The Business Research Company’s report on the Lubricating Oil Refining Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the lubricating oil refining market in recent years?
The increasing demand for cleaner fuels is expected to propel the growth of the lubricating oil refining market going forward. Cleaner fuels refer to energy sources that produce fewer pollutants and greenhouse gas emissions compared to conventional fossil fuels. The demand for cleaner fuels is rising as they help reduce air pollution, lowering greenhouse gas emissions, and mitigating climate change, ultimately contributing to a healthier and more sustainable environment. Lubricating oil refining helps produce cleaner fuels by removing impurities, sulfur, and unwanted compounds, enhancing fuel efficiency, and improving engine performance. For instance, in December 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the global demand for biofuels is projected to grow by 6%, equating to an annual increase of 9,100 million liters (MLPY) between 2021 and 2022. Therefore, the increasing demand for cleaner fuels is driving the growth of the lubricating oil refining market.
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What is the projected market size of the lubricating oil refining industry, and how is it expected to grow?
The lubricating oil refining market size has grown strongly in recent years. It will grow from $6.19 billion in 2024 to $6.60 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increasing demand for high-performance lubricants, increasing demand for lubricants in the aviation sector, increasing demand for lubricants in the automotive sector, increasing demand for lubricants in the industrial sector, and increasing global trade.
The lubricating oil refining market size is expected to see strong growth in the next few years. It will grow to $8.46 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing demand for cleaner fuels, a shift towards biofuels and renewable energy sources, increasing industrialization, rapid urbanization, and an increasing need for efficient and reliable lubricants. Major trends in the forecast period include technological advancements, developments in lubricant formulae, transition to bio-based lubricants, digital technology integration in refining operations, and enhanced attention to circular economy practices.
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Who are the key players driving competition in the lubricating oil refining market?
Major companies operating in the lubricating oil refining market are Sinopec Group, PetroChina Company Limited, ExxonMobil Corporation, Shell plc, TotalEnergies SE, British Petroleum, Chevron Corporation, Idemitsu Kosan Co. Ltd., Lukoil, Neste Oyj, Clean Harbors Inc., Fuchs SE, AVISTA OIL AG, Valvoline Inc., Heritage-Crystal Clean Inc., Gulf Oil, Motul S.A., Pentas Flora, AVISTA Green, Hyrax Oil
What key trends are expected to drive the long duration energy storage market during the forecast period?
Major companies operating in the lubricating oil refining market are focusing on advancements in technology, such as advanced re-refining technologies, to enhance efficiency, improve product quality, and reduce environmental impact by refining used oils into high-performance base oils. Advanced re-refining technologies are innovative processes that clean and recycle used lubricating oils, removing contaminants and restoring them to high-quality base oils for reuse. For instance, in September 2024, Pentas Flora, a Malaysia-based waste management company, launched re-refined Group II N150 base oil, aligning with industry trends toward higher-performance, premium-grade base oils. The shift was driven by the lubricant industry’s demand for better fuel economy, extended drain intervals, lower emissions, and improved performance. Pentas Flora’s re-refining process involves distillation, solvent extraction, and lube polishing, enabling it to produce higher-quality, low-sulfur base oils that meet Group II and III specifications.
Which key geographies are driving the growth of the lubricating oil refining market?
North America was the largest region in the lubricating oil refining market in 2024. The regions covered in the lubricating oil refining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the lubricating oil refining market?
The lubricating oil refining market covered in this report is segmented –
1) By Product Type: Mineral Oils, Synthetic Oils, Biolubricants, Semi-synthetic Oils
2) By Viscosity Grade: Low Viscosity, Medium Viscosity, High Viscosity
3) By Additive Type: Detergents, Antioxidants, Anti-wear Additives, Viscosity Index Improvers, Corrosion Inhibitors
4) By Application: Automotive Oils, Industrial Oils, Aerospace Oils, Marine Oils, Specialty Oils
Subsegments:
1) By Mineral Oils: Paraffinic Mineral Oils, Naphthenic Mineral Oils, Aromatic Mineral Oils
2) By Synthetic Oils: Polyalphaolefins (PAO), Polyalkylene Glycols (PAG), Esters, Silicones
3) By Biolubricants: Vegetable Oil-Based Lubricants, Animal Fat-Based Lubricants, Synthetic Ester-Based Biolubricants
4) By Semi-Synthetic Oils: Low-Synthetic Content Blends, High-Synthetic Content Blends, Ester-Enhanced Semi-Synthetic Oils
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How is the lubricating oil refining market defined, and what are its core characteristics?
Lubricating oil refining refers to the process of transforming crude or used oils into high-quality base oils that can be used in the production of lubricants. This process often involves refining, filtering, and purifying oils to remove impurities and enhance their performance for various industrial and automotive applications.
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