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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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.

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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.

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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