Rubber Process Oil Market revenue to surpass USD 17 Billion by 2035, says Research Nester

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Major rubber process oil market players include Cross Oil Refining & Marketing, Inc., Shell plc, Chevron Intellectual Property LLC, Eagle Petrochem, Panama Petrochem Ltd, ORGKHIM Biochemical Holding, and Sterlite Lubricants.

New York, Oct. 25, 2023 (GLOBE NEWSWIRE) — The global rubber process oil market size is expected to expand at ~7% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 17 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.Tires are the largest consumers of RPO. The increasing demand for tires, driven by growing vehicle sales, the expansion of the transportation sector, and the replacement tire market, all contribute to the demand for RPO. In 2020, the European Union (EU) manufactured 4.3 million tons of tires. Despite having 94 tire production facilities, within the EU the region’s imports of tire categories exceed its exports. RPO is used as a reinforcing agent in the production of rubber-based adhesives and sealants, which gives them strength and flexibility. This helps them be used in various applications, such as bonding car parts, sealing joints in buildings, and gluing together materials in the manufacturing process. As these sectors grow, the demand for RPO is expected to increase.

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Rubber process oil, often referred to as RPO, is a type of lubricating oil used in manufacturing rubber products. It plays a crucial role in the rubber industry by acting as a processing aid and softening agent for raw rubber. The global rubber process oil market is driven by the rubber industry’s extensive applications in the automotive, tire manufacturing, footwear, and industrial goods sectors. Rubber process oils enhance the processability of rubber compounds, making them easier to handle and shape. They also influence the final product’s characteristics, including properties like hardness, flexibility, and resistance to heat and wear.

Increasing Automotive Industry across the Globe to Boost Market Growth

The automotive industry is one of the largest consumers of rubber products and thus, Rubber Process Oils. With the growing demand for automobiles worldwide, the demand for Rubber Process Oils has also been on the rise. The automotive manufacturing industry worldwide generated around USD 2.80 trillion, in revenue in 2021. The automotive industry relies heavily on rubber products, such as tires, gaskets, hoses, and shock absorbers, which are produced using Rubber Process Oils. The demand for rubber products has been steadily increasing in recent years, with hoses, belts, and seals being just a few examples of the many applications for rubber. As more and more industries rely on these products to function, the need for high-quality Rubber Process Oils becomes even more important. Rubber Process Oils are used to improve the processing and performance of rubber products, making them more durable and efficient. For example, they can be used to increase the elasticity of rubber, allowing it to stretch further without breaking. They can also help to reduce the amount of heat generated during processing, which can lead to faster production times and lower energy costs.

Rubber Process Oil Market: Regional Overview

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Expanding Tire Manufacturing Industry to Drive the Market Growth in Asia Pacific Region

The rubber process oil market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2036. Tire manufacturing is one of the key applications of rubber process oil. As the Asia Pacific region continues to experience rapid urbanization and infrastructure development, the demand for tires for vehicles and industrial equipment is on the rise. The Asia Pacific region is home to some of the world’s largest and fastest-growing automotive markets. The production of vehicles, particularly in countries like China and India, is a major driver of the rubber process oil market. According to the International Organization of Motor Vehicle Manufacturers (OICA), Asia was the largest producer of motor vehicles, with over 53 million units manufactured in 2020. Rubber process oil is used in the production of various rubber goods, including footwear and industrial products. The Asia Pacific region’s population growth and changing consumer preferences contribute to the demand for these products. Rubber products are widely used in the construction and infrastructure sectors for sealing, insulation, and vibration control applications. The ongoing infrastructure development in the region fuels the demand for rubber process oil.

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Growing Infrastructure Development and Construction to Propel Growth in the North American Region

The North American rubber process oil market is estimated to garner the highest CAGR by the end of 2036. North America is a significant hub for automotive and tire manufacturing. The steady growth of these industries fuels the demand for rubber process oils, which are essential in tire production and rubber components used in vehicles. The U.S. Tire Manufacturers Association reported that over 328 million tires were shipped in the United States in 2020, highlighting the substantial demand for tires. Rubber process oils are used in various construction applications, such as roofing materials, sealants, and industrial products. The ongoing infrastructure development and construction projects in North America contribute to the market’s growth. Environmental regulations and sustainability initiatives are promoting the development and adoption of eco-friendly and low-aromatic rubber process oils in North America. The use of rubber products in various manufacturing applications, from machinery to consumer goods, drives the demand for rubber process oils in North America.

Rubber Process Oil, Segmentation by Type

  • Aromatic
  • Paraffinic
  • Naphthenic
  • Mild Extracted Solvent

Amongst these segments, the aromatic segment in rubber process oil market is anticipated to hold the largest share over the forecast period. Aromatic rubber process oils are widely used in tire manufacturing, as they provide essential characteristics such as improved resilience and durability. With the automotive sector witnessing continuous growth, the demand for tires, and subsequently aromatic rubber process oils, remains high. The global automotive tire sales are projected to reach USD 258.72 billion by 2028. Aromatic rubber process oils play a crucial role in various industrial applications, including the manufacturing of industrial rubber goods, machinery components, and conveyor belts. The growth in industrial manufacturing drives demand for these oils. The construction industry relies on rubber products in various applications, including roofing materials, sealants, and industrial components. Aromatic rubber process oils are instrumental in enhancing the properties of rubber products used in construction. Aromatic rubber process oils are used in tire retreading, a practice that is gaining momentum due to its cost-effectiveness and positive environmental impact. Retreading extends the life of tires, reducing the need for new tires and, by extension, the demand for aromatic rubber process oils.

Rubber Process Oil, Segmentation by Application

  • Rubber Processing
  • Lubrication
  • Tyre
  • Footwear
  • Adhesive & Sealants
  • Polymer
  • Paints & Coatings
  • Pharmaceuticals

Amongst these segments, the rubber processing segment in rubber process oil market is anticipated to hold a significant share over the forecast period. The rubber processing segment plays a crucial role in the manufacturing of industrial rubber goods, from machinery components to conveyor belts. The growth in industrial manufacturing fuels the demand for rubber products and processing. The construction and infrastructure sectors are reliant on rubber products for various applications, including roofing materials, sealants, and industrial components. Rubber processing is essential for enhancing the properties of these products. The U.S. infrastructure industry is anticipated to grow significantly as investment in infrastructure projects and urbanization continues. The practice of tire retreading is gaining traction due to its cost-effectiveness and positive environmental impact. Retreading extends the life of tires, reducing the need for new tires and driving the demand for rubber processing. The tire retreading industry in the United States saves over 400 million gallons of oil annually by extending tire life. The growth of emerging economies, particularly in Asia, is marked by extensive infrastructure development projects that require a wide range of rubber products. Rubber processing is vital in meeting the demands of these applications.

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A few of the well-known industry leaders in rubber process oil market that are profiled by Research Nester are Cross Oil Refining & Marketing, Inc., Shell plc, Chevron Intellectual Property LLC, Eagle Petrochem, Panama Petrochem Ltd, ORGKHIM Biochemical Holding, Sterlite Lubricants, and other key market players.

Recent Development in the Rubber Process Oil Market

  • Shell Overseas Investments B.V. And B.V. Dordtsche Petroleum Maatschappij, both subsidiaries of Shell plc have finalized the sale of Shell Neft LLC, which includes Shell stations and lubricants business in Russia, to PJSC LUKOIL.
  • Cross Oil Refining & Marketing Inc. along with Process Oils, Inc., a subsidiary of Ergon company has agreed from August 23, 2022. As per this agreement Process Oils will exclusively handle the marketing and sales of Cross Oils Corsol, L Series, B Series CrossTrans, and Ebonite oils produced at Martin Operating Partnership L.P. Smackover refinery located in Arkansas.

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