Rubber Process Oil Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Rubber Process Oil Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Rubber Process Oil Global Market Report 2024, The rubber process oil market size has grown strongly in recent years. It will grow from $2.03 billion in 2023 to $2.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to infrastructure development, environmental regulations, natural rubber production, replacement tire market, shifts in consumer preferences for high-performance tires.

The rubber process oil market size is expected to see steady growth in the next few years. It will grow to $2.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to digital transformation, changing automotive design, increasing focus on sustainability, rise in electric vehicle adoption, demand for specialty rubber products. Major trends in the forecast period include bio-based rubber process oils, customized formulations, enhanced performance additives, energy-efficient manufacturing, enhanced product traceability.

Increased consumption of rubber process oils in manufacturing tires is significantly contributing to the growth of the rubber process oil market. Rubber process oils are used in manufacturing automotive tires and tubes, bicycle tires, tire retreading materials, and others. The growing number of automobiles around the globe has contributed to an overall increase in tire demand, resulting in the growth of the rubber processing oil market. For instance, according to the 2022 Society of Indian Automobile Manufacturers (SIAM) report, between April 2021 and March 2022, passenger vehicle sales climbed from 404,397 to 577,875 units, while commercial vehicle sales increased from 50,334 to 92,297 units, three-wheeler sales increased from 393,001 to 499,730 units. Two-wheeler sales increased from 3,282,786 to 4,443,018 units. Therefore, increased consumption of rubber process oils in the manufacturing of tires has increased the demand for automobiles, which is expected to drive the growth of the rubber process oils market going forward.

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The rubber process oil market covered in this report is segmented –

1) By Type: Aromatic, Paraffinic, Naphthenic, Mild Extracted Solvent (MES), Residual Aromatic Extracted Solvent (RAE), Treated Distillate Aromatic Extracted Solvent (TDAE)

2) By Application: Rubber Processing, Adhesives And Sealants, Polymer, Consumer Products, Paints And Coatings

3) By End User: Automotive, Construction, Gas And Oil

Major companies operating in the rubber processing oil market are adopting a strategic partnership approach to expand access to high viscosity and solvency solutions, thereby strengthening the security of the supply for these products. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in August 2022, Cross Oil Refining & Marketing, Inc., a US-based oil refinery, partnered with Process Oils, Inc., a US-based company that supplies process oils and base oils to the rubber, plastics, and lubricants industries. With this partnership, they aim to enhance the rubber processing oil market by expanding access to high viscosity and solvency solutions, ensuring a stable supply, providing technical expertise, and benefiting from an efficient logistics network. This collaboration is poised to play a significant role in meeting the growing demand for rubber processing oils, particularly in the expanding automotive and tire industries.

The rubber process oil market report table of contents includes: