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. The annual consumption of natural rubber is expected to grow at a rate of 3-4% over the next few years. 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 some of the leading players operating in the rubber process oil market.
These leading players have adopted the strategies of expansions, new product launches, and agreements to cater to the increased demand for rubber process oil from various end-use industries. Nynas AB is a leading global manufacturer of rubber process oils. The company has strong sales and distribution networks across the globe. It has adopted various organic growth strategies, such as expansions, new product launches, and agreements to strengthen its position in the rubber process oil market. In January 2018, Nynas AB opened a new rubber process oil laboratory at Nynäshamn (Sweden) to enhance its testing capabilities in the field of tire and rubber manufacturing. The laboratory is equipped with an intermeshing 1.5 liter rubber mixer, an open mill, and instruments for measuring viscosity, curing behavior, physical and dynamic properties, aging, abrasion, and set of rubbers. These capabilities are expected to help the company support its customers in finding the best oils for different applications by demonstrating the technical value of various process oils.
Hindustan Petroleum Corporation Limited (HPCL) was ranked 367th in the Fortune Global 500 list of companies in 2017. The company offers naphthenic, aromatic, and paraffinic rubber process oils for use in the rubber industry. HPCL has presence in India, and it is one of the market leaders in the oil & gas industry of the country. HP Lubricants, which is a subsidiary of HPCL, has a strong marketing network that spreads across India through warehouses, distributors, CFAs, and offices.
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Repsol S.A. is the largest oil company in Spain with integrated energy operations. It offers paraffinic, aromatic, and white mineral process oils. The company focuses on sustainable development and continuously launches new products in the market. The products offered by the company are used in the rubber industry. Repsol S.A. has a strong geographical reach and operates in over 40 countries, worldwide. In February 2018, Repsol and Indonesia-based Pertamina entered into an agreement to establish a TDAE plant in Cilacap refinery (Indonesia) with a total investment of USD 80.0 million. The new chemical plant is expected to have a capacity of manufacturing 60,000 tons of TDAE p.a. to provide the Asian market with high-quality products for high-competition tires.
Rubber Process Oil Market by Type (Naphthenic, Paraffinic, Treated Distillate Aromatic Extract, DAE, MES, RAE and TRAE), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Global Forecast to 2023
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