Rubber Process Oil Market Size, Share, Growth Analysis, By Type(Carcinogenic, Non-carcinogenic), By Application(Rubber processing, Adhesives and sealants) - Industry Forecast 2024-2031

Global Rubber Process Oil Market size was valued at USD 4.8 billion in 2022 and is poised to grow from USD 4.90 billion in 2023 to USD 5.79 billion by 2031, growing at a CAGR of 2.1% in the forecast period (2024-2031).

Rubber oil enhances the quality of the rubber used in tires. Increasing standard of living and increasing spending power of the population are factors that are likely to drive the global demand for automobiles. For example, according to the OICA, the number of cars produced worldwide in 2022 is 61.59 million, which means an increase of 8% compared to 2021 and 10% compared to 2020. So they look likely that the mass production of passenger vehicles will boost the demand for the market .

Moreover, the automotive industry in Germany is hampered by the lack of semiconductors and raw materials. Similarly, other measures, such as the implementation of the new coordinated global light vehicle testing program (WLTP) and the US. and China’s trade dispute, which has reduced international demand for cars, new EU emissions standards requiring car manufacturers to cut average emissions. The 95 grams per kilometer mandatory CO2 emissions requirement for newly sold cars had adversely affected the performance of the passenger car.