Press release
Automotive And Cosmetic Industries Fuel Expansion In The Specialties Of Lube Oil Refinery Market Driving Market Acceleration in the Specialties of Lube Oil Refinery Industry, 2025
Specialties of Lube Oil Refinery Market
How Large Will the Specialties of Lube Oil Refinery Market Size By 2025?
The lube oil refinery market has seen considerable growth in the past years, with its market size set to rise from $11.27 billion in 2024 to $11.93 billion in 2025, promising a compound annual growth rate (CAGR) of 5.9%. The historical growth can be linked to factors such as the expansion of the automotive industry, increasing industrialization, global economic development, and stringent regulatory standards.
How Big Is the Specialties of Lube Oil Refinery Market Size Expected to Grow by 2029?
It is anticipated that the lube oil refinery market size will experience consistent growth in the upcoming years, growing to a value of $13.69 billion in 2029 with a compound annual growth rate (CAGR) of 3.5%. This predicted growth during the forecast period is attributed to the development of new technologies, changing automotive movements, trade globalization, and environmental considerations. Notable trends expected to impact the market during the forecast period include the prevalence of biodegradable and synthetic lubricants, personalized and formulation services, emphasis on energy efficiency, strategies alliances and partnerships, as well as R&D investments.
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Which Key Market Drivers Powering Specialties of Lube Oil Refinery Market Expansion and Growth?
The expansion of the specialties of lube oil refinery market can be attributed to the rising demand from the automotive and cosmetic sectors. Lube oil, widely utilized as a lubricant in vehicles, is sought after in the automotive industry since it significantly improves the vehicles' performance and fuel efficiency. In addition to being extensively used in the automotive realm, lube oils also play a prominent role in the cosmetic industry. For example, data released by the European Automobile Manufacturers' Association, a vehicle industry association based in Belgium, disclosed that the EU car market witnessed a strong growth of 13.9% in 2023 compared to the previous year, with a sales volume reaching 10.5 million units. Thus, the escalating growth in the automotive and cosmetic industries is propelling the specialties of lube oil refinery market.
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Which Fast-Growing Trends Are Poised to Disrupt the Specialties of Lube Oil Refinery Market?
Introducing new offerings is a significant strategy observed in the market for the specialties of lube oil refinery. To boost their market reach, producers are consistently launching newer and more innovative products. For example, in February 2024, Chevron Lummus Global LLC (CLG), an organization based in the US, initiated operations of the world's largest white oil hydroprocessing unit. This unit's key purpose is to produce two main types of highly purified mineral oils: industrial-grade white oil and food-grade white oil. The industrial-grade white oil finds extensive application in various sectors like pharmaceuticals, cosmetics, and industrial lubricants. On the other hand, food-grade white oil is crafted to meet the rigorous purity standards required in the food and beverage industry.
What Are the Emerging Segments in the Specialties of Lube Oil Refinery Market?
The specialties of lube oil refinery market covered in this report is segmented -
1) By Type: Fully Refined Wax, White Oil, Rubber Process Oil, Slack wax, Semi Refined Wax, Petrolatum, Microcrystalline Wax
2) By Oil: Group I Base oil, Group II Base Oil, Group III Base Oil
3) By End-User: Automotive, Pharmaceutical, Textile, Cosmetic, Food & Beverages, Packaging
Subsegments:
1) By Fully Refined Wax: Paraffin Wax, Synthetic Wax
2) By White Oil: Light White Oil, Heavy White Oil
3) By Rubber Process Oil: Aromatic Rubber Process Oil, Non-Aromatic Rubber Process Oil
4) By Slack Wax: Light Slack Wax, Heavy Slack Wax
5) By Semi Refined Wax: Semi Refined Paraffin Wax, Semi Refined Microcrystalline Wax
6) By Petrolatum: Soft Petrolatum, Hard Petrolatum
7) By Microcrystalline Wax: Low Melt Microcrystalline Wax, High Melt Microcrystalline Wax
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Who Are the Global Leaders in the Specialties of Lube Oil Refinery Market?
Major companies operating in the specialties of lube oil refinery market include 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.
Which are the Top Profitable Regional Markets for the Specialties of Lube Oil Refinery Industry?
North America was the largest region in the specialties of lube oil refinery market in 2024.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
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