India is expected to drive the demand for rubber process oil in this region.
- The largest producers of rubber process oil are located in Asia-Pacific region. Some of the leading companies in the production of rubber process oil are Total, Chevron Intellectual Property LLC, Panama Petrochem Ltd, ORGKHIM Biochemical Holding, and Eagle Petrochem among others.
- Being a developing country, rapid industrialization is taking place in China, which has, in turn, led to a huge demand for rubber made products in various end-user industries.
- China was the world's largest importer of rubber and the largest consumer of rubber, consuming around 40% of the total global output. India is currently the sixth largest producer of rubber in the world with one of the highest productivity .
- Owing to the above-mentioned factors, the market for rubber process oil in the Asia-Pacific region is projected to grow significantly during the study period.
The global rubber process oil market is partially fragmented in nature with only few major players dominating the market. Some of the major companies are Total, Chevron Intellectual Property LLC,Panama Petrochem Ltd, ORGKHIM Biochemical Holding, and Eagle Petrochem among others.
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