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Specialties of Lube Oil Refinery Global Market Report 2024 To 2033 | Exxon Mobil Corporation, China Petrochemical Corporation, Shell International B. V., Royal Dutch Shell PLC
Specialties of Lube Oil Refinery Market Share
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According to The Business Research Company's, 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 in the historic period can be attributed to growing automotive industry, industrialization, global economic growth, 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 growth in the forecast period can be attributed to emergence of new technologies, evolving automotive trends, globalization of trade, environmental concerns. Major trends in the forecast period include biodegradable lubricants, synthetic lubricants dominance, customization and formulation services, focus on energy efficiency, strategic alliances and collaborations, r&d investments.
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Market Drivers and Trends:
Growing demand from the automotive and cosmetic industries has led to an expansion of the specialties of lube oil refinery market. Lube oil is in huge demand in the automotive industry as lubricants are extensively used in automobiles to enhance the performance and fuel efficiency of a vehicle. Lube oils are widely used in cosmetics. The global beauty industry was valued at $511 billion in 2021, supporting the demand for lube oils in cosmetics. So, growing automotive and cosmetic industry is driving the specialties of lube oil refinery market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Specialties of Lube Oil Refinery Market 2024 Key Insights:
• 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%.
• Automotive And Cosmetic Industries Fuel Expansion In The Specialties Of Lube Oil Refinery Market
• Innovative Product Launches Drive Growth In The Specialties Of Lube Oil Refinery Market
• North America was the largest region in the specialties of lube oil refinery market in 2023
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