Overview and Scope
Specialty lube oil refinery is an industrial plant that refines crude oil into petroleum products such as diesel, gasoline, and heating oils. It has applications in automotive, industrial, cosmetic, and pharmaceutical industries.
Sizing and Forecast
The specialties of lube oil refinery market size has grown strongly in recent years. It will grow from $10.73 billion in 2023 to $11.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growing automotive industry, industrialization, global economic growth, regulatory standards.
The specialties of lube oil refinery market size is expected to see steady growth in the next few years. It will grow to $13.45 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to emergence of new technologies, evolving automotive trends, globalization of trade, environmental concerns. Major trends in the forecast period include biodegradable lubricants, synthetic lubricants dominance, customization and formulation services, focus on energy efficiency, strategic alliances and collaborations, r&d investments.
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Segmentation & Regional Insights
The specialties of lube oil refinery market covered in this report is segmented –
1) By Type: Fully Refined Wax, White Oil, Rubber Process Oil, Slack wax, Semi Refined Wax, Petrolatum, Microcrystalline Wax
2) By Oil: Group I Base oil, Group II Base Oil, Group III Base Oil
3) By End-User: Automotive, Pharmaceutical, Textile, Cosmetic, Food & Beverages, Packaging
North America was the largest region in the specialties of lube oil refinery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialties of lube oil refinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing demand from the automotive and cosmetic industries has led to an expansion of the specialties of lube oil refinery market. Lube oil is in huge demand in the automotive industry as lubricants are extensively used in automobiles to enhance the performance and fuel efficiency of a vehicle. Lube oils are widely used in cosmetics. The global beauty industry was valued at $511 billion in 2021, supporting the demand for lube oils in cosmetics. So, growing automotive and cosmetic industry is driving the specialties of lube oil refinery market.
Key Industry Players
Major companies operating in the specialties of lube oil refinery market report are Exxon Mobil Corporation, China Petrochemical Corporation, Shell International B. V., Royal Dutch Shell PLC, TotalEnergies SE, Eni Deutschland GmbH, Repsol S. A., The PJSC Lukoil Oil Company, National Petroleum Limited, HollyFrontier Corporation, Nynas AB, Indian Oil Corporation Ltd., Honeywell International Inc., Cepsa SA, MORESCO Corporation, Gandhar Oil Refinery India Ltd., H&R GROUP, Sasol Ltd., Sinopec Corporation, Eni S. p. A., Chevron Corporation, BP PLC, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., The Phillips 66 Company, Valvoline Inc., Calumet Specialty Products Partners L. P., Ergon Inc., Petro-Canada Lubricants Inc., SK Lubricants Co. Ltd., PetroChina Company Limited, Raha Paraffin Company, HCI Wax, Paraffinwaxco Inc.
The specialties of lube oil refinery market report table of contents includes:
1. Executive Summary
2.Specialties of Lube Oil Refinery Market Characteristics
3.Specialties of Lube Oil Refinery Market Trends And Strategies
4.Specialties of Lube Oil Refinery Impact Of COVID-19
5.Specialties of Lube Oil Refinery Market Size And Growth
6.Specialties of Lube Oil Refinery Segmentation
7.Specialties of Lube Oil Refinery Regional And Country Analysis
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27. Specialties of Lube Oil Refinery Competitive Landscape And Company Profiles
28.Specialties of Lube Oil Refinery Key Mergers And Acquisitions
29.Specialties of Lube Oil Refinery Future Outlook and Potential Analysis
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