Specialties of lube oil refinery market is anticipated to grow at a CAGR of 5.7% during the forecast period. Lube oil plays a vital role in offering friction between mechanical components used in motorized vehicles to lubricate the engine. They are also used in industrial, cosmetic, and pharmaceutical applications. The rising demand from end-user industries such as pharmaceuticals, cosmetics, automobiles, and others is the major factor that is accelerating the growth of the market. The rise in demand has widely expanded the scope for developments in the global specialties of lube oil refinery market. Moreover, lube oils possess good moisturizing properties which make them suitable for use in cosmetics and skincare products. Further expansion in the cosmetics industry due to the rising inclination of the population towards beauty led to an expansion in the global specialties of lube oil refinery market.
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Furthermore, rising disposable income leading to a spur in the demand for automobiles has also contributed to an expansion in the market. However, the disposal of lubricants is the prime concern that may impede the specialties of lube oil refinery market’s growth during the forecast. The challenge is expected to be overcome by the development of biobased lube oils and expanding the automobile sector. As per Invest India, India’s passenger vehicle industry is expected to post a growth of 16% in FY23, and the EV market is expected to grow at a CAGR of 49% between 2022-2030 and is expected to hit 10 million-unit annual sales by 2030. This will bring new growth opportunities for the market players during the forecast period.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Specialties of Lube Oil Refinery Market by Type
- Fully Refined Wax
- White Oil
- Rubber Process Oil
- Slack Wax
- Semi Refined Wax
- Petrolatum
- Microcrystalline Wax
Global Specialties of Lube Oil Refinery Market by Oil Group
- Group I Base
- Group II Base
- Group III Base
Global Specialties of Lube Oil Refinery Market by End-User Industry
- Automotive
- Pharmaceutical
- Textile
- Cosmetic
- Food & Beverages
- Packaging
- Others
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Blended Waxes, Inc.
- Cepsa SA
- China Petrochemical Corp. (Sinopec Group)
- Eni Deutschland GmbH
- Eni S.p.A
- Exxon Mobil Corp.
- Gandhar Oil Refinery India, Ltd.
- H&R Group US, Inc.
- HollyFrontier Corp
- Honeywell International Inc
- Indian Oil Corporation Ltd
- LUKOIL Lubricants
- MORESCO Corp
- Nynas AB
- Paraffinwaxco, Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Repsol, S.A.
- Royal Dutch Shell Plc
- Sasol Ltd.
- Shell International B.V.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global specialties of lube oil refinery market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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