The rubber process oil market is projected to grow from USD 1.91 billion in 2018 to USD 2.33 billion by 2023, at a CAGR of 4.1%, from 2018 to 2023.
The growth of the rubber process oil market can be attributed to the increased consumption of rubber process oils in the manufacturing of tires. The growing number of automobiles across the globe has contributed to the increasing demand for tires, thereby leading to the growth of the rubber process oil market.
The increase in the sales of automobiles in the Asia Pacific region has led to rising demand for tires, thereby leading to the growth of the Asia Pacific rubber process oil market. Formulation and implementation of the European union directive banning the use of PCA (polycyclic aromatics) in tire manufacturing and increased use of soyabean oil as an alternative for rubber process oil in tire manufacturing are the key factors restricting the growth of the market.
TDAE is projected to grow at the highest CAGR in terms of value between 2018 and 2023. The formulation and implementation of the regulations banning the use of DAE in the European region have led to an increase in the consumption of TDAE in the region.
The Asia Pacific region is estimated to account for the largest share of the rubber process oil market in 2018. The growth of the Asia Pacific rubber process oil market can be attributed to increase in the sales of automobiles in the region that is expected to boost the consumption of rubber process oils in the tire and rubber market of the region. Various leading players have adopted the strategies of expansions, new product launches, and agreements, to meet the growing demand for rubber process oil.
It also discusses competitive strategies adopted by leading market players, such as Royal Dutch Shell plc (Netherlands), Chevron Corporation (US), Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), and Hindustan Petroleum Corporation Limited (India) are among others in the rubber process oil market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Rubber Process Oil Market 4.2 Rubber Process Oil Market, By Type 4.3 Rubber Process Oil Market, By Region
5 Market Overview 5.1 Introduction 5.2 Regulations 5.3 Market Dynamics 5.3.1 Drivers 5.3.1.1 Growing Tire Manufacturing Industry Across the Globe 5.3.1.2 Increasing Demand and Consumption of Rubber Process Oils in the Asia Pacific Region 5.3.1.3 Growing Use of Solution Styrene-Butadiene Rubber (S-Sbr) in Tires of Automobiles 5.3.2 Restraints 5.3.2.1 Formulation and Implementation of the European Union Directive Banning the Use of Polycyclic Aromatic Hydrocarbons in the Tire Manufacturing 5.3.2.2 Increased Use of Soybean Oil as an Alternative for Rubber Process Oil in Tire Manufacturing 5.3.3 Opportunities 5.3.3.1 Growing Demand for Low Viscosity Oils for Use in Vehicles 5.3.3.2 Increasing Demand for Green Rubber Process Oils Across the Globe 5.3.4 Challenges 5.3.4.1 Fluctuating Prices of Crude Oil 5.4 Porter's Five Forces Analysis 5.4.1 Bargaining Power of Suppliers 5.4.2 Bargaining Power of Buyers 5.4.3 Threat of Substitutes 5.4.4 Threat of New Entrants 5.4.5 Intensity of Competitive Rivalry
6 Rubber Process Oil Market, By Type 6.1 Introduction 6.2 Treated Distillate Aromatic Extracted (TDAE) 6.3 Distillate Aromatic Extract 6.4 Mild Extracted Solvate 6.5 Residual Aromatic Extract (Rae) and Treated Residual Aromatic Extract (TRAE) 6.6 Paraffinic Rubber Process Oil 6.7 Naphthenic Rubber Process Oil
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