Specialties of Lube Oil Refinery Global Market Report 2024

A specialty lube oil refinery is an industrial facility dedicated to refining crude oil into various petroleum products, including diesel, gasoline, and heating oils. These refined products find applications across diverse industries such as automotive, industrial, cosmetic, and pharmaceutical.

The primary types of products produced by specialty lube oil refineries encompass microcrystalline wax, fully refined wax, white oil, rubber process oil, slack wax, semi-refined wax, and petrolatum. These products serve a wide range of purposes, including use in candles, wax paper, polishes, cosmetics, electrical insulation, perfume extraction from flowers, medical ointments, waterproof coatings for wood, the match industry, food and chocolate polishing, and PVC production. The market is further segmented based on the type of oil, which includes group I base oil, group II base oil, and group III base oil. Major end-user industries that rely on specialty lube oil refinery products include automotive, pharmaceuticals, textiles, cosmetics, food and beverages, and packaging. Within the automotive sector, lube oil plays a crucial role in applications such as mechanical testing, vibration analysis, ultrasonic inspection, data logging, component testing, radar ranging, telematics, engine performance, and ignition monitoring.

The specialties of lube oil refinery research report are one of a series of new reports that provides specialties of lube oil refinery market statistics, including global specialties of lube oil refinery industry size, regional shares, competitors with specialties of lube oil refinery market share, detailed specialties of lube oil refinery market segments, specialties of lube oil refinery market trends and opportunities, and any further data you may need to thrive in the specialties of lube oil refinery industry. This specialties of lube oil refinery research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The specialties of lube oil refinery market size has grown strongly in recent years. It will grow from $10.73 billion in 2023 to $11.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be attributed to various factors, including the expansion of the automotive industry, industrialization, global economic growth, and adherence to regulatory standards.

The specialties of lube oil refinery market size is expected to see steady growth in the next few years. It will grow to $13.45 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be attributed to the emergence of new technologies, evolving trends in the automotive industry, the globalization of trade, and heightened environmental concerns. Significant trends expected in the forecast period include the prevalence of biodegradable lubricants, the dominance of synthetic lubricants, a focus on customization and formulation services, an emphasis on energy efficiency, and an increase in strategic alliances and collaborations, accompanied by notable investments in research and development (R&D).

The specialties of the lube oil refinery market are expanding due to increased demand from the automotive and cosmetic industries. The automotive sector relies heavily on lube oil for lubrication, contributing to enhanced vehicle performance and fuel efficiency. Additionally, the cosmetics industry, valued at $511 billion in 2021 globally, is a significant consumer of lube oils. The growth in these industries is a key driver for the specialties of lube oil refinery market.

A rising emphasis on energy efficiency is anticipated to propel the specialty oil refinery market's growth. Energy efficiency involves optimizing energy use to maximize output while minimizing waste, benefiting lube oil refineries by reducing operational costs. In 2022, the energy sector's share of the UK economy was 2.5% of Gross Value Added (GVA), highlighting the significance of energy efficiency. This focus on efficiency is a driving factor for the specialty oil refinery market.

The introduction of new products is a notable trend in the specialties of lube oil refinery market. Manufacturers are actively launching innovative products to enhance their market presence. For instance, Valvoline Inc. introduced 'Valvoline All-Terrain,' a diesel engine oil designed for heavy-duty and off-highway diesel engines, catering to harsh operating conditions in construction, mining, and agriculture.

Major companies in the specialties of lube oil refinery market are concentrating on innovative technologies, such as the transition from crude oil to renewable feedstock, to enhance profitability. Renewable feedstock, sourced from sustainable and replenishable materials, aligns with environmental regulations and growing demand for eco-friendly products. Neste's strategic assessment in September 2022 aims to shift from crude oil to renewable feedstock in its Finnish oil refinery, contributing to reduced environmental impact.

In April 2021, IMM Private Equity's acquisition of a 40% stake in SK Lubricants, a South Korea-based company and the world's largest lube base oil supplier, for approximately one trillion won ($900 million) is a significant move. SK Innovation, the parent company, plans to utilize the funds to enhance financial stability and support new business ventures. IMM Private Equity, a South Korean private equity firm, is involved in this strategic transaction.

Major companies operating in the in the specialties of lube oil refinery market report are Exxon Mobil Corporation, China Petrochemical Corporation, Shell International B. V., Royal Dutch Shell PLC, TotalEnergies SE, Eni Deutschland GmbH, Repsol S. A., The PJSC Lukoil Oil Company, National Petroleum Limited, HollyFrontier Corporation, Nynas AB, Indian Oil Corporation Ltd., Honeywell International Inc., Cepsa SA, MORESCO Corporation, Gandhar Oil Refinery India Ltd., H&R GROUP, Sasol Ltd., Sinopec Corporation, Eni S. p. A., Chevron Corporation, BP PLC, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., The Phillips 66 Company, Valvoline Inc., Calumet Specialty Products Partners L. P., Ergon Inc., Petro-Canada Lubricants Inc., SK Lubricants Co. Ltd., PetroChina Company Limited, Raha Paraffin Company, HCI Wax, Paraffinwaxco Inc.

North America was the largest region in the specialties of lube oil refinery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialties of lube oil refinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the specialties of lube oil refinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The specialty lube oil refinery market consists of sales of topping, hydro-skimming, conversion, and deep conversion refineries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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