According to the new market research report "Rubber Process Oil Market by Type (Naphthenic, Paraffinic, Treated Distillate Aromatic Extract, DAE, MES, RAE and TRAE), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Global Forecast to 2023", published by MarketsandMarkets™, the Rubber Process Oil Market is projected to grow from USD 1.91 billion in 2018 to USD 2.33 billion by 2023, at a CAGR of 4.1%, from 2018 to 2023.
Rapid growth in the sales of automobiles is expected to boost the consumption of rubber process oils in the tire and rubber market. Stringent environmental regulations set by various regulatory bodies, for instance, the European Chemical Agency, are also contributing to the growth of this market.
The naphthenic segment type is estimated to account for the largest share of the Rubber Process Oil Market in 2018.
The naphthenic segment is estimated to account for the largest share of the Rubber Process Oil Market in 2018. Naphthenic process oil is a light-colored and non-staining compound, which has high thermal stability and excellent compatibility with synthetic elastomers. The naphthenic rubber process oil is being increasingly consumed as the preferred oil in the North American and European regions mainly due to its low PCA content.
The TDAE segment type is projected to be the fastest-growing type in the global Rubber Process Oil Market.
TDAE is a non-carcinogenic rubber process oil and, is widely used as a substitute of DAE. It is the fastest-growing segment in the global Rubber Process Oil Market. The demand for TDAE is expected to increase during the forecast period due to its environmentally-friendly - friendly nature.
The Asia Pacific region is expected to be the largest market of rubber process oil in 2018.
The Asia Pacific region is estimated to account for the largest share of the Rubber Process Oil Market in 2018. The growth of the Asia Pacific Rubber Process Oil Market can be attributed to increase in the sales of automobiles in the region that is expected to boost the consumption of rubber process oils in the tire and rubber industries of the region.
Some of the leading players operating in the Rubber Process Oil Market include Royal Dutch Shell plc (Netherlands), Chevron Corporation (US), Petronas Lubricants Belgium NV (Belgium), Nynas AB (Sweden), ORGKHIM Biochemical Holding (Russia), Repsol S.A. (Spain), and Hindustan Petroleum Corporation Limited (India).
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