Specialties of lube oil refinery are the derivatives of lube oil refining consisting of a mixture of hydrocarbon molecules. Paraffin wax, microcrystalline wax, slack wax, anti-ozone wax, and process oils are the products obtained in the process of lube oil distillation. The global specialties of lube oil refinery market size are estimated to grow from USD 10.4 billion in 2018 to USD 11.3 billion by 2023, at a CAGR of 1.8%. The high demand for specialties of lube oil refinery from the packaging, pharmaceutical, and cosmetics industries is driving the market. However, regulations to limit the use of petroleum-derived products in cosmetics manufacturing and increasing demand for synthetic and bio-based waxes are major challenges in the specialties of lube oil refinery market.
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The specialties of lube oil refinery market have been segmented on the basis of type and region. Among the type segment, the fully refined wax segment is projected to register the highest CAGR between 2018 and 2023. This high growth is attributed to its increasing consumption in lipsticks, creams, oily papers, and chocolate. Candle manufacturing is another major application of fully refined wax. Fully refined paraffin wax is also used in matchmaking, packaging, electronic insulation, and textile finishing.
In terms of geographic coverage, the specialties of lube oil refinery market has been segmented into five key regions, namely, North America, APAC, Europe, the Middle East & Africa, and South America. APAC is expected to record the highest growth rate during the forecast period, due to the growing cosmetic, pharmaceutical, and packaging industries. The development of these industries is attributed to the increasing urbanization, rising number of working women, and growing concern about physical appearance and better healthcare needs.
Continuous R&D activities to improve the performance of white oil and petrolatum for use in cosmetics and pharmaceutical applications are expected to provide significant opportunities in the specialties of lube oil refinery market. The pharmaceutical and cosmetics industries are facing challenges regarding purity of the materials used as well as their consistency and longevity. Purity of raw materials is of high concern for the use in applications such as skin care, hair care, ointments, complexion creams, laxatives, baby oils, and as a carrier for the preparation of curative drugs. For these applications, the raw materials should be free from irritants & allergens and free of toxic chemicals and heavy metals or microbes. Several major companies are involved in continuous R&D activities to improve the quality of these products and make them safe to use. These improvements will further drive the demand for lube oil refinery products in the cosmetics and pharmaceutical applications.
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The growth of the market in APAC is mainly driven by the shift of production facilities from North America and Europe to the region. China, India, and Southeast Asia are the major contributors to the growth of the packaging, pharmaceutical, and cosmetics industries. These industries are witnessing growth owing to the increasing per capita expenditure and growing urbanization. This is further expected to create demand for specialties of lube oil refinery in the region.
