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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