Research Nester’s recent market research analysis on “Rubber Process Oil Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitor’s analysis and a detailed overview of the global rubber process oil market in terms of market segmentation by type, application and by region.
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Growth in Automotive Industry to Promote Global Market Share of Rubber Process Oil
The global rubber process oil market is estimated to grow majorly on account of rapid growth in automotive sector. The rubber industry plays a role in the automotive sector particularly in the consumption of Rubber Process Oils. As the global demand for automobiles continues to increase there is a rise in the need for Rubber Process Oils. In 2021, the worldwide revenue generated by the manufacturing industry reached approximately USD 2.80 trillion. This industry heavily depends on rubber products, like tires, gaskets, hoses and shock absorbers that are manufactured using Rubber Process Oils.
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Some of the major growth factors and challenges that are associated with the growth of the global rubber process oil market are:
Growth Drivers:
· Growing adoption of rubber process oils in other applications, such as plastics, paints, and coatings.
· Increasing adoption of fuel-efficient and environmentally friendly vehicles
Challenges:
One of the main factors is the rising cost of raw materials, such as crude oil, which affects the production costs of rubber process oil. Additionally, stringent environmental regulations have the potential to limit the use of rubber process oil in certain applications. Finally, the increasing demand for sustainable and eco-friendly products may also limit the growth of the global market size of rubber process oil.
By type, the global rubber process oil market is segmented into aromatic, paraffinic, napthenic, mild extracted solvent. The aromatic segment is to garner a highest revenue by the end of 2037 by growing at a significant CAGR over the forecast period. The rise in this sector can be credited to the growing need for synthetic rubber in the automotive field, which is a significant area where aromatic rubber process oil is utilized. The surge in demand for rubber within the automotive industry is primarily attributed to its enhanced performance and durability compared to natural rubber. Furthermore, aromatic rubber process oil provides resistance against heat and oxidation making it an excellent option, for automotive applications.
By region, the Asia Pacific rubber process oil market is to generate the highest revenue by the end of 2037. The market in the region is expected to experience growth due to China, India and Japan being the producers and consumers of rubber process oil in that area. Moreover, these countries are also working towards reducing their reliance on imports, which adds to the market growth. Additionally, the industry’s expansion and increased investments, in the tire sector are also propelling market growth within this region.
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