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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