Press release
Lubricating Oil Refining Market Size Projected To Reach 25.4 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 for refined lubricating oil has seen substantial expansion in the past few years. Its size is predicted to increase from $6.19 billion in 2024 to about $6.60 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.7%. This growth over the historical period can be linked to the escalating demand for top-tier lubricants, amplified need for lubricants in the aviation and automotive sectors, the surge in lubricant demand within the industrial sector, and the expansion of global commerce.
The market size for refining lubricating oil is predicted to experience significant growth in the coming years. The projected growth puts the market at $8.46 billion by 2029, with a compound annual growth rate (CAGR) of 6.4%. Factors such as an increased need for cleaner fuels, the shift towards biofuels and renewable energy, acceleration in urbanization and industrialization, and the rising demand for reliable and efficient lubricants, contribute to this expected growth. In the forecast period, we will witness key trends like technological innovations, improvements in lubricant formulations, a shift towards bio-based lubricants, incorporation of digital technology in refining processes, and increased prominence of circular economy concepts.
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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 lubricating oil refining market is anticipated to see significant growth due to the escalating demand for cleaner, non-polluting fuels. Cleaner fuels, which generate fewer pollutants and greenhouse gases than traditional fossil fuels, are being sought after more as they can minimize air pollution, curtail emission of greenhouse gases and help combat climate change. This benefits not only human health but also the sustainability of our environment. Lubricating oil refining plays a crucial role in this aspect as it helps create cleaner fuels by eliminating impurities, sulfur and other unwanted compounds, ensuring better fuel efficiency and improved engine performance. For example, The International Energy Agency (IEA), an independent organization based in France, predicted in December 2022 that the global requirement for biofuels will see an increase of 6%, translating to an annual rise of 9,100 MLPY from 2021 to 2022. Therefore, the burgeoning drive 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?
Prominent corporations in the lubricating oil refining sector are prioritizing technological advancements such as state-of-the-art re-refining procedures. This move is aimed at scaling up efficiency, enhancing product quality, and lessening the environmental toll by transforming utilized oils into superior base oils. Cutting-edge re-refining practices are revolutionary methods used to purify and recycle used lubrication oils by eliminating pollutants and reviving them into high-grade base oils ready for reuse. For example, in September 2024, Pentas Flora, a waste management firm based in Malaysia, unveiled its re-refined Group II N150 base oil, in line with the industry's shift towards high-performance, premium-grade base oils. The change was spurred by the lubricant sector's call for improved mileage, extended oil change intervals, mitigated emissions, and upgraded performance. The re-refining method utilized by Pentas Flora consists of distillation, solvent extraction, and lube polishing, allowing it to manufacture high-quality, low-sulfur base oils that comply with the standards of Group II and III specifications.
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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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