“The specialties of lube oil refinery market is projected to register a CAGR of 1.8% between 2018 and 2023.”
The global specialties of lube oil refinery market is estimated to be USD 10.4 billion in 2018 and is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8%. The growth in the packaging, pharmaceutical, and cosmetics industries is driving the demand for specialties of lube oil refinery. The rising demand from applications such as candle manufacturing and rubber processing as well as growing population, changing lifestyle, and increasing per capita income are also driving the specialties of lube oil refinery market. However, the shrinking supply of paraffin wax is majorly restraining the growth of the specialties of lube oil refinery market.
“Fully refined wax, the fastest-growing segment of the specialties of lube oil refinery market”
The fully refined wax market is projected to register the highest CAGR during the forecast period. The growing demand for fully refined wax is due to its high purity levels and good moisturizing property. This promotes its use in various applications such as cosmetics, skin care, and food packaging. This wax is used in products such as lipsticks, cold creams, ointments, laxatives, oily papers, chocolates, and chewing gums. Candle manufacturing is another major application of fully refined wax.
“APAC to be the largest specialties of lube oil refinery market”
The APAC specialties of lube oil refinery market is projected to register the highest CAGR between 2018 and 2023. This growth is mainly attributed to the growing population, increasing urbanization, rising number of working women. There is also an increasing concern about physical appearance and better healthcare needs, which, in turn, is driving the demand for specialties of lube oil refinery in the cosmetics and pharmaceutical applications.
Breakdown of primary interviews for the report on the specialties of lube oil refinery market
- By Company Type – Tier 1 – 33%, Tier 2 –17%, and Tier 3 – 50%
- By Designation – C Level Executives – 17%, Director Level – 17%, and Others – 66%
- By Region – North America – 20%, APAC– 40%, Middle East & Africa – 40%
The leading specialties of lube oil refinery manufacturers, globally, profiled in this report are Exxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), PetroChina Company Limited (China), Repsol SA (Spain), Eni S.p.A. (Italy), LUKOIL (Russia), and Sasol Ltd. (South Africa).
The report covers the specialties of lube oil refinery market on the basis of type and region. This report aims at estimating the size and future growth potential of the specialties of lube oil refinery market across various segmentation types. The report also includes an in-depth competitive analysis of the key market players along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report has been focusing on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the specialties of lube oil refinery market, high-growth regions, and drivers, restraints, opportunities, and challenges in the specialties of lube oil refinery market.
The report provides insights on the following pointers:
- Market Penetration: A comprehensive information on specialties of lube oil refinery offered by top players operating in the specialties of lube oil refinery market.
- Product Development/Innovation: A detailed insight into upcoming technologies, R&D activities, and new applications in the specialties of lube oil refinery market.
- Market Development: A comprehensive information about the lucrative and emerging markets. The report analyzes the markets for specialties of lube oil refinery across different regions.
- Market Diversification: An exhaustive information about new products, untapped geographies, recent developments, and investments in the specialties of lube oil refinery market.
- Competitive Assessment: An in-depth assessment of strategies, products, and manufacturing capabilities of leading players in the specialties of lube oil refinery market.