The lube oil refinery market specializes in the production of lubricating oils and greases for various industries such as automotive, industrial, marine, and aviation. These lubricants are used to reduce friction and wear between moving parts, thereby improving the efficiency, reliability, and lifespan of machinery.
The specialties of lube oil refinery market is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8% between 2018 and 2023. The specialties of lube oil refinery market is expected to grow from USD 10.4 billion in 2018 to USD 11.3 billion by 2023, at a CAGR of 1.8%.
The demand for lubricants in various industries has been increasing over the years, driven by the growth in industrialization, urbanization, and transportation. In addition, the increasing focus on energy efficiency, sustainability, and environmental regulations has led to the development of advanced lubricants that offer better performance, durability, and environmental compatibility.
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The fully refined wax market is projected to have the highest share during the forecast period.
Based on type, the specialties of lube oil refinery market has been segmented into fully refined wax, semi refined wax, slack wax, microcrystalline wax, white oil, rubber process oil, petrolatum, and others. Fully refined wax is projected to be the largest segment of the market during the forecast period. Fully refined wax is largely used in personal care and pharmaceutical products such as cold creams, hair oils, lipsticks, ointments, and laxatives. The increasing demand for better quality cosmetics and healthcare products is further driving the demand for specialties of lube oil refinery.
APAC is projected to register the highest CAGR, in terms of value, in the specialties of lube oil refinery market during the forecast period.
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.
Specialties of Lube Oil Refinery Market Key Players
Exxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), PetroChina Company Limited (China), Repsol SA (Spain), Eni S.p.A. (Italy), LUKOIL (Russia), and Sasol Ltd. (South Africa) are the key players operating in the specialties of lube oil refinery market.
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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.
