Rubber Process Oil Market Size

Rubber Process Oil Market size is poised to reach USD 17 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of rubber process oil was USD 3 Billion. 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 tonnes 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 to be used in a variety of 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.

Frequently Asked Questions (FAQ)

The growing demand for rubber process oils from the automotive industry and the increasing demand for synthetic rubber, such as nitrile rubber, is also driving the growth of the market.

The market size of rubber process oil is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are Cross Oil Refining & Marketing, Inc., Shell plc, Chevron Intellectual Property LLC, Eagle Petrochem, Panama Petrochem Ltd, ORGKHIM Biochemical Holding, Sterlite Lubricants, and others.

The rubber processing segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Rubber Process Oil Market Size