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APAC is expected to be the largest market for Specialties of Lube Oil Refinery

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.

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. 

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Companies such as 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 leading players in the specialties of lube oil refinery market, globally.  Diversified product portfolio, high depth in application reach, and technical assistance to customers are factors responsible for strengthening the position of these companies in the specialties of lube oil refinery market. They have also been adopting various organic and inorganic growth strategies, such as new product development, merger & acquisition, and expansion, to enhance their current 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.

Scope of the Report:

Report MetricDetails
Market size available for years2016-2023
Base year considered2017
Forecast period2018–2023
Forecast unitsValue (USD), Volume (Kiloton)
Segments coveredType and Region
Regions coveredNorth America, APAC, Europe, South America, and Middle East & Africa
Companies coveredExxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), Eni S.p.A. (Italy), Sasol Ltd. (South Africa)
Total 25 major players covered

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Calcium Formate Market worth $713 million by 2025, at a CAGR of 5.5%

The global calcium formate market size is estimated to grow from USD 545 million in 2020 to USD 713 million by 2025, at a CAGR of 5.5%. Calcium formate are used across industries, such as construction, leather & textile, power generation, animal husbandry and chemicals. In the calcium formate market, construction is the key end-use industry owing to the wide applications of calcium formate as concrete setting, tile & stone additive, and others in this sector.

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The industrial grade segment is the largest grade of calcium formate.

The calcium formate market has been segmented based on grade into two types namely industrial grade and feed grade.  Among the two grades, the industrial grade segment accounted for the largest share of the market in 2019 and is likely to witness a significant growth during the forecast period. The demand for industrial grade calcium formate is driven by its use in numerous applications such as cement & tile additive, flue gas desulfurization agent and feed additives. Moreover, increasing use of industrial grade calcium formate in feed, construction and chemical industries is driving the global calcium formate market.

The construction end-use industry is expected to register the highest CAGR in the global calcium formate market

The construction end-use industry segment is growing rapidly. This is due to the use of calcium formate as cement accelerator, production of concrete and cement based mortar, cement blocks & sheets, and other cement based products required in the construction industry. Calcium formate enhances the properties in cement such as increased hardness and less setting time, inhibition of corrosion of metal substrates and prevention of efflorescence. Thus, increasing consumption of cement in the construction industry is driving the market for calcium formate.

APAC is estimated to be the leading calcium formate market during the forecast period. The growth in this region can be attributed to the rapidly increasing demand for calcium formate from the end-use industries, especially construction, leather & textile and animal husbandry.  The market is witnessing moderate growth, owing to increasing application, technological advancements, and growing demand for these calcium formate additives in the APAC and Europe.

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Increasing demand for better quality cosmetics and healthcare products is driving the demand for specialties of lube oil refinery

The global specialties of lube oil refinery market is estimated to be USD 10.4 billion in 2018 and is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8%. The growth in the packaging, rubber manufacturing, cosmetics, and pharmaceutical industries is expected to drive the specialties of lube oil refinery market.

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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. This wax is also widely used for making candles.

The growth of the market in APAC is mainly driven by the shift of production facilities from North America and Europe to the region. China, India, and Southeast Asia are the major contributors to the growth of the packaging, pharmaceutical, and cosmetics industries. These industries are witnessing growth owing to the increasing per capita expenditure and growing urbanization. This is further expected to create demand for specialties of lube oil refinery in the region.

Companies such as 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 leading players in the specialties of lube oil refinery market, globally.  Diversified product portfolio, high depth in application reach, and technical assistance to customers are factors responsible for strengthening the position of these companies in the specialties of lube oil refinery market. They have also been adopting various organic and inorganic growth strategies, such as new product development, merger & acquisition, and expansion, to enhance their current position in the specialties of lube oil refinery market. 

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North America dominated the industrial gas equipment market

North America held the largest share in the industrial gas handling equipment market and is projected to dominate the market during the forecast period. The U.S. is projected to be the fastest-growing country level market for industrial gas handling equipment, during the forecast period, whereas the market for Asia-Pacific is projected to grow at the highest CAGR. Factors such as growth of the metal fabrication industry due to the increasing demand for automobiles and consumer appliances, development of new technologies and machineries in the healthcare & medical sector, rapid industrialization in the emerging Asia-Pacific region, and stringent government regulations regarding worker and environmental safety are driving the industrial gas handling equipment market.

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The gas equipment market size will grow from USD 51.93 Billion in 2016 to reach USD 72.22 Billion by 2021, at an estimated CAGR of 6.82%. Strict government standards and regulatory legislations have a positive impact on the safest and proper use of gas equipment. Rapid industrialization, growing concern toward the public health, and laws & regulations have propelled the growth of the gas equipment industry.

Gas equipment market, on the basis of equipment category, consists of gas delivery systems, gas regulators, flow devices, purifiers & filters, gas generating systems, gas detection systems, cryogenic products, and accessories. Due to the increasing use of super cooled liquefied gases in the chemical sector and other industrial activities, the demand for cryogenic products such as pressure vessels, cryogenic storages, and cold traps for the purpose of transporting and storing has also increased and it is expected to witness the same trend through 2021. 

On the basis of gas, the market has been categorized into atmospheric gases, hydrogen, acetylene, helium, and other gases which include carbon monoxide, krypton, neon, xenon, and nitrous oxide. The atmospheric gases segment recorded the largest consumption of gas equipment in 2015 due to the huge demand for this type of gases in the industrial applications. Hydrogen and acetylene gas have high potential as the demand for these gases is growing rapidly in the chemical, food processing, and metallurgical industries.

The key players in the industrial gas handling equipment market are Linde AG (Germany), Air Liquide S.A (France), Praxair Inc. (U.S.), Air Products And Chemicals, Inc. (U.S.), and Iwatani Corporation (Japan). The other players in the market are Colfax Corporation (U.S.), Itron, Inc. (U.S.), Messer Group GmbH (Germany), Matheson Tri-Gas, Inc. (U.S.), and GCE Holding AB (Sweden).

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Specialties of Lube Oil Refinery Market- Current Trends and Future Aspect Analysis 2023

Specialties of lube oil refinery are the derivatives of lube oil refining consisting of a mixture of hydrocarbon molecules.  Paraffin wax, microcrystalline wax, slack wax, anti-ozone wax, and process oils are the products obtained in the process of lube oil distillation.  The global specialties of lube oil refinery market size are estimated to grow from USD 10.4 billion in 2018 to USD 11.3 billion by 2023, at a CAGR of 1.8%. The high demand for specialties of lube oil refinery from the packaging, pharmaceutical, and cosmetics industries is driving the market. However, regulations to limit the use of petroleum-derived products in cosmetics manufacturing and increasing demand for synthetic and bio-based waxes are major challenges in the specialties of lube oil refinery market.

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The specialties of lube oil refinery market have been segmented on the basis of type and region. Among the type segment, the fully refined wax segment is projected to register the highest CAGR between 2018 and 2023. This high growth is attributed to its increasing consumption in lipsticks, creams, oily papers, and chocolate. Candle manufacturing is another major application of fully refined wax. Fully refined paraffin wax is also used in matchmaking, packaging, electronic insulation, and textile finishing.

In terms of geographic coverage, the specialties of lube oil refinery market has been segmented into five key regions, namely, North America, APAC, Europe, the Middle East & Africa, and South America. APAC is expected to record the highest growth rate during the forecast period, due to the growing cosmetic, pharmaceutical, and packaging industries. The development of these industries is attributed to the increasing urbanization, rising number of working women, and growing concern about physical appearance and better healthcare needs.

Continuous R&D activities to improve the performance of white oil and petrolatum for use in cosmetics and pharmaceutical applications are expected to provide significant opportunities in the specialties of lube oil refinery market. The pharmaceutical and cosmetics industries are facing challenges regarding purity of the materials used as well as their consistency and longevity. Purity of raw materials is of high concern for the use in applications such as skin care, hair care, ointments, complexion creams, laxatives, baby oils, and as a carrier for the preparation of curative drugs. For these applications, the raw materials should be free from irritants & allergens and free of toxic chemicals and heavy metals or microbes. Several major companies are involved in continuous R&D activities to improve the quality of these products and make them safe to use. These improvements will further drive the demand for lube oil refinery products in the cosmetics and pharmaceutical applications.

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Use of cryogenic products is projected to increase at the fastest pace in the Gas Equipment Market

The cryogenic products segment is projected to be the fastest-growing equipment category in the next five years. Due to the increasing use of super cooled liquefied gases in the chemical sector and other industrial activities, the demand for cryogenic products such as pressure vessels, cryogenic storages, and cold traps for the purpose of transporting and storing has also increased and it is expected to witness the same trend through 2021. This segment is projected to grow at the highest CAGR during the forecast period and acquire the largest market share.

The industrial gas handling equipment market size is projected to grow from USD 51.93 Billion in 2016 to USD 72.22 Billion by 2021, at a CAGR of 6.82%.

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The industrial gas handling equipment market is projected to witness significant growth in the future with the increasing use of industrial gases in metal fabrication, chemical, oil & gas, and healthcare & medical sectors. Developing markets such as China, Brazil, and India are emerging as growth frontiers for industrial gas handling equipment. Growing economies, globalization, and reduced trade barriers act as the main drivers for increased opportunities in these nations.

Target audience

  • Gas equipment manufacturers
  • Gas equipment importers and exporters
  • Gas equipment traders, distributors, and suppliers
  • Market research and consulting firms
  • Commercial R&D institutions
  • Associations and industry bodies
  • Government and regulatory bodies
  • End users

North America dominated the gas equipment market in 2015 and is projected to remain the market leader through 2021. The U.S. is the fastest growing country-level market, from 2016 to 2021. Asia-Pacific is the fastest growing region in the gas equipment market. Rising population of the region, along with rapid industrialization and infrastructural development, has propelled the growth of various industries such as metal fabrication, chemical, automotive, and electronics. This in turn has driven the growth of the market for gas equipment due to its diverse applications in these end-use sectors.

Technical issues and high cost due to the complication in the manufacturing process of gas equipment are the major restraints in the studied market. New product launch and acquisition were the major strategies adopted by most players in the gas equipment market. Companies such as Linde AG (Germany), Air Liquide S.A. (France), Praxair, Inc. (U.S.), Colfax Corporation (U.S.), Air Products and Chemicals, Inc. (U.S.), and GCE Holding AB (Sweden) were the key players who adopted this strategy to increase the reach of their offerings, improve their production capacity, and establish focus on core operations.

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The Growth of the Industrial Gas Handling Equipment Market was Largely Influenced by new Product Launches and Acquisitions in the past five years

MarketsandMarkets projects the global industrial gas handling equipment market to grow from USD 51.93 Billion in 2016 to USD 72.22 Billion by 2021, at a CAGR of 6.82% from 2016 to 2021. As the application of industrial gas handling equipment in metal fabrication, chemical, and healthcare & medical industries is growing day by day, the market for industrial gas handling equipment is also growing. Industrial gas handling equipment is used in processes such as industrial gas generation, storage, gas detection, and transportation of industrial gases. Strict regulations by the government have also impacted the growth of the industrial gas handling equipment market.

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The key players in the industrial gas handling equipment market are Linde AG (Germany), Air Liquide S.A (France), Praxair Inc. (U.S.), Air Products And Chemicals, Inc. (U.S.), and Iwatani Corporation (Japan). The other players in this market are Colfax Corporation (U.S.), Itron, Inc. (U.S.), Messer Group GmbH (Germany), Matheson Tri-Gas, Inc. (U.S.), and GCE Holding AB (Sweden). These players have adopted various strategies to expand their global presence and increase their market share. New product launches, acquisitions, partnerships, agreements, contracts, and expansions are some of the major strategies adopted by the market players to achieve growth in the industrial gas handling equipment market.

The growth of the industrial gas handling equipment market was largely influenced by new product launches and acquisitions in the past five years. In November 2015, Air Liquide S.A. announced the acquisition of Airgas Inc. (U.S.), a leading supplier of industrial gases, industrial gas handling equipment, and related products. Under the terms of this transaction, Air Liquide will pay a total enterprise value of USD 13.4 billion to Airgas Inc., in cash. After this transaction, Airgas Inc. will become a wholly-owned subsidiary of Air Liquide. The acquisition is aligned with Air Liquide’s strategy to become the market leader in North America, complementing its leading market position in Europe, Asia-Pacific, and the Middle East. In the same year, the company acquired Messer Aligaz Sanayi Gazlari (Turkey) which is a subsidiary of Messer Group (Germany). This acquisition strengthened the company’s hold on the Turkish market by enhancing its presence in the industrial market segment. In 2012, the company launched silicon-passivated SCOTT brand regulators. These are ultra-compact single- and two-stage regulators with a set of new industry standards and are used for reactive or corrosive gas mixtures.

In 2014, Praxair, Inc. (U.S.) launched Grab ‘n Go Digital Advanced Oxygen System which has a built-in regulator, flow-control valve, and contents gauge which allow to easily adjust the oxygen flow. In 2013, Praxair Offshore Services Limited (U.S.), a subsidiary of Praxair, acquired Dominion Technology Gases Investment Limited (Scotland), a leading supplier of diving, industrial, welding, calibration, and laboratory gases and related equipment to the offshore oil and gas industry. This acquisition expanded Praxair’s oil and gas-related capabilities in the offshore energy segment.

Related Reports:

Gas Equipment Market by Industrial Gas (Atmospheric, Hydrogen, Acetylene, Helium), Type (Gas delivery, Regulators, Purifiers & filters, Flow devices, Gas generation, Cryogenics, Gas detection), Process (Generation, Storage, Detection, Transportation) – Forecast to 2021

Specialties of Lube Oil Refinery Market worth $11.3 billion | Global Forecast 2023

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. 

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Recent 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 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.

The growth of the segment is mainly attributed to the demand in the cosmetics, skin care, and pharmaceutical applications. Fully refined wax is preferred to manufacture various products such as lipsticks, cold creams, oily papers, ointments, chewing gums, and chocolate. This wax is also widely used for making candles.

The growth of the market in APAC is mainly driven by the shift of production facilities from North America and Europe to the region. China, India, and Southeast Asia are the major contributors to the growth of the packaging, pharmaceutical, and cosmetics industries. These industries are witnessing growth owing to the increasing per capita expenditure and growing urbanization. This is further expected to create demand for specialties of lube oil refinery in the region.


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Steel Processing Market worth $642.43 Billion by 2020

The report Steel Processing Market by Type (Carbon Steel, Alloy Steel), Shape of Steel (Long, Flat and Tubular), End User Industry (Construction, Shipping, Energy, Packaging, Consumer Appliances, Housing, Automotive), & by Region – Trends & Forecast to 2020″, defines, segments, analyses, and forecasts the steel processing market. It also identifies the driving and restraining factors for this market with the analysis of current and future trends and opportunities.

Browse 235 market data tables and 53 figures spread through 256 pages and in-depth TOC on “Steel Processing Market by Type (Carbon Steel, Alloy Steel), Shape of Steel (Long, Flat and Tubular), End User Industry (Construction, Shipping, Energy, Packaging, Consumer Appliances, Housing, Automotive), & by Region – Trends & Forecast to 2020″

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The global steel processing market is projected to be around $642.43 Billion by 2020 growing at a CAGR of 2.16% from 2015 to 2020

The end-user industries of processed steel are construction, automotive, mechanical engineering, energy, packaging, consumer durables, shipping, housing, and others. Growth in the construction and automotive industry and recovery of global economy are the key drivers of the steel processing market.

The steel processing market is projected to grow at a CAGR of 2.16% from 2015 to 2020. The huge demand for processed steel from emerging economies due to infrastructural development and increasing industrialization is expected to accelerate the growth of the steel processing market. The major restraining factor for the steel processing market is the market saturation in developed countries due to the cyclical nature of steel industry. The primary challenges faced by this market are environmental concerns and elimination of excess production.

Leading players in the industrial market include ArcelorMittal (Luxembourg), Baosteel Group Corporation (China), POSCO (South Korea), Nippon Steel & Sumitomo Metal Corporation (Japan), and JFE Holdings, Inc. (Japan). The steel processing market is a highly fragmented one owing to its application in almost all industrial verticals. Major companies rely on regional and local distributors to increase their share as well as geographical presence in the market. One of the major developments observed in the steel processing market is mergers & acquisitions. The requirements of the end users for processed steel is continuously changing making it essential for the manufacturers to continually invest in R&D and come up with innovative solutions. Companies are adopting inorganic growth strategies such as acquisitions to cope with the increasing demand for finished steel in key emerging markets. These strategies have aided companies create a large customer and partner base in key markets.

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Exxon Mobil Corporation (US) and Sinopec Corporation (China) are the Leading Players in the Specialties of Lube Oil Refinery Market

The global specialties of lube oil refinery market is estimated to be USD 10.4 billion in 2018 and is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8%. This growth is mainly attributed to the high demand from the cosmetics, food packaging, and pharmaceutical applications.

Exxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), PetroChina Company Limited (China), Total SA (France), Repsol SA (Spain), Eni S.p.A (Italy), LUKOIL (Russia), and Sasol Ltd. (South Africa) are the leading manufacturers of specialties of lube oil refinery, globally.

To know about the assumptions considered for the study download the pdf brochure

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.

Related Reports:

Specialties of Lube Oil Refinery Market by Type (Fully Refined Wax, Semi Refined wax, Rubber Process Oil, White Oil, Petrolatum , and Others), and Region (APAC, Europe, North America, South America, Middle East & Africa) Global Forecast to 2023