Latest News- Rubber Process Oil Market: Automotive is expected to lead the End-user segment during 2025-2029

The Rubber Process Oil Market is being driven by Growing number of tire manufacturing industry

The Rubber Process Oil Market is expected to grow at a CAGR of 3.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 448.8 million. The global rubber process oil market is poised for significant growth as the transition to electric vehicles (EVs) gains momentum in major economies such as India, Brazil, China, the US, and Germany. China, Norway, the Netherlands, and Japan are spearheading this shift, with China accounting for nearly 40% of global EV sales in 2023. Norway leads the way with over 90% of new car sales being electric. The European Union, including France, is also committed to achieving zero-emission objectives, with the Paris government aiming to ban the sale of new diesel and gasoline-powered vehicles by 2040. These developments will not only boost the demand for EVs but also enhance the utilization of rubber process oils in manufacturing EV components, thereby benefiting the market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Automotive
  • Construction
  • Oil and gas
  • Others
• Type
  • Aromatic
  • Naphthenic
  • Paraffinic
  • Treated distillate aromatic extract
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing number of tire manufacturing industry
• Reduces production cost
• Growing demand for solution styrene-butadiene rubber (S-SBR) in tires of automobiles

However, the market also witnesses some limitations, which are as follows:

• Fluctuating prices of crude oil
• Implementation of European Union directive ban on uses of polycyclic aromatic hydrocarbons in tire manufacturing
• Growing demand for soybean oil as alternative for rubber process oil in tire manufacturing

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Market Scope in Rubber Process Oil Market Research Report

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Research Analysis Overview

The Rubber Process Oil Market encompasses various types of oils, including Aromatic, Naphthenic, Paraffinic, High-Viscosity, and Low-Viscosity. These oils undergo processes like Solvent Extraction for production. Coupling Agents and Performance Testing are crucial in evaluating Tensile Strength, Compression Set, Dynamic Properties, Fatigue Resistance, Cracking Resistance, Ozone Resistance, Weather Resistance, and Chemical Resistance. Innovations in Material Science lead to the use of Bio-Based Additives, Recycled Rubber, and Tire Recycling, promoting Green Technology and Process Optimization for improved Supply Chain Management and Production Efficiency.

Market Research Overview

The global oil and gas downstream sector encompasses businesses involved in the refining and marketing of crude oil, natural gas, and petroleum products. This market segment is a crucial component of the oil and gas value chain. According to Technavio's market analysis, the expansion of this sector will be influenced by several key factors. Primarily, the growing demand for cleaner fuels, driven by population growth and industrialization in emerging economies like China and India, will significantly impact market growth. Additionally, advancements in technology are leading to innovations in areas such as oil extension, tire manufacturing, rubber compounding, polymer modification, and viscosity reduction, providing opportunities for market participants to differentiate their offerings and cater to evolving consumer needs.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/