Press release
Lubricating Oil Refining Market Size Projected To Reach $25.41 Billion By 2034 With A Cagr Of 6.6%
Lubricating Oil Refining
What Is the Projected Growth of the Lubricating Oil Refining Market?
The market size of refining lubricating oil has significantly increased over the recent years. Its growth is set to rise from $6.19 billion in 2024 to $6.60 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period owes its credit to the rising demand for high-efficiency lubricants, an increased requirement for lubricants in the aviation and automotive sectors, an upsurge in the industrial requirement for lubricants, along with a surge in global trade.
The market size of lubricating oil refining is predicted to experience a robust expansion in the coming years, reaching a valuation of $8.46 billion in 2029 with a compound annual growth rate (CAGR) of 6.4%. The heightened growth expected in the forecast period can be linked to the rising demand for more ecologically friendly fuels, a transition to biofuels and sustainable energy resources, increased industrialization, fast-paced urban growth, and the growing requirement for high-performance and dependable lubricants. The projection period is also expected to witness key trends such as advances in technology, improvements in lubricant compositions, a shift to bio-based lubricants, the incorporation of digital technology in refining processes, and a heightened focus on circular economy practices.
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What Are the Different Lubricating Oil Refining Market Segments?
The lubricating oil refining market covered in this report is segmented -
1) By Product Type: Mineral Oils, Synthetic Oils, Biolubricants, Semi-synthetic Oils
2) By Viscosity Grade: Low Viscosity, Medium Viscosity, High Viscosity
3) By Additive Type: Detergents, Antioxidants, Anti-wear Additives, Viscosity Index Improvers, Corrosion Inhibitors
4) By Application: Automotive Oils, Industrial Oils, Aerospace Oils, Marine Oils, Specialty Oils
Subsegmentss:
1) By Mineral Oils: Paraffinic Mineral Oils, Naphthenic Mineral Oils, Aromatic Mineral Oils
2) By Synthetic Oils: Polyalphaolefins (PAO), Polyalkylene Glycols (PAG), Esters, Silicones
3) By Biolubricants: Vegetable Oil-Based Lubricants, Animal Fat-Based Lubricants, Synthetic Ester-Based Biolubricants
4) By Semi-Synthetic Oils: Low-Synthetic Content Blends, High-Synthetic Content Blends, Ester-Enhanced Semi-Synthetic Oils
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What Are the Primary Drivers Shaping the Lubricating Oil Refining Market?
The surge in demand for cleaner energy sources is anticipated to stimulate the lubricating oil refining market's growth in the future. Cleaner energy sources emit fewer pollutants and greenhouse gases than their conventional fossil fuel counterparts. As cleaner fuels help cut down air pollution, minimize greenhouse gas emissions, and combat climate change, their demand has been on an upward trajectory in order to foster a healthier and more sustainable environment. Lubricating oil refining plays a crucial role in creating cleaner fuels by eliminating impurities, sulfur, and undesirable compounds, thereby boosting fuel efficiency and enhancing engine performance. As an example, the International Energy Agency (IEA), an independent intergovernmental organization based in France, forecasted in December 2022 that the worldwide demand for biofuels will rise by 6%, which amounts to a yearly growth of 9,100 million liters (MLPY) from 2021 to 2022. Consequently, the escalating demand for cleaner fuels is catalyzing the expansion of the lubricating oil refining market.
Which Companies Are Leading in the Lubricating Oil Refining Market?
Major companies operating in the lubricating oil refining market are Sinopec Group, PetroChina Company Limited, ExxonMobil Corporation, Shell plc, TotalEnergies SE, British Petroleum, Chevron Corporation, Idemitsu Kosan Co. Ltd., Lukoil, Neste Oyj, Clean Harbors Inc., Fuchs SE, AVISTA OIL AG, Valvoline Inc., Heritage-Crystal Clean Inc., Gulf Oil, Motul S.A., Pentas Flora, AVISTA Green, Hyrax Oil
What Are the Major Trends Shaping the Lubricating Oil Refining Market?
Big-name businesses in the lubricating oil refining sector are honing in on tech advancements, such as cutting-edge re-refining technologies, to boost efficiency, enhance product quality, and mitigate environmental impacts by transforming used oils into high-performance base oils. These advanced re-refining technologies introduce novel methods to purify and recycle spent lubricating oils, scrubbing away pollutants and reviving them as top-notch base oils primed for reuse. Case in point, Pentas Flora, a waste management firm headquartered in Malaysia, unveiled a re-refined Group II N150 base oil in September 2024, reflecting the industry's inclination towards high-performance, premium grade base oils. This move was catalyzed by the lubricant industry's call for superior fuel economy, longer drain intervals, decreased emissions, and heightened performance. Pentas Flora's re-refining operation employs distillation, solvent extraction, and lube polishing, equipping it to generate top-tier, low-sulfur base oils that live up to Group II and III standards.
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What Are the Top Revenue-Generating Geographies in the Lubricating Oil Refining Market?
North America was the largest region in the lubricating oil refining market in 2024. The regions covered in the lubricating oil refining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Lubricating Oil Refining Market?
2. What is the CAGR expected in the Lubricating Oil Refining Market?
3. What Are the Key Innovations Transforming the Lubricating Oil Refining Industry?
4. Which Region Is Leading the Lubricating Oil Refining Market?
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