ゴムプロセスオイル市場規模、シェア、動向、2030年までの世界予測

世界のゴムプロセスオイル市場は、2025年の21億9,000万米ドルから2030年には24億9,000万米ドルに成長し、予測期間中に年平均成長率（CAGR）2.6%で成長すると予測されています。ゴムプロセスオイルは、天然ゴムと合成ゴムの両方のコンパウンドの加工挙動と性能特性を改善する上で重要な役割を果たします。充填剤の分散性を高め、粘度を下げ、混合作業をスムーズにすることで、これらのオイルは、タイヤ、工業用ゴム製品、熱可塑性エラストマー、油展ポリマーの安定した生産をサポートします。市場は、変化する配合要件によってますます形成されており、メーカーは、進化する規制基準と性能への期待に応えるため、よりクリーンでPAH含有量が少なく、用途に特化したオイルに注力しています。ゴムの配合がより特殊化し、生産ラインでより高い効率が求められるにつれて、粘度範囲と抽出物タイプ全体にわたるカスタマイズされたRPOグレードの重要性は着実に高まり続けています。

調査範囲：

本レポートは、ゴムプロセスオイル市場をタイプ、粘度、用途、地域に基づいてセグメント化しています。市場の成長に影響を与える主要要因（成長促進要因、制約要因、機会、課題など）に関する詳細な情報を提供しています。ゴムプロセスオイルメーカーを戦略的にプロファイリングし、市場シェアとコアコンピタンスを包括的に分析しています。

レポートを購入する理由：

本レポートは、ゴムプロセスオイル市場とそのセグメントの収益数値に関する最も近似値を提供することで、市場リーダー/新規参入企業に役立つことが期待されています。また、本レポートは、市場関係者が市場の競争環境をより深く理解し、事業の地位を向上させるための洞察を獲得し、適切な市場開拓戦略を策定するのに役立つことが期待されています。さらに、市場動向を把握し、主要な市場牽引要因、制約要因、課題、そして機会に関する情報を提供します。

本レポートでは、以下の点について洞察を提供しています。

重要な推進要因（乗用車、MHCV、オフハイウェイ車を含む世界的な自動車生産の増加と、アフターマーケットでのタイヤ交換の増加がタイヤ生産量を押し上げ、ゴムプロセスオイルの需要を押し上げている。合成ゴム生産の増加、低PAH、低粘度、特殊油の需要増加）、制約要因（芳香族RPOに関する厳格な国際規制（EU、米国、中国）、バイオベース／持続可能な可塑剤への代替、適切なグループI/IIベースオイルの供給減少）、機会（グリーン／生分解性ゴムオイルの需要増加、アジア、中東アフリカ、東ヨーロッパにおける新規タイヤ工場への投資、高級車と電気自動車の需要増加による高性能タイヤの需要増加）、課題（原油由来留出物や芳香族抽出物などの主要なRPO原料の価格変動）の分析

• 製品開発／イノベーション：ゴムプロセスオイル市場における今後の技術と研究開発活動に関する詳細な洞察
• 市場開発：収益性の高い市場に関する包括的な情報 – 本レポートでは、様々な地域におけるゴムプロセスオイル市場を分析しています。
• 競合評価：ゴムプロセスオイル市場における主要企業（シノペック（中国）、エクソンモービル（米国）、ペトロチャイナ・カンパニー・リミテッド（中国）、シェブロン（米国）、シェル（英国）など）の市場シェア、成長戦略、製品ラインナップに関する詳細な評価。

Report Description

The global rubber process oil market is projected to grow from USD 2.19 billion in 2025 to USD 2.49 billion by 2030, at a CAGR of 2.6% during the forecast period. Rubber process oils play a critical role in improving the processing behavior and performance characteristics of both natural and synthetic rubber compounds. By enhancing filler dispersion, reducing viscosity, and enabling smoother mixing operations, these oils support consistent production of tires, industrial rubber goods, thermoplastic elastomers, and oil-extended polymers. The market is increasingly shaped by shifting formulation requirements, where manufacturers are focusing on cleaner, low-PAH, and more application-specific oils to meet evolving regulatory norms and performance expectations. As rubber formulations become more specialized and production lines demand higher efficiency, the relevance of tailored RPO grades—across viscosity ranges and extract types—continues to grow steadily.

“By type, treated distillate aromatic extract (TDAE) segment to account for second-largest share during forecast period in terms of value”

The treated distillate aromatic extract (TDAE) segment is estimated to account for the second-largest share of the rubber process oil market. TDAE strikes a strong balance between performance, safety, and cost, making it a preferred choice for a wide range of rubber applications. As regulatory norms continue to phase down high-PAH aromatic oils, many tire and industrial rubber manufacturers are adopting TDAE as a safer and more compliant alternative, yet one that still offers the processing ease, elasticity improvement, and compatibility required in traditional formulations. Its ability to maintain compound softness, enhance dispersion, and support better rolling and heat-resistance characteristics has made it a dependable option for both standard and mid-performance tire categories. At the same time, its availability and affordability keep it accessible for large-volume producers. This combination of regulatory alignment, performance reliability, and cost suitability has positioned TDAE as the second-largest segment in the RPO market, with steady demand across both tire and non-tire rubber products.

“By application, industrial rubber segment to account for second-largest market share during forecast period”

The industrial rubber segment is projected to be the second-largest application of rubber process oil during the forecast period due to its wide use in products such as belts, hoses, gaskets, seals, and molded components. Rubber process oils enhance flexibility, improve filler dispersion, and ensure consistent processing performance, making them essential for industrial rubber manufacturing. The segment benefits from steady demand driven by industrialization, infrastructure development, and the need for durable and high-performance rubber components across multiple sectors. Additionally, manufacturers increasingly adopt high-quality and low-PAH oils to comply with environmental and regulatory standards while maintaining product performance. Although tire manufacturing remains the largest application segment due to higher overall volume, industrial rubber maintains a strong position because of recurring usage, broad applicability, and rising demand for performance-optimized, regulation-compliant oils.

“North America  to account for second-largest market share during forecast period”

North America is projected to be the second-largest market for rubber process oil due to its strong presence in automotive manufacturing, a large replacement tire market, and a well-established industrial rubber sector. The region benefits from mature production capabilities for tires, belts, hoses, gaskets, and molded rubber components, all of which rely heavily on consistent and high-quality rubber process oils. Advanced product development in high-performance and specialty rubber materials also drives steady demand for cleaner and more refined RPO grades, including TDAE and low-PAH formulations. In addition, the region’s robust regulatory environment encourages the use of safer, environmentally aligned oils, reinforcing the shift toward higher-value RPO types. A stable refining base, strong customer preference for premium-quality materials, and continuous upgrades in rubber processing technologies collectively position North America as the second-largest regional market, supported by sustained industrial activity and a strong automotive ecosystem.

Profile break-up of primary participants for the report:

• By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
• By Designation: Directors – 25%, Managers – 30%, and Others – 45%
• By Region: North America – 30%, Asia Pacific – 40%, Europe – 20%, Middle East & Africa – 7%, and South America – 3%

Sinopec (China), Exxon Mobil Corporation (US), PetroChina Company Limited (China), Chevron Corporation (US), and Shell plc (UK) are some of the major players operating in the rubber process oil market.

Research Coverage:

The report segments the rubber process oil market based on type, viscosity, application, and region. It provides detailed information regarding the major factors influencing the market’s growth, such as drivers, restraints, opportunities, and challenges. It strategically profiles rubber process oil manufacturers, comprehensively analyzing their market shares and core competencies.

Reasons to Buy the Report:

The report is expected to help the market leaders/new entrants by providing them with the closest approximations of revenue numbers of the rubber process oil market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the market’s competitive landscape, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Analysis of critical Drivers (Rising global vehicle production—including passenger cars, MHCVs, and off-highway vehicles—along with increasing aftermarket tire replacements, is boosting tire output and driving demand for rubber process oils; Growth in synthetic rubber production; Rising demand for low-PAH, low-viscosity, and specialty oils), Restraints (Stringent global regulations on aromatic RPO (EU, US, China), Substitution by bio-based/sustainable plasticizers, Declining availability of suitable Group I/II base oils), Opportunities (Rising demand for green/biodegradable rubber oils; New tire plant investments across Asia, MEA, and Eastern Europe; Rising demand for luxury vehicles and electric cars boosting need for high-performance tires), and Challenges (Fluctuating prices of key RPO feedstocks such as crude-derived distillates and aromatic extracts)
• Product Development/Innovation: Detailed insights on upcoming technologies and research & development activities in the rubber process oil market
• Market Development: Comprehensive information about lucrative markets – the report analyses the rubber process oil market across varied regions.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players such as Sinopec (China), Exxon Mobil Corporation (US), PetroChina Company Limited (China), Chevron Corporation (US), and Shell plc (UK) in the rubber process oil market.

Table of Contents

1               INTRODUCTION              28

1.1           STUDY OBJECTIVES       28

1.2           MARKET DEFINITION   28

1.3           STUDY SCOPE   29

1.3.1        MARKETS COVERED AND REGIONAL SCOPE      29

1.3.2        INCLUSIONS AND EXCLUSIONS 30

1.3.3        YEARS CONSIDERED      30

1.3.4        CURRENCY CONSIDERED            30

1.3.5        UNITS CONSIDERED      30

1.4           STAKEHOLDERS               31

1.5           SUMMARY OF CHANGES               31

2               EXECUTIVE SUMMARY  32

2.1           MARKET HIGHLIGHTS AND KEY INSIGHTS          32

2.2           KEY MARKET PARTICIPANTS: MAPPING OF STRATEGIC DEVELOPMENTS              33

2.3           DISRUPTIVE TRENDS IN RUBBER PROCESS OIL MARKET                 34

2.4           HIGH GROWTH SEGMENTS         35

2.5           REGIONAL SNAPSHOT: MARKET SIZE, GROWTH RATE,  AND FORECAST                36

3               PREMIUM INSIGHTS       38

3.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN RUBBER PROCESS OIL MARKET 38

3.2           RUBBER PROCESS OIL MARKET, BY REGION       38

3.3           RUBBER PROCESS OIL MARKET, BY TYPE             39

3.4           RUBBER PROCESS OIL MARKET, BY KEY COUNTRY                 39

4               MARKET OVERVIEW       40

4.1           INTRODUCTION              40

4.2           MARKET DYNAMICS       41

4.2.1        DRIVERS               41

4.2.1.1    Rising global vehicle production, along with increasing aftermarket tire replacements, boosting tire output       41

4.2.1.2    Growth in synthetic rubber production             45

4.2.1.3    Rising demand for low-PAH, low-viscosity, and specialty oils                 45

4.2.2        RESTRAINTS      45

4.2.2.1    Stringent global regulations on aromatic RPO (EU, US, China)                 45

4.2.2.2    Substitution by bio-based/sustainable plasticizers          46

4.2.2.3    Declining availability of suitable Group I/II base oils    46

4.2.3        OPPORTUNITIES              47

4.2.3.1    Rising demand for green/biodegradable rubber oils      47

4.2.3.2    New tire plant investments across Asia, MEA, and Eastern Europe   47

4.2.3.3    Rising demand for luxury vehicles and electric cars boosting need for high-performance tires  50

4.2.4        CHALLENGES    50

4.2.4.1    Fluctuating prices of key RPO feedstocks, such as crude-derived distillates and aromatic extracts, create cost pressures  50

4.3           UNMET NEEDS AND WHITE SPACES       51

4.3.1        UNMET NEEDS IN RUBBER PROCESS OIL MARKET                 51

4.3.2        WHITE SPACE OPPORTUNITIES                52

4.4           INTERCONNECTED MARKETS AND CROSS-SECTOR OPPORTUNITIES              53

4.4.1        INTERCONNECTED MARKETS   53

4.4.2        CROSS-SECTOR OPPORTUNITIES             53

4.5           STRATEGIC MOVES BY TIER-1/2/3 PLAYERS        54

4.5.1        KEY MOVES AND STRATEGIC FOCUS      54

5               INDUSTRY TRENDS         55

5.1           PORTER’S FIVE FORCES ANALYSIS           55

5.1.1        BARGAINING POWER OF SUPPLIERS       56

5.1.2        BARGAINING POWER OF BUYERS             56

5.1.3        THREAT OF NEW ENTRANTS      57

5.1.4        THREAT OF SUBSTITUTES          57

5.1.5        INTENSITY OF COMPETITIVE RIVALRY 57

5.2           GLOBAL MACROECONOMIC OUTLOOK                58

5.2.1        INTRODUCTION              58

5.2.2        GDP TRENDS AND FORECAST   58

5.2.3        TRENDS IN GLOBAL RUBBER PROCESS OIL INDUSTRY                 60

5.3           SUPPLY CHAIN ANALYSIS             60

5.3.1        RAW MATERIAL SUPPLY               61

5.3.2        RUBBER PROCESS OIL PRODUCTION     61

5.3.3        RUBBER PROCESS OIL TYPES     61

5.3.4        DISTRIBUTORS 61

5.3.5        END-USE INDUSTRIES   61

5.4           ECOSYSTEM ANALYSIS  62

5.5           PRICING ANALYSIS          63

5.5.1        AVERAGE SELLING PRICE TREND OF RUBBER PROCESS OIL, BY REGION, 2022–2025           63

5.5.2        AVERAGE SELLING PRICE OF RUBBER PROCESS OIL TYPE,  BY KEY PLAYER, 2025      64

5.6           TRADE ANALYSIS             65

5.6.1        IMPORT SCENARIO (HS CODE 2709)        65

5.6.2        EXPORT SCENARIO (HS CODE 2709)        66

5.7           KEY CONFERENCES AND EVENTS, 2025–2026        68

5.8           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            69

5.9           INVESTMENT AND FUNDING SCENARIO               69

5.10         CASE STUDY ANALYSIS 70

5.10.1      RRII (RUBBER RESEARCH INSTITUTE) – INDIAN OIL COLLABORATION ON ADVANCED RUBBER PROCESS OIL APPLICATIONS 70

5.10.2      REPSOL’S BIOEXTENSOIL – A CIRCULAR AND HIGH-PERFORMANCE ALTERNATIVE TO MINERAL RUBBER PROCESS OILS       71

5.10.3      SHELL FLAVEX 595 – ENABLING COMPLIANCE AND HIGH-PERFORMANCE TIRE MANUFACTURING  72

5.11         TRUMP TARIFF IMPACT ON RUBBER PROCESS OIL MARKET               72

5.11.1      KEY TARIFF RATES IMPACTING MARKET              72

5.11.2      PRICE IMPACT ANALYSIS             73

5.11.3      KEY IMPACT ON VARIOUS REGIONS       73

5.11.3.1  US           73

5.11.3.2  Europe   73

5.11.3.3  Asia Pacific            73

5.11.4      IMPACT ON END-USE INDUSTRIES OF RUBBER PROCESS OIL MARKET  73

5.11.4.1  Tires       74

5.11.4.2  Oil-extended polymers        74

5.11.4.3  Industrial rubber products  74

5.11.4.4  Thermoplastic elastomers (TPEs)     74

6               TECHNOLOGICAL ADVANCEMENTS, AI-DRIVEN IMPACT, PATENTS, INNOVATIONS, AND FUTURE APPLICATIONS 75

6.1           KEY EMERGING TECHNOLOGIES              75

6.1.1        BIO-BASED RUBBER PROCESS OILS         75

6.1.1.1    Introduction: A shift toward sustainable processing oils                 75

6.1.1.2    Renewable feedstocks driving material transformation  75

6.1.1.3    Regulatory alignment and industry-wide adoption momentum                 75

6.1.1.4    Market impact and long-term strategic relevance           75

6.2           COMPLEMENTARY TECHNOLOGIES       75

6.2.1        ADVANCED ADDITIVES FOR ENHANCED PERFORMANCE IN RUBBER PROCESS OILS           75

6.2.2        TECHNOLOGY/PRODUCT ROADMAP    76

6.2.2.1    Short-term (2025–2027) | process efficiency & low-PCA compliance             76

6.2.2.2    Mid-term (2027–2030) | sustainability transition & value-added formulations          77

6.2.2.3    Long-term (2030–2035+) | circularity, high-performance synthesis & next-gen RPO  77

6.3           PATENT ANALYSIS          78

6.3.1        METHODOLOGY              78

6.4           FUTURE APPLICATIONS               81

6.4.1        TIRES: ENHANCED FLEXIBILITY AND PROCESSING EFFICIENCY       81

6.4.2        OIL-EXTENDED POLYMERS: IMPROVED POLYMER FLOW AND REDUCED VISCOSITY             82

6.4.3        INDUSTRIAL RUBBER PRODUCTS: SUPPORTED ELASTICITY AND UNIFORM COMPOUNDING     82

6.4.4        THERMOPLASTIC ELASTOMERS (TPE): FACILITATED SOFTENING AND MELT-FLOW BEHAVIOR            83

6.5           IMPACT OF GENERATIVE AI ON RUBBER PROCESS OIL MARKET               83

6.5.1        INTRODUCTION              83

6.5.2        AI-DRIVEN FORMULATION INNOVATION            83

6.5.3        SMART MANUFACTURING AND PROCESS OPTIMIZATION                84

6.5.4        MARKET INSIGHT AND PRODUCT POSITIONING                 84

6.5.5        CUSTOMER COLLABORATION AND VALUE-ADDED SERVICES             84

7               SUSTAINABILITY AND REGULATORY LANDSCAPE                 85

7.1           REGIONAL REGULATIONS AND COMPLIANCE   85

7.1.1        REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             85

7.1.2        INDUSTRY STANDARDS                87

7.2           SUSTAINABILITY INITIATIVES   88

7.2.1        CARBON IMPACT AND ECO-APPLICATIONS OF RUBBER PROCESS OIL     88

7.2.1.1    Carbon Impact Reduction   88

7.2.1.2    Eco-applications   89

7.3           SUSTAINABILITY IMPACT AND REGULATORY POLICY INITIATIVES       90

7.4           CERTIFICATIONS, LABELING, AND ECO-STANDARDS                 90

8               CUSTOMER LANDSCAPE & BUYER BEHAVIOR    92

8.1           DECISION-MAKING PROCESS     92

8.2           KEY STAKEHOLDERS AND BUYING CRITERIA     93

8.2.1        KEY STAKEHOLDERS IN BUYING PROCESS           93

8.2.2        BUYING CRITERIA           94

8.3           ADOPTION BARRIERS & INTERNAL CHALLENGES                 95

8.4           UNMET NEEDS IN VARIOUS APPLICATIONS        96

8.5           MARKET PROFITABILITY             97

8.5.1        REVENUE POTENTIAL   97

8.5.2        COST DYNAMICS             98

8.5.3        MARGIN OPPORTUNITIES IN KEY APPLICATIONS                 98

9               RUBBER PROCESS OIL MARKET, BY VISCOSITY 99

9.1           INTRODUCTION              100

9.2           LOW VISCOSITY                101

9.2.1        GROWING FOCUS ON EFFICIENT, EASY-PROCESSING RUBBER FORMULATIONS            101

9.3           MEDIUM VISCOSITY       101

9.3.1        BROAD ADAPTABILITY AND CONSISTENT PERFORMANCE 101

9.4           HIGH VISCOSITY              101

9.4.1        RISE IN DEMAND FOR DURABLE, HIGH-PERFORMANCE RUBBER PRODUCTS       101

10            RUBBER PROCESS OIL MARKET, BY APPLICATION                 102

10.1         INTRODUCTION              103

10.2         TIRES    104

10.2.1      RISING DEMAND FOR HIGH-PERFORMANCE, DURABLE, AND ENVIRONMENTALLY COMPLIANT TIRES   104

10.3         OIL-EXTENDED POLYMERS         104

10.3.1      GROWING USE OF OIL-EXTENDED POLYMERS IN HIGH-PERFORMANCE RUBBER PRODUCTS      104

10.4         INDUSTRIAL RUBBER PRODUCTS            105

10.4.1      INCREASING NEED FOR DURABLE, HIGH-PERFORMANCE, AND COMPLIANT INDUSTRIAL RUBBER PRODUCTS         105

10.5         THERMOPLASTIC ELASTOMERS (TPE)  105

10.5.1      RISING ADOPTION OF THERMOPLASTIC ELASTOMERS IN VERSATILE AND HIGH-PERFORMANCE APPLICATIONS                 105

10.6         OTHER APPLICATIONS 105

11            RUBBER PROCESS OIL MARKET, BY TYPE             106

11.1         INTRODUCTION              107

11.2         TREATED DISTILLATE AROMATIC EXTRACT (TDAE)                 109

11.2.1      RISING PREFERENCE FOR CLEANER, REGULATION-COMPLIANT, AND HIGH-PERFORMANCE RUBBER PROCESS OILS       109

11.3         DISTILLATE AROMATIC EXTRACT (DAE)              109

11.3.1      CONTINUED USE OF COST-EFFECTIVE, HIGH-SOLVENCY AROMATIC OILS LIKE DAE IN KEY RUBBER PROCESSING APPLICATIONS     109

11.4         MILD EXTRACTED SOLVATE (MES)         109

11.4.1      INCREASING INDUSTRY SHIFT TOWARD LOW-PAH, ENVIRONMENTALLY COMPLIANT, AND PERFORMANCE-STABLE RUBBER PROCESS OILS                 109

11.5         RESIDUAL AROMATIC EXTRACT (RAE) AND TREATED RESIDUAL AROMATIC

EXTRACT (TRAE)              110

11.5.1      STEADY USE OF RAE AND GROWING ADOPTION OF CLEANER TRAE GRADES               110

11.6         PARAFFINIC       110

11.6.1      RISING NEED FOR CLEAN, THERMALLY STABLE, AND HIGH-PERFORMANCE RUBBER FORMULATIONS               110

11.7         NAPHTHENIC    111

11.7.1      NEED FOR EFFICIENT, FLEXIBLE, AND WIDE-COMPATIBILITY PROCESSING OILS        111

12            RUBBER PROCESS OIL MARKET, BY REGION       112

12.1         INTRODUCTION              113

12.2         ASIA PACIFIC     115

12.2.1      CHINA  118

12.2.1.1  Increasing vehicle and tire production in China boosting rubber compounding activity           118

12.2.2      JAPAN   120

12.2.2.1  Advanced tire manufacturing and precision-focused industrial rubber production                 120

12.2.3      INDIA    122

12.2.3.1  Strong replacement-driven tire growth and expanding industrial rubber production                 122

12.2.4      SOUTH KOREA  123

12.2.4.1  Growing vehicle production and strong industrial rubber manufacturing base              123

12.2.5      INDONESIA        125

12.2.5.1  Expansion of industrial rubber manufacturing base and rise in domestic tire demand          125

12.2.6      THAILAND          127

12.2.6.1  Abundant natural rubber resources and growing domestic tire and industrial rubber production       127

12.2.7      REST OF ASIA PACIFIC   128

12.3         NORTH AMERICA             130

12.3.1      US           134

12.3.1.1  Shift toward electric mobility strengthening demand dynamics for rubber process oils         134

12.3.2      CANADA               135

12.3.2.1  Growth in industrial production base and increasing need for durable, climate-resilient rubber components 135

12.3.3      MEXICO                137

12.3.3.1  Expansion of automotive manufacturing base and rising demand for cost-efficient, high-performance rubber goods         137

12.4         EUROPE               139

12.4.1      RUSSIA 142

12.4.1.1  Growing tire replacement needs and expanding industrial rubber production             142

12.4.2      GERMANY           144

12.4.2.1  Shift toward electric mobility and strong manufacturing demand for rubber-intensive components       144

12.4.3      UK          146

12.4.3.1  Expanding demand for high-quality rubber components and growing EV-related material production          146

12.4.4      FRANCE                147

12.4.4.1  Rising vehicle registrations and strong demand for tire and industrial rubber components             147

12.4.5      SPAIN    149

12.4.5.1  Rising tire demand and expanding industrial rubber manufacturing       149

12.4.6      ITALY    151

12.4.6.1  Strong tire manufacturing activity and rising demand for industrial rubber components             151

12.4.7      REST OF EUROPE             152

12.5         MIDDLE EAST & AFRICA                154

12.5.1      GCC COUNTRIES              157

12.5.1.1  Saudi Arabia          157

12.5.1.1.1                Rising vehicle registrations and industrial expansion under Vision 2030                 157

12.5.1.2  UAE        159

12.5.1.2.1                Growing vehicle usage, strong replacement demand, and rising industrial rubber consumption        159

12.5.1.3  Rest of GCC Countries        161

12.5.2      IRAN      162

12.5.2.1  Expanding domestic tire production, increasing self-sufficiency, and rising output across multiple vehicle segments        162

12.5.3      REST OF MIDDLE EAST & AFRICA             164

12.6         SOUTH AMERICA             166

12.6.1      BRAZIL 169

12.6.1.1  Expanding automotive activity, strong tire demand, and broad-based industrial rubber production   169

12.6.2      ARGENTINA       170

12.6.2.1  Sustained tire demand and expanding use of industrial rubber products 170

12.6.3      COLOMBIA         172

12.6.3.1  High demand for tires, mining-related rubber goods, and general industrial rubber components             172

12.6.4      REST OF SOUTH AMERICA           174

13            COMPETITIVE LANDSCAPE         176

13.1         INTRODUCTION              176

13.2         KEY PLAYER STRATEGIES/RIGHT TO WIN            176

13.3         REVENUE ANALYSIS       177

13.3.1      TOP 5 PLAYERS’ REVENUE ANALYSIS      177

13.4         MARKET SHARE ANALYSIS           178

13.4.1      MARKET SHARE OF KEY PLAYERS             178

13.4.1.1  Sinopec (China)   179

13.4.1.2  PetroChina Company Limited (China)             179

13.4.1.3  Chevron Corporation (US) 180

13.4.1.4  Exxon Mobil Corporation (US)          180

13.4.1.5  Shell plc (UK)       180

13.5         BRAND/PRODUCT COMPARISON             181

13.5.1      POWEROIL FLEXOIL N   182

13.5.2      PANOL C 160-P  182

13.5.3      ENI CELTIS          182

13.5.4      DIVYOL PARAFFINIC OIL              182

13.5.5      CALSOL                182

13.6         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 182

13.6.1      STARS   182

13.6.2      EMERGING LEADERS     183

13.6.3      PERVASIVE PLAYERS      183

13.6.4      PARTICIPANTS 183

13.6.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         185

13.6.5.1  Company footprint               185

13.6.5.2  Region footprint   186

13.6.5.3  Viscosity footprint                 187

13.6.5.4  Type footprint       188

13.6.5.5  Application footprint            189

13.7         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        191

13.7.1      PROGRESSIVE COMPANIES         191

13.7.2      RESPONSIVE COMPANIES            191

13.7.3      DYNAMIC COMPANIES  191

13.7.4      STARTING BLOCKS         191

13.7.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024                 193

13.7.5.1  Detailed list of key startups/SMEs    193

13.7.5.2  Competitive benchmarking of key startups/SMEs          194

13.8         COMPETITIVE SCENARIO             195

13.8.1      PRODUCT LAUNCHES   195

13.8.2      DEALS  196

13.9         COMPANY VALUATION AND FINANCIAL METRICS                 196

14            COMPANY PROFILES      199

14.1         KEY PLAYERS     199

14.1.1      SINOPEC              199

14.1.1.1  Business overview 199

14.1.1.2  Products/Solutions/Services offered 200

14.1.1.3  MnM view              200

14.1.1.3.1                Right to win           200

14.1.1.3.2                Strategic choices   201

14.1.1.3.3                Weaknesses and competitive threats 201

14.1.2      PETROCHINA COMPANY LIMITED           202

14.1.2.1  Business overview 202

14.1.2.2  Products/Solutions/Services offered 203

14.1.2.3  MnM view              204

14.1.2.3.1                Right to win           204

14.1.2.3.2                Strategic choices   204

14.1.2.3.3                Weaknesses and competitive threats 205

14.1.3      CHEVRON CORPORATION           206

14.1.3.1  Business overview 206

14.1.3.2  Products/Solutions/Services offered 207

14.1.3.3  MnM view              207

14.1.3.3.1                Right to win           207

14.1.3.3.2                Strategic choices   208

14.1.3.3.3                Weaknesses and competitive threats 208

14.1.4      EXXON MOBIL CORPORATION  209

14.1.4.1  Business overview 209

14.1.4.2  Products/Solutions/Services offered 210

14.1.4.3  MnM view              211

14.1.4.3.1                Right to win           211

14.1.4.3.2                Strategic choices   211

14.1.4.3.3                Weaknesses and competitive threats 211

14.1.5      SHELL PLC          212

14.1.5.1  Business overview 212

14.1.5.2  Products/Solutions/Services offered 213

14.1.5.3  MnM view              214

14.1.5.3.1                Right to win           214

14.1.5.3.2                Strategic choices   214

14.1.5.3.3                Weaknesses and competitive threats 214

14.1.6      APAR INDUSTRIES LTD.                215

14.1.6.1  Business overview 215

14.1.6.2  Products/Solutions/Services offered 216

14.1.7      PANAMA PETROCHEM LTD.       218

14.1.7.1  Business overview 218

14.1.7.2  Products/Solutions/Services offered 219

14.1.8      BEHRAN OIL CO.              221

14.1.8.1  Business overview 221

14.1.8.2  Products/Solutions/Services offered 221

14.1.9      ENILIVE S.P.A.   222

14.1.9.1  Business overview 222

14.1.9.2  Products/Solutions/Services offered 222

14.1.10   GANDHAR OIL REFINERY (INDIA) LIMITED         223

14.1.10.1                 Business overview 223

14.1.10.2                 Products/Solutions/Services offered 224

14.1.11   HINDUSTAN PETROLEUM CORPORATION LIMITED                 226

14.1.11.1                 Business overview 226

14.1.11.2                 Products/Solutions/Services offered 227

14.1.12   INDIAN OIL CORPORATION LTD              229

14.1.12.1                 Business overview 229

14.1.12.2                 Products/Solutions/Services offered 230

14.1.13   ORLEN UNIPETROL GROUP        231

14.1.13.1                 Business overview 231

14.1.13.2                 Products/Solutions/Services offered 232

14.1.14   IDEMITSU KOSAN CO., LTD.       234

14.1.14.1                 Business overview 234

14.1.14.2                 Products/Solutions/Services offered 235

14.1.15   REPSOL                 237

14.1.15.1                 Business overview 237

14.1.15.2                 Products/Solutions/Services offered 238

14.1.16   ORGKHIM BIOCHEMICAL HOLDING       240

14.1.16.1                 Business overview 240

14.1.16.2                 Products/Solutions/Services offered 240

14.1.17   GPPL     241

14.1.17.1                 Business overview 241

14.1.17.2                 Products/Solutions/Services offered 242

14.1.18   IRANOL (LLP)    243

14.1.18.1                 Business overview 243

14.1.18.2                 Products/Solutions/Services offered 243

14.1.19   PETRO GULF INTERNATIONAL FZE         244

14.1.19.1                 Business overview 244

14.1.19.2                 Products/Solutions/Services offered 244

14.1.20   CALUMET, INC. 245

14.1.20.1                 Business overview 245

14.1.20.2                 Products/Solutions/Services offered 246

14.1.21   H&R GROUP       247

14.1.21.1                 Business overview 247

14.1.21.2                 Products/Solutions/Services offered 248

14.1.22   NYNAS AB            250

14.1.22.1                 Business overview 250

14.1.22.2                 Products/Solutions/Services offered 251

14.1.22.3                 Recent developments           254

14.1.22.3.1             Product launches  254

14.1.23   IRPC PUBLIC COMPANY LIMITED            255

14.1.23.1                 Business overview 255

14.1.23.2                 Products/Solutions/Services offered 255

14.1.24   PT. ENERCO RPO INTERNASIONAL          256

14.1.24.1                 Business overview 256

14.1.24.2                 Products/Solutions/Services offered 256

14.1.24.3                 Recent developments           257

14.1.24.3.1             Deals      257

14.1.25   WITMANS INDUSTRIES PVT. LTD.            258

14.1.25.1                 Business overview 258

14.1.25.2                 Products/Solutions/Services offered 258

14.1.26   THAIOIL GROUP               260

14.1.26.1                 Business overview 260

14.1.26.2                 Products/Solutions/Services offered 261

14.1.27   SHANGDONG TIANYUAN CHEMICAL CO., LTD  262

14.1.27.1                 Business overview 262

14.1.27.2                 Products/Solutions/Services offered 262

14.1.28   P.S.P. SPECIALTIES PUBLIC COMPANY LIMITED                 263

14.1.28.1                 Business overview 263

14.1.28.2                 Products/Solutions/Services offered 264

14.2         OTHER PLAYERS              265

14.2.1      PETRO NAFT      265

14.2.2      PANOL INDUSTRIES RMC FZE    266

14.2.3      EAGLE PETROCHEM       267

14.2.4      LODHA PETRO 268

14.2.5      RLS PETROCHEM LUBRICANTS LLC        269

14.2.6      GAZPROMNEFT – LUBRICANTS LTD.      270

15            RESEARCH METHODOLOGY       271

15.1         RESEARCH DATA              271

15.1.1      SECONDARY DATA          272

15.1.1.1  Key data from secondary sources       272

15.1.2      PRIMARY DATA 272

15.1.2.1  Key data from primary sources           273

15.1.2.2  List of primary interview participants (demand and supply sides)                 273

15.1.2.3  Key industry insights           274

15.1.2.4  Breakdown of interviews with experts               274

15.2         MATRIX CONSIDERED FOR DEMAND-SIDE ANALYSIS                 275

15.3         MARKET SIZE ESTIMATION         275

15.3.1      BOTTOM-UP APPROACH              276

15.3.2      TOP-DOWN APPROACH                276

15.3.2.1  Calculations for supply-side analysis 278

15.4         GROWTH FORECAST      278

15.5         DATA TRIANGULATION                279

15.6         RESEARCH ASSUMPTIONS           280

15.7         RESEARCH LIMITATIONS             280

15.8         RISK ASSESSMENT           281

16            APPENDIX           282

16.1         DISCUSSION GUIDE        282

16.2         KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL                285

16.3         CUSTOMIZATION OPTIONS        287

16.4         RELATED REPORTS         287

16.5         AUTHOR DETAILS           288

LIST OF TABLES

TABLE 1                GLOBAL TIRE MANUFACTURING CAPACITY EXPANSIONS     48

TABLE 2                RUBBER PROCESS OIL MARKET: PORTER’S FIVE FORCES ANALYSIS           56

TABLE 3                REAL GDP GROWTH (ANNUAL PERCENTAGE CHANGE), BY KEY COUNTRY,

2022–2024 (%)     58

TABLE 4                UNEMPLOYMENT RATE, BY KEY COUNTRY, 2022–2024 (%)     59

TABLE 5                INFLATION RATE AVERAGE CONSUMER PRICES, BY KEY COUNTRY, 2022–2024 (%)               59

TABLE 6                FOREIGN DIRECT INVESTMENT, BY REGION, 2022 & 2023 (USD BILLION)          59

TABLE 7                ROLES OF COMPANIES IN RUBBER PROCESS OIL ECOSYSTEM       62

TABLE 8                AVERAGE SELLING PRICE TREND OF LITHIUM-ION RUBBER PROCESS OIL,

BY REGION, 2022–2025 (USD/TON)           64

TABLE 9                AVERAGE SELLING PRICE TREND OF LITHIUM-ION RUBBER PROCESS OIL,

BY KEY PLAYER, 2025 (USD/TON)             65

TABLE 10              IMPORT DATA FOR HS CODE 2709, BY KEY COUNTRY,

2021–2024 (USD THOUSAND)      66

TABLE 11              EXPORT DATA FOR HS CODE 2709, BY KEY COUNTRY,

2021–2024 (USD THOUSAND)      67

TABLE 12              RUBBER PROCESS OIL MARKET: KEY CONFERENCES AND EVENTS, 2025–2026                 68

TABLE 13              RUBBER PROCESS OIL MARKET: LIST OF MAJOR PATENTS, 2014–2024        79

TABLE 14              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  85

TABLE 15              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  86

TABLE 16              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  87

TABLE 17              GLOBAL STANDARDS IN RUBBER PROCESS OIL MARKET               87

TABLE 18              CERTIFICATIONS, LABELING, AND ECO-STANDARDS IN RUBBER

PROCESS OIL MARKET  90

TABLE 19              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%)                 94

TABLE 20              KEY BUYING CRITERIA, BY APPLICATION                 95

TABLE 21              RUBBER PROCESS OIL MARKET: UNMET NEEDS IN KEY APPLICATIONS  97

TABLE 22              RUBBER PROCESS OIL MARKET, BY VISCOSITY, 2021–2024 (USD MILLION)            100

TABLE 23              RUBBER PROCESS OIL MARKET, BY VISCOSITY, 2025–2030 (USD MILLION)            101

TABLE 24              RUBBER PROCESS OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION)              103

TABLE 25              RUBBER PROCESS OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              104

TABLE 26              RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)       107

TABLE 27              RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)       108

TABLE 28              RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)                108

TABLE 29              RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)                108

TABLE 30              RUBBER PROCESS OIL MARKET, BY REGION, 2021–2024 (USD MILLION)            113

TABLE 31              RUBBER PROCESS OIL MARKET, BY REGION, 2025–2030 (USD MILLION)            114

TABLE 32              RUBBER PROCESS OIL MARKET, BY REGION, 2021–2024 (KILOTON)     114

TABLE 33              RUBBER PROCESS OIL MARKET, BY REGION, 2025–2030 (KILOTON)     114

TABLE 34              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            116

TABLE 35              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            116

TABLE 36              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (KILOTON)     116

TABLE 37              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (KILOTON)     117

TABLE 38              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            117

TABLE 39              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            117

TABLE 40              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON) 118

TABLE 41              ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON) 118

TABLE 42              CHINA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                119

TABLE 43              CHINA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                119

TABLE 44              CHINA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        119

TABLE 45              CHINA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        120

TABLE 46             JAPAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            120

TABLE 47             JAPAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            121

TABLE 48             JAPAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     121

TABLE 49             JAPAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     121

TABLE 50              INDIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            122

TABLE 51              INDIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            122

TABLE 52              INDIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     123

TABLE 53              INDIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     123

TABLE 54              SOUTH KOREA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            124

TABLE 55              SOUTH KOREA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            124

TABLE 56              SOUTH KOREA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON) 124

TABLE 57              SOUTH KOREA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON) 125

TABLE 58              INDONESIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                125

TABLE 59              INDONESIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                126

TABLE 60              INDONESIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        126

TABLE 61              INDONESIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        126

TABLE 62              THAILAND: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                127

TABLE 63              THAILAND: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                127

TABLE 64              THAILAND: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        128

TABLE 65              THAILAND: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        128

TABLE 66              REST OF ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            129

TABLE 67              REST OF ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            129

TABLE 68              REST OF ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (KILOTON)     129

TABLE 69              REST OF ASIA PACIFIC: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (KILOTON)     130

TABLE 70              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            131

TABLE 71              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            131

TABLE 72              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (KILOTON)     132

TABLE 73              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (KILOTON)     132

TABLE 74              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            132

TABLE 75              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            133

TABLE 76              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (KILOTON)     133

TABLE 77              NORTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (KILOTON)     133

TABLE 78              US: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            134

TABLE 79              US: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            134

TABLE 80              US: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     135

TABLE 81              US: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     135

TABLE 82              CANADA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                136

TABLE 83              CANADA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                136

TABLE 84              CANADA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        136

TABLE 85              CANADA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        137

TABLE 86              MEXICO: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                137

TABLE 87              MEXICO: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                138

TABLE 88              MEXICO: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        138

TABLE 89              MEXICO: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        138

TABLE 90              EUROPE: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            140

TABLE 91              EUROPE: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            140

TABLE 92              EUROPE: RUBBER PROCESS OIL MARKET, BY COUNTRY, 2021–2024 (KILOTON)              140

TABLE 93              EUROPE: RUBBER PROCESS OIL MARKET, BY COUNTRY, 2025–2030 (KILOTON)              141

TABLE 94              EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                141

TABLE 95              EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                141

TABLE 96              EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        142

TABLE 97              EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        142

TABLE 98              RUSSIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                143

TABLE 99              RUSSIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                143

TABLE 100            RUSSIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        143

TABLE 101            RUSSIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        144

TABLE 102            GERMANY: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                144

TABLE 103            GERMANY: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                145

TABLE 104            GERMANY: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        145

TABLE 105            GERMANY: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        145

TABLE 106            UK: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            146

TABLE 107            UK: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            146

TABLE 108            UK: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     147

TABLE 109            UK: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     147

TABLE 110            FRANCE: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                148

TABLE 111            FRANCE: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                148

TABLE 112            FRANCE: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        148

TABLE 113            FRANCE: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        149

TABLE 114          SPAIN: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            149

TABLE 115          SPAIN: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            150

TABLE 116          SPAIN: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     150

TABLE 117          SPAIN: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     150

TABLE 118          ITALY: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            151

TABLE 119          ITALY: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            151

TABLE 120          ITALY: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     152

TABLE 121          ITALY: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     152

TABLE 122            REST OF EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            153

TABLE 123            REST OF EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            153

TABLE 124            REST OF EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (KILOTON)     153

TABLE 125            REST OF EUROPE: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (KILOTON)     154

TABLE 126            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            154

TABLE 127            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            155

TABLE 128            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (KILOTON)     155

TABLE 129            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (KILOTON)     155

TABLE 130            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            156

TABLE 131            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            156

TABLE 132            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (KILOTON)     156

TABLE 133            MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (KILOTON)     157

TABLE 134            SAUDI ARABIA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            158

TABLE 135            SAUDI ARABIA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            158

TABLE 136            SAUDI ARABIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON) 158

TABLE 137            SAUDI ARABIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON) 159

TABLE 138            UAE: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            159

TABLE 139            UAE: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            160

TABLE 140            UAE: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     160

TABLE 141            UAE: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     160

TABLE 142            REST OF GCC COUNTRIES: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            161

TABLE 143            REST OF GCC COUNTRIES: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            161

TABLE 144            REST OF GCC COUNTRIES: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (KILOTON)     162

TABLE 145            REST OF GCC COUNTRIES: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (KILOTON)     162

TABLE 146            IRAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)            163

TABLE 147            IRAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)            163

TABLE 148            IRAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)     163

TABLE 149            IRAN: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)     164

TABLE 150            REST OF MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET,

BY TYPE,  2021–2024 (USD MILLION)      164

TABLE 151            REST OF MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET,

BY TYPE,  2025–2030 (USD MILLION)      165

TABLE 152            REST OF MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET,

BY TYPE,  2021–2024 (KILOTON)               165

TABLE 153            REST OF MIDDLE EAST & AFRICA: RUBBER PROCESS OIL MARKET,

BY TYPE,  2025–2030 (KILOTON)               165

TABLE 154            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (USD MILLION)          166

TABLE 155            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            166

TABLE 156            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2021–2024 (KILOTON)     167

TABLE 157            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY COUNTRY,

2025–2030 (KILOTON)     167

TABLE 158            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            167

TABLE 159            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            168

TABLE 160            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (KILOTON)     168

TABLE 161            SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (KILOTON)     168

TABLE 162            BRAZIL: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                169

TABLE 163            BRAZIL: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                169

TABLE 164            BRAZIL: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        170

TABLE 165            BRAZIL: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        170

TABLE 166            ARGENTINA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            171

TABLE 167            ARGENTINA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            171

TABLE 168            ARGENTINA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON) 171

TABLE 169            ARGENTINA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON) 172

TABLE 170            COLOMBIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (USD MILLION)                172

TABLE 171            COLOMBIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (USD MILLION)                173

TABLE 172            COLOMBIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2021–2024 (KILOTON)        173

TABLE 173            COLOMBIA: RUBBER PROCESS OIL MARKET, BY TYPE, 2025–2030 (KILOTON)        173

TABLE 174            REST OF SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (USD MILLION)            174

TABLE 175            REST OF SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (USD MILLION)            174

TABLE 176            REST OF SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2021–2024 (KILOTON)     175

TABLE 177            REST OF SOUTH AMERICA: RUBBER PROCESS OIL MARKET, BY TYPE,

2025–2030 (KILOTON)     175

TABLE 178            RUBBER PROCESS OIL MARKET: OVERVIEW OF STRATEGIES ADOPTED

BY KEY PLAYERS, (2020–2025)      176

TABLE 179            RUBBER PROCESS OIL MARKET: DEGREE OF COMPETITION, 2024       179

TABLE 180            RUBBER PROCESS OIL MARKET: REGION FOOTPRINT       186

TABLE 181            RUBBER PROCESS OIL MARKET: VISCOSITY FOOTPRINT       187

TABLE 182            RUBBER PROCESS OIL MARKET: TYPE FOOTPRINT       188

TABLE 183            RUBBER PROCESS OIL MARKET: APPLICATION FOOTPRINT       189

TABLE 184            RUBBER PROCESS OIL MARKET: DETAILED LIST OF KEY STARTUPS/SMES              193

TABLE 185            RUBBER PROCESS OIL MARKET: COMPETITIVE BENCHMARKING

OF KEY STARTUPS/SMES              194

TABLE 186            RUBBER PROCESS OIL MARKET: PRODUCT LAUNCHES,

JANUARY 2020– NOVEMBER 2025                195

TABLE 187            RUBBER PROCESS OIL MARKET: DEALS, JANUARY 2020–NOVEMBER 2025                 196

TABLE 188            SINOPEC: COMPANY OVERVIEW               199

TABLE 189            SINOPEC: PRODUCTS/SOLUTIONS/SERVICES OFFERED             200

TABLE 190            PETROCHINA COMPANY LIMITED: COMPANY OVERVIEW          202

TABLE 191            PETROCHINA COMPANY LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED    203

TABLE 192            CHEVRON CORPORATION: COMPANY OVERVIEW          206

TABLE 193            CHEVRON CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    207

TABLE 194            EXXON MOBIL CORPORATION: COMPANY OVERVIEW          209

TABLE 195            EXXON MOBIL CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    210

TABLE 196            SHELL PLC: COMPANY OVERVIEW           212

TABLE 197            SHELL PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED             213

TABLE 198            APAR INDUSTRIES LTD.: COMPANY OVERVIEW                 215

TABLE 199            APAR INDUSTRIES LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    216

TABLE 200            PANAMA PETROCHEM LTD.: COMPANY OVERVIEW          218

TABLE 201            PANAMA PETROCHEM LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    219

TABLE 202            BEHRAN OIL CO.: COMPANY OVERVIEW                 221

TABLE 203            BEHRAN OIL CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    221

TABLE 204            ENILIVE S.P.A.: COMPANY OVERVIEW    222

TABLE 205            ENILIVE S.P.A.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    222

TABLE 206            GANDHAR OIL REFINERY (INDIA) LIMITED: COMPANY OVERVIEW   223

TABLE 207            GANDHAR OIL REFINERY (INDIA) LIMITED: PRODUCTS/SOLUTIONS/

SERVICES OFFERED        224

TABLE 208            HINDUSTAN PETROLEUM CORPORATION LIMITED: COMPANY OVERVIEW               226

TABLE 209            HINDUSTAN PETROLEUM CORPORATION LIMITED: PRODUCTS/SOLUTIONS/ SERVICES OFFERED                 227

TABLE 210            INDIAN OIL CORPORATION LTD: COMPANY OVERVIEW          229

TABLE 211            INDIAN OIL CORPORATION LTD: PRODUCTS/SOLUTIONS/SERVICES OFFERED    230

TABLE 212            ORLEN UNIPETROL GROUP: COMPANY OVERVIEW          231

TABLE 213            ORLEN UNIPETROL GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    232

TABLE 214            IDEMITSU KOSAN CO., LTD.: COMPANY OVERVIEW          234

TABLE 215            IDEMITSU KOSAN CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    235

TABLE 216            REPSOL: COMPANY OVERVIEW 237

TABLE 217            REPSOL: PRODUCTS/SOLUTIONS/SERVICES OFFERED             238

TABLE 218            ORGKHIM BIOCHEMICAL HOLDING: COMPANY OVERVIEW          240

TABLE 219            ORGKHIM BIOCHEMICAL HOLDING: PRODUCTS/SOLUTIONS/SERVICES OFFERED    240

TABLE 220            GPPL: COMPANY OVERVIEW      241

TABLE 221            GPPL: PRODUCTS/SOLUTIONS/SERVICES OFFERED             242

TABLE 222            IRANOL (LLP): COMPANY OVERVIEW    243

TABLE 223            IRANOL (LLP): PRODUCTS/SOLUTIONS/SERVICES OFFERED    243

TABLE 224            PETRO GULF INTERNATIONAL FZE: COMPANY OVERVIEW          244

TABLE 225            PETRO GULF INTERNATIONAL FZE: PRODUCTS/SOLUTIONS/SERVICES OFFERED    244

TABLE 226            CALUMET, INC.: COMPANY OVERVIEW 245

TABLE 227            CALUMET, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    246

TABLE 228            H&R GROUP: COMPANY OVERVIEW        247

TABLE 229            H&R GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    248

TABLE 230            NYNAS AB: COMPANY OVERVIEW            250

TABLE 231            NYNAS AB: PRODUCTS/SOLUTIONS/SERVICES OFFERED             251

TABLE 232            NYNAS AB: PRODUCT LAUNCHES (JANUARY 2020− NOVEMBER 2025)                254

TABLE 233            IRPC PUBLIC COMPANY LIMITED: COMPANY OVERVIEW          255

TABLE 234            IRPC PUBLIC COMPANY LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED    255

TABLE 235            PT. ENERCO RPO INTERNASIONAL: COMPANY OVERVIEW          256

TABLE 236            PT. ENERCO RPO INTERNASIONAL: PRODUCTS/SOLUTIONS/SERVICES OFFERED    256

TABLE 237            PT. ENERCO RPO INTERNASIONAL: DEALS (JANUARY 2020− NOVEMBER 2025)          257

TABLE 238            WITMANS INDUSTRIES PVT. LTD.: COMPANY OVERVIEW          258

TABLE 239            WITMANS INDUSTRIES PVT. LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    258

TABLE 240            THAIOIL GROUP: COMPANY OVERVIEW                 260

TABLE 241            THAIOIL GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    261

TABLE 242            SHANGDONG TIANYUAN CHEMICAL CO., LTD: COMPANY OVERVIEW   262

TABLE 243            SHANGDONG TIANYUAN CHEMICAL CO., LTD: PRODUCTS/SOLUTIONS/

SERVICES OFFERED        262

TABLE 244            P.S.P. SPECIALTIES PUBLIC COMPANY LIMITED: COMPANY OVERVIEW   263

TABLE 245            P.S.P. SPECIALTIES PUBLIC COMPANY LIMITED: PRODUCTS/SOLUTIONS/

SERVICES OFFERED        264

TABLE 246            PETRO NAFT: COMPANY OVERVIEW      265

TABLE 247            PANOL INDUSTRIES RMC FZE: COMPANY OVERVIEW          266

TABLE 248            EAGLE PETROCHEM: COMPANY OVERVIEW                 267

TABLE 249            LODHA PETRO: COMPANY OVERVIEW  268

TABLE 250            RLS PETROCHEM LUBRICANTS LLC: COMPANY OVERVIEW          269

TABLE 251            GAZPROMNEFT – LUBRICANTS LTD.: COMPANY OVERVIEW          270

LIST OF FIGURES

FIGURE 1              RUBBER PROCESS OIL MARKET SEGMENTATION AND REGIONAL SCOPE              29

FIGURE 2              MARKET SCENARIO        32

FIGURE 3              GLOBAL RUBBER PROCESS OIL MARKET, 2021–2030        33

FIGURE 4              MAJOR STRATEGIES ADOPTED BY KEY PLAYERS IN RUBBER PROCESS OIL MARKET, 2020–2025      33

FIGURE 5              DISRUPTIONS INFLUENCING GROWTH OF RUBBER PROCESS OIL MARKET 34

FIGURE 6              HIGH-GROWTH SEGMENTS IN RUBBER PROCESS OIL MARKET  2025–2030            35

FIGURE 7              RUBBER PROCESS OIL IN ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 36

FIGURE 8              RISING DEMAND FOR GREEN/BIODEGRADABLE RUBBER OILS TO CREATE LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS           38

FIGURE 9              ASIA PACIFIC TO DOMINATE MARKET DURING FORECAST PERIOD         38

FIGURE 10            NAPHTHENIC SEGMENT TO DOMINATE MARKET FROM 2025 TO 2030       39

FIGURE 11            CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD         39

FIGURE 12            DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN RUBBER PROCESS OIL MARKET              41

FIGURE 13            LIGHT VEHICLE PROPULSION TYPE SALES AND SHARE, BY KEY COUNTRY, 2024 VS. 2030 (PERCENTAGE & MILLION UNITS)              42

FIGURE 14            MOTOR VEHICLES (CARS AND COMMERCIAL VEHICLES) PRODUCTION,

2021–2024, (MILLION UNITS)       43

FIGURE 15            GLOBAL AUTOMOTIVE TIRE MARKET, 2022 TO 2033 (MILLION UNITS)  43

FIGURE 16            NEW CAR REGISTRATIONS, 2023–2024, (MILLION UNITS) 44

FIGURE 17            AUTOMOTIVE GREEN TIRE PRODUCTION, 2023–2025 (MILLION UNITS)        44

FIGURE 18            GLOBAL PARAFFINIC BASE STOCK DEMAND, 2015–2030,

(THOUSAND BARRELS PER DAY)              47

FIGURE 19            GLOBAL LUXURY CAR SALES, BY REGION/COUNTRY, 2021–2033

(THOUSAND UNITS)      50

FIGURE 20            CRUDE OIL FIRST PURCHASE PRICES, 2011 TO 2024        51

FIGURE 21            RUBBER PROCESS OIL MARKET: PORTER’S FIVE FORCES ANALYSIS           55

FIGURE 22            RUBBER PROCESS OIL MARKET: SUPPLY CHAIN ANALYSIS            60

FIGURE 23            RUBBER PROCESS OIL MARKET: ECOSYSTEM MAPPING             62

FIGURE 24            AVERAGE SELLING PRICE TREND OF RUBBER PROCESS OIL, BY REGION,

2022–2025 (USD/TON)    63

FIGURE 25            AVERAGE SELLING PRICE TREND OF RUBBER PROCESS OIL TYPE,

BY KEY PLAYER, 2025 (USD/TON)             64

FIGURE 26            IMPORT DATA RELATED TO HS CODE 2709, BY KEY COUNTRY,

2021–2024 (USD THOUSAND)      66

FIGURE 27            EXPORT DATA RELATED TO HS CODE 2709, BY KEY COUNTRY,

2021–2024 (USD THOUSAND)      67

FIGURE 28            TRENDS/DISRUPTIONS INFLUENCING CUSTOMER BUSINESS   69

FIGURE 29            RUBBER PROCESS OIL MARKET: INVESTMENT AND FUNDING SCENARIO,

2019–2025              70

FIGURE 30            LIST OF MAJOR PATENTS RELATED TO RUBBER PROCESS OIL, 2014–2024                 79

FIGURE 31            FUTURE APPLICATIONS OF RUBBER PROCESS OIL         81

FIGURE 32            RUBBER PROCESS OIL MARKET: DECISION-MAKING FACTORS           93

FIGURE 33            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION        94

FIGURE 34            KEY BUYING CRITERIA, BY APPLICATION                 95

FIGURE 35            ADOPTION BARRIERS & INTERNAL CHALLENGES    96

FIGURE 36            MEDIUM VISCOSITY SEGMENT ACCOUNTS FOR LARGEST SHARE OF RUBBER PROCESS OIL MARKET       100

FIGURE 37            TIRES SEGMENT ACCOUNTS FOR LARGEST SHARE OF RUBBER PROCESS

OIL MARKET      103

FIGURE 38            NAPHTHENIC SEGMENT ACCOUNTS FOR LARGEST SHARE OF RUBBER

PROCESS OIL MARKET  107

FIGURE 39            ASIA PACIFIC TO LEAD RUBBER PROCESS OIL MARKET DURING FORECAST PERIOD    113

FIGURE 40            ASIA PACIFIC: RUBBER PROCESS OIL MARKET SNAPSHOT          115

FIGURE 41            NORTH AMERICA: RUBBER PROCESS OIL MARKET SNAPSHOT       131

FIGURE 42            EUROPE: RUBBER PROCESS OIL MARKET SNAPSHOT          139

FIGURE 43            RUBBER PROCESS OIL MARKET: REVENUE ANALYSIS OF KEY COMPANIES,

2020–2024 (USD BILLION)             178

FIGURE 44            RUBBER PROCESS OIL MARKET SHARE ANALYSIS, 2024  178

FIGURE 45            BRAND/PRODUCT COMPARISON             181

FIGURE 46            RUBBER PROCESS OIL MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024       184

FIGURE 47            RUBBER PROCESS OIL MARKET: COMPANY FOOTPRINT       185

FIGURE 48            RUBBER PROCESS OIL MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 192

FIGURE 49            EV/EBITDA         197

FIGURE 50            ENTERPRISE VALUE        197

FIGURE 51            YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND FIVE-YEAR STOCK BETA

OF KEY MANUFACTURERS           198

FIGURE 52            SINOPEC: COMPANY SNAPSHOT               200

FIGURE 53            PETROCHINA COMPANY LIMITED: COMPANY SNAPSHOT          203

FIGURE 54            CHEVRON CORPORATION: COMPANY SNAPSHOT          207

FIGURE 55            EXXON MOBIL CORPORATION: COMPANY SNAPSHOT          210

FIGURE 56            SHELL PLC: COMPANY SNAPSHOT           213

FIGURE 57            APAR INDUSTRIES LTD.: COMPANY SNAPSHOT                 216

FIGURE 58            PANAMA PETROCHEM LTD.: COMPANY SNAPSHOT          219

FIGURE 59            GANDHAR OIL REFINERY (INDIA) LIMITED: COMPANY SNAPSHOT   224

FIGURE 60            HINDUSTAN PETROLEUM CORPORATION LIMITED: COMPANY SNAPSHOT               227

FIGURE 61            INDIAN OIL CORPORATION LTD: COMPANY SNAPSHOT          230

FIGURE 62            ORLEN UNIPETROL GROUP: COMPANY SNAPSHOT          232

FIGURE 63            IDEMITSU KOSAN CO., LTD.: COMPANY SNAPSHOT          235

FIGURE 64            REPSOL: COMPANY SNAPSHOT 238

FIGURE 65            GPPL: COMPANY SNAPSHOT      241

FIGURE 66            CALUMET, INC.: COMPANY SNAPSHOT 245

FIGURE 67            H&R GROUP: COMPANY SNAPSHOT        248

FIGURE 68            NYNAS AB: COMPANY SNAPSHOT            251

FIGURE 69            IRPC PUBLIC COMPANY LIMITED: COMPANY SNAPSHOT          255

FIGURE 70            THAIOIL GROUP: COMPANY SNAPSHOT                 261

FIGURE 71            P.S.P. SPECIALTIES PUBLIC COMPANY LIMITED: COMPANY SNAPSHOT   264

FIGURE 72            RESEARCH DESIGN         271

FIGURE 73            BOTTOM-UP APPROACH              276

FIGURE 74            TOP-DOWN APPROACH                276

FIGURE 75            METHODOLOGY FOR SUPPLY-SIDE SIZING OF RUBBER PROCESS

OIL MARKET (1/2)            277

FIGURE 76            METHODOLOGY FOR SUPPLY-SIDE SIZING OF RUBBER PROCESS

OIL MARKET (2/2)            278

FIGURE 77            DATA TRIANGULATION                279

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