Global Specialties of Lube Oil Refinery Market – Industry Trends and Forecast to 2029

Global Specialties of Lube Oil Refinery Market, By Type (Fully Refined Wax, White Oil, Rubber Process Oil, Slack Wax, Semi Refined Wax, Petrolatum, Microcrystalline Wax, Others), Oil (Group I Base Oil, Group II Base Oil, Group III Base Oil), End-User (Automotive, Pharmaceutical, Textile, Cosmetic, Food and Beverages, Packaging) – Industry Trends and Forecast to 2029

Specialties of Lube Oil Refinery Market Analysis and Size

The specialties of lube oil refinery market have witnessed moderate growth over the past few years. Moreover, with other advancements and developments by key players to improve their market share the market is estimated to properly largely over the forecast period.

Global specialties of lube oil refinery market was valued at USD 9.45 billion in 2021 and is expected to reach USD 11.79 billion by 2029, registering a CAGR of 2.80% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Specialties of Lube Oil Refinery Market Scope and Segmentation

Market Definition

The lube oil refinery specialties are the byproducts of lube oil refining. These goods are made up of several hydrocarbon compounds. White oil, paraffin wax, slack wax, and anti-ozone wax are some of the available goods. Lube oil is frequently used to lubricate motorized vehicles' engines and lessen friction between mechanical parts.

Specialties of Lube Oil Refinery Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Expanding Automotive And Cosmetic Industries

The need for lubricating oil refinery products has increased as a result of growing demand from the cosmetic and automotive industries. Since lubricants are widely utilized in automobiles to improve performance and fuel efficiency, lube oil is in high demand in the automotive industry. Cosmetics frequently use lube oils. The demand for lubricating oils in cosmetics was supported by the $511 billion global beauty market in 2021. Therefore, the specialty lube oil refinery market is being driven by the expanding automotive and cosmetic industries.

Furthermore, the widespread usage of lube oils in laxatives, chewing gums, and oily papers is a major reason fueling the expansion of the market for lube oil refinery specialty. Lube oils also have strong moisturizing qualities, making them appropriate for use in cosmetics and skin care products. As a result, the worldwide specialty lube oil refinery market has grown in response to growth in the cosmetics sector. Additionally, a rise in disposable income fueled a surge in car demand has also contributed to the market's expansion.

Opportunities

• Increased Investments And Development Of Bio-Based Lubricants

Furthermore, the increased investments across the green refineries extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the development of bio-based lubricants due to the rising environmental concerns will further expand the future growth of the specialties of lube oil refinery market.

Restraints/Challenges

• Impact on Human Health and Environment

The lube oil refinery market specialties are being constrained by the growing concerns about the effects of crude oil on the environment and human health. As a non-renewable resource, crude oil is considered very unsustainable because it is the source of paraffin wax. Additionally, it is the cause of several environmental disasters, oil spills, and climate change. Before being turned into wax, paraffin, a petroleum waste product, must be chemically bleached and deodorized.

• Shrinking Supply Of Paraffin Wax

The shrinking supply of paraffin wax will create hindrances for the growth of the specialties of lube oil refinery market.

• High Preference for Synthetic And Bio-Based Waxes

The increasing demand for synthetic and bio-based waxes will prove to be a demerit for the specialties of lube oil refinery market, which will challenge the specialties of lube oil refinery market growth rate.

This specialties of lube oil refinery market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the specialties of lube oil refinery market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Specialties of Lube Oil Refinery Market

The recent outbreak of coronavirus had a negative impact on the specialties of lube oil refinery market. The lack of raw materials and the increase in price largely hampered the market for lubricating oil refineries' specialty products. According to a report from the Global Energy Agency, the pandemic crisis decreased worldwide oil consumption by over 30 million barrels per day. Additionally, the manufacturing of lubricating oil has been hindered in a number of nations, which has an effect on the production of refined specialty. The end-user industry's decreased demand impacts the market. For instance, consumer spending on cosmetics is lower than usual, negatively affecting wax demand. By 2020, the global beauty industry's revenues had decreased by 20 to 30 percent.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In July 2021, for heavy-duty and off-highway diesel engines, Valvoline Inc. has introduced a new diesel engine oil called "Valvoline All-Terrain." The product can provide improved viscosity, wear protection, and oxidation stability in demanding situations because it was created for use in hard working environments like construction, mining, and agricultural.
• In April 2021, IMM Private Equity agreed to purchase SK Innovation's 40% share in SK Lubricants for around one trillion won ($900 million). The largest provider of lubrication base oils in the world is SK Lubricants, a South Korean corporation. With this agreement, SK Innovation intends to increase its financial stability and finance future ventures. Private equity company IMM Private Equity is based in South Korea.

Global Specialties of Lube Oil Refinery Market Scope

The specialties of lube oil refinery market is segmented on the basis of type, oil and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Fully Refined Wax
• White Oil
• Rubber Process Oil
• Slack Wax
• Semi Refined Wax
• Petrolatum
• Microcrystalline Wax
• Others

 Oil

• Group I Base Oil
• Group II Base Oil
• Group III Base Oil

 End-User

• Automotive
• Pharmaceutical
• Textile
• Cosmetic
• Food and Beverages
• Packaging

Specialties of Lube Oil Refinery Market Regional Analysis/Insights

The specialties of lube oil refinery market is analyzed and market size insights and trends are provided by country, type, oil and end-user as referenced above.

The countries covered in the specialties of lube oil refinery market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth in this region is attributed to the growing demand for candle manufacturing, rubber processing, and increasing research and development activities within the region.

Asia-Pacific, on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the people's rising per capita income and rapid urbanization in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Specialties of Lube Oil Refinery Market Share Analysis

The specialties of lube oil refinery market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to specialties of lube oil refinery market.

Some of the major players operating in the specialties of lube oil refinery market are

• Exxon Mobil Corporation (U.S.)
• Shell (Netherlands)
• Total S.A (France)
• Cargill Incorporated (U.S.)
• Nye Lubricants, Inc. (U.S.)
• BP plc (UK)
• Emery Oleochemicals (Malaysia)
• FUCHS (Germany)
• Panolin AG (Switzerland)
• Kluber (Germany)
• Clariant (Switzerland)
• Polnox Corp (U.S.)
• RSC Bio Solutions, (U.S.)
• Quaker Chemical Corporation (U.S.)
• Castrol Limited (UK)
• TotalEnergies (France)
• BioBlend Renewable Resources, LLC (U.S.)