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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The new research report titled "Specialties Of Lube Oil Refinery Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global specialties of lube oil refinery market are Chevron Corporation, Eni S.P.A., Exxon Mobil Corporation, Grupa Lotos SA, HollyFrontier Corporation, LUKOIL, Nippon Seiro Co., Ltd., Nynas AB, Petrochina Company Limited, Petroliam Nasional Berhad, Repsol SA, Royal Dutch Shell Plc, Sasol Ltd., Sinopec Corporation, Total SA, and others.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global Specialties Of Lube Oil Refinery Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/specialties-of-lube-oil-refinery-market/download-sampleMarket DynamicsThe increasing demand for lubricants from various industries such as pharmaceutical, cosmetics, and automobile is stimulating the market growth.
Furthermore, rising disposable income leading to an increase in the demand for automobile, owing to the usage of lubricants in engines, is also fueling the market growth.
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 growth of the specialties of lube oil refinery market is attributed to the growing packaging, pharmaceutical, and cosmetics industries.
Download the PDF Brochure @https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=172747167Recent Developments In September 2018, Exxon Mobil announced that the new unit of its Beaumont, Texas facility has started operations.
Through this expansion, the company will increase production of ultra-low sulfur fuels by about 45,000 barrels per day.In May 2018, Exxon Mobil signed an agreement with Sonatrach (Algeria) for the sale of its Augusta refinery, three fuel terminals in Augusta, Palermo, and Naples.In January 2018, Exxon Mobil signed a petroleum agreement with the Government of Ghana to acquire exploration & production rights for the Deepwater Cape Three Points Block.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 largely used in personal care and pharmaceutical products such as cold creams, hair oils, lipsticks, ointments, and laxatives.
Recently published a report entitled Specialties Of Lube Oil Refinery Market projected till 2026, added by Value Market Research, covers key players along with their market share and strategic development adopted by them.
Further, the report provides market size, share, trends, outlook and forecast based on historical data coupled with drivers, restraints, and opportunities.The study offers a decisive view of the global specialties of lube oil refinery market by segmenting it in terms of type.
The report analyzes these subsets with respect to the regional segmentation.
This research study will prepare marketers for the evolving needs of their customers.Request a FREE Sample Copy of Specialties Of Lube Oil Refinery Market Report with Full TOC At: https://www.valuemarketresearch.com/contact/specialties-of-lube-oil-refinery-market/download-sampleBy TypeFully Refined WaxWhite OilRubber Process OilSlack waxSemi Refined WaxPetrolatumMicrocrystalline WaxOthersThis research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global specialties of lube oil refinery market are Chevron Corporation, Eni S.P.A., Exxon Mobil Corporation, Grupa Lotos SA, HollyFrontier Corporation, LUKOIL, Nippon Seiro Co., Ltd., Nynas AB, Petrochina Company Limited, Petroliam Nasional Berhad, Repsol SA, Royal Dutch Shell Plc, Sasol Ltd., Sinopec Corporation, Total SA, and others.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.This section covers specialties of lube oil refinery market for the regions North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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