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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. 

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

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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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. 

Download the PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=172747167

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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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