Global Rubber Process Oil Market
Rubber process oils are manufactured with the help of distillation processing of crude oil. It is a type of aromatic hydrocarbon with this characteristic being achieved with the help of certain integration of aromatic extracts to meet the regulatory demands regarding the viscosity of the oil. This oil finds its application in the processing of rubber-based products and compounds. These oils are utilized in the production of rubber products in either case, whether the product is being produced with natural or synthetic rubber.
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Rubber process oil market is growing due to rise in sales of automobiles, usage of rubber process oils also emphatically reduces the end use rubber products; the effects of these factors are mentioned below:
- Rise in sales of automobiles: One of the major applications of rubber process oil is in the production of tyres for automobiles, which is experiencing rapid demand increase. This increasing demand for automobiles is expected to have a significant impact on the overall demand for tyres as they are the basis for the mobility of vehicles, which will subsequently affect the market for rubber process oil
- Usage of rubber process oils also emphatically reduces the end use rubber products: One of the major benefits that rubber process oil involves is enhancing the existing characteristics and features of end use rubber products, which therefore reduce their consumption in the short term. This reduction in product demands is expected to have a positive effect on the environmental side of things as the production of rubber-based products involves emission of certain compounds which are not environmental-friendly
Product launches and strategic expansion undertaken by the players:
- In March 2019, Nynas announced the launch of “NYTEX BIO 6200”, a tyre and rubber processing oil manufactured with the help of renewable feedstock helping meet the growing demand of bio-based products from the industry. This will help tyre and rubber products manufacturers complement their sustainability goals while not compromising on any technical benefits of mineral-based oil
- In January 2018, Brenntag AG announced that they had acquired a majority stake of sixty-five percent in Raj Petro Specialties which will significantly help them in establishing a greater presence of the company in India. The combined synergies of both the companies will improve also focus on expansion plans while expanding the industries that the company services
The market is segmented on the basis of type as naphthenic, TDAE, paraffinic, MES, DAE, RAE & TRAE; application is categorized into rubber processing, adhesives & sealants, polymer, consumer products, paints & coatings, pharmaceuticals.
“According to Data Bridge Market Research, global rubber process oil market is expected to be growing with a steady CAGR of 4.5% during the forecast period of 2019 to 2026”
Some of the major players operating in market are Royal Dutch Shell, Chevron Corporation, Petronas Belgium NV, Nynas, ORGKHIM Biochemical Holding, Repsol, HPCL, Apar Industries Ltd, Panama Petrochem Ltd, HollyFrontier Corporation, Gandhar Oil, Total, Indian Oil Corporation Ltd, Idemitsu Kosan Co. Ltd., CPC Corporation, Eagle Petrochem, LODHA Petro, WBF Pte Ltd, Southwestern Petroleum Corporation, Cross Oil, Vintrol Lubes Private Limited, Witmans Industries Pvt. Ltd., Sterlite Lubricants, Ergon North & South America, Raj Petro Specialities P. Ltd., PetroChina Company Limited, LUKOIL, H&R GROUP, Exxon Mobil Corporation, San Joaquin Refining Co. Inc., Calumet Specialty Products Partners L.P., Lub Line and AVISTA OIL AG.
One of the major opportunities available to the industry is the focus of oil manufacturers in the development of bio-based/environmental friendly oils. This oil manufacturing method is designed for shifting the focus from alternatives to rubber process oils back to their core products by meeting the various environmental conditions of the industry without having to reduce any technical properties of the oil. The production of these products is improving the market share of the rubber process oils as the company focus on various innovations in their manufacturing method resulting in a variety of advanced product offerings.
