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The rubber process oil market share is expected to increase to USD 562.83 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.26%.
This rubber process oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers rubber process oil market segmentations by end-user (automotive, construction, oil and gas, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The rubber process oil market report also offers information on several market vendors, including BRENNTAG SE, Chevron Corp., CPC Corp., Cross Oil, Ergon Inc., Gandhar Oil Refinery India Ltd., HollyFrontier Corp., Indian Oil Corp. Ltd., Lodha Petro, Nynas AB, Oil and Natural Gas Corp. Ltd., ORGKHIM Biochemical Holding Management Co., Panama Petrochem Ltd., Petroliam Nasional Berhad, Repsol SA, Shell plc, TotalEnergies SE, Vintrol Lubes Pvt. Ltd., WBF Pte Ltd., and Apar Industries Ltd. among others.
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The benefits offered by rubber process oils is notably driving the rubber process oil market growth, although factors such as fluctuating prices of crude oil may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rubber process oil industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Rubber Process Oil Market Driver
The benefits offered by rubber process oils is one of the key drivers supporting the rubber process oil market growth. Primarily, rubber process oils are used in the manufacturing of rubber components as a processing aid. Meanwhile, rubber oil is used as a plasticizer to improve processability and filter inclusion, as well as an extender. The type of oil used is determined by the sort of product that must be manufactured. Moreover, the primary application is process assistance to increase the volume of rubber to reduce costs. Process aids are becoming increasingly significant in the industry since they increase efficiency and production while decreasing energy usage to reduce the production cost while also enhancing product quality. These benefits will drive the market growth during the forecast period.
Key Rubber Process Oil Market Trend
Growing demand for electric vehicles (EVs) is one of the key rubber process oil market trends contributing to the market growth. According to the International Energy Agency (IEA), China, Norway, the Netherlands, and Japan are pacesetters in the EVs segment. IEA reported that China accounted for a major share in the global EVs segment. For instance, the number of EVs sold in China was 2.9 million in 2021 compared with other countries. Furthermore, the European government is also trying to reach zero-emission objectives such as Paris Climate Accord, the Paris government declared in 2017 that it will ban diesel and gasoline-powered vehicles completely and will switch to EVs by 2040. Such growing demand for EVs are expected to propel the growth of the market in focus during the forecast period.
Key Rubber Process Oil Market Challenge
Fluctuating prices of crude oil is one of the factors hampering the rubber process oil market growth. The outbreak of COVID-19 led to the cancellation of several oil and gas projects in 2020. Key companies in the oil sector abandoned several oil exploration and production projects due to fluctuating oil prices. Fluctuations in the price of crude oil can affect the market. Moreover, upstream companies are adversely affected when crude oil prices fluctuate as the price at which the crude oil is sold is determined by the market, but the production costs are mostly fixed. Thus, expensive and capital-intensive E&P operations witness a decline in investments and profits. Thus, the decline in investments will adversely impact the market growth during the forecast period.
This rubber process oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global rubber process oil market as a part of the global oil and gas refining and marketing market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rubber process oil market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the rubber process oil market encompasses successful business strategies deployed by the key vendors. The rubber process oil market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The rubber process oil market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the rubber process oil market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from Europe during the forecast period. Russia is the key market for the rubber process oil market in Europe. Market growth in this region will be slower than the growth of the market in North America.
The rising demand for rubber process oil from rubber processing and end-user industries, including automotive, construction, oil and gas, and aerospace in developing countries, such as China, Japan, and India will facilitate the rubber process oil market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the rubber process oil market in APAC was disrupted by the outbreak of COVID-19. However, the initiation of vaccination drives led to the lifting of lockdown restrictions in Q3 2021. This has resulted in the resumption of production operations in major rubber process oil companies. Thus, the increase in demand for rubber process oil from end-user industries is expected to propel the market growth during the forecast period.
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The rubber process oil market share growth by the automotive segment will be significant during the forecast period. The automotive segment in the global rubber process oil market is expected to witness significant growth due to the growing demand for automobiles globally. Furthermore, rubber process oil is used to manufacture automobile rubber tires, belting, battery case, and several others. Owing to such a wide variety of applications in vehicles, rubber process oil becomes so much important for the automotive industry. Such factors are expected to propel the growth of the automotive segment in the global rubber process oil market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the rubber process oil market size and actionable market insights on post COVID-19 impact on each segment.
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Rubber Process Oil Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.26% |
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Market growth 2022-2026 |
$ 562.83 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.19 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 37% |
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Key consumer countries |
US, China, India, Japan, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BRENNTAG SE, Chevron Corp., CPC Corp., Cross Oil, Ergon Inc., Gandhar Oil Refinery India Ltd., HollyFrontier Corp., Indian Oil Corp. Ltd., Lodha Petro, Nynas AB, Oil and Natural Gas Corp. Ltd., ORGKHIM Biochemical Holding Management Co., Panama Petrochem Ltd., Petroliam Nasional Berhad, Repsol SA, Shell plc, TotalEnergies SE, Vintrol Lubes Pvt. Ltd., WBF Pte Ltd., and Apar Industries Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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