The global specialties of lube oil refinery market is estimated to be USD 10.4 billion in 2018 and is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8%. This growth is mainly attributed to the high demand from the cosmetics, food packaging, and pharmaceutical applications.
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The specialties of lube oil refinery market has been studied for APAC, North America, Europe, South America, and the Middle East & Africa. The APAC specialties of lube oil refinery market is projected to register the highest CAGR, in terms of value, during the forecast period. The global specialties of lube oil refinery market has witnessed a sluggish growth, owing to the slow growth in North America and Europe. This created huge opportunities for the consumption of specialties of lube oil refinery in APAC. Change in lifestyle and purchasing power parity of the consumers in this region is also driving the use of specialties of lube oil refinery in the cosmetics, pharmaceutical, and packaging industries.
Exxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), PetroChina Company Limited (China), Total SA (France), Repsol SA (Spain), Eni S.p.A (Italy), LUKOIL (Russia), and Sasol Ltd. (South Africa) are the leading manufacturers of specialties of lube oil refinery, globally.
Exxon Mobil Corporation (US) is one of the leading players in the specialties of lube oil refinery market. The company has been focusing on organic strategies to maintain its leading position in the market. For example, in September 2018, the company expanded its reach by starting operations at its Beaumont, Texas facility. This helped to increase the production of ultra-low sulfur fuels by about 45,000 barrels per day. In January 2018, the company signed a petroleum agreement with the government of Ghana to acquire exploration & production rights for the Deepwater Cape Three Points Block. This expansion broadens the company’s sources of raw materials and helped to strengthen its position in the specialties of lube oil refinery market.
Sinopec Corporation (China) is the other major player in the specialties of lube oil refinery market. The company adopted the inorganic growth strategies to establish its foothold, globally. For example, Gaoqiao Petrochemical Co Ltd. (China), a wholly owned subsidiary of Sinopec Corporation, purchased the 50% stake of BP Group (UK) in the Shanghai SECCO Petrochemical Company Limited (SECCO) and formed a 50-50 joint venture with Shanghai Secco Petrochemical. In January 2016, Sinopec Corporation entered into a joint venture with Saudi Aramco (Saudi Arabia) for strategic co-operation to set up a refinery Yanbu Aramco Sinopec Refining Company at Riyadh, Saudi Arabia. With this joint venture, the company plans to build strong business relationships with customers in the Middle East and improve its position in the specialties of lube oil refinery market.
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