As per the report published by Fior Markets, The global specialties of lube oil refinery market is expected to grow from USD 10.36 Billion in 2017 to USD 12.07 Billion by 2025, at a CAGR of 1.93% during the forecast period from 2018-2025. Asia Pacific region emerged as the largest market for the specialties of lube oil refinery products with a 34.69% of total market revenue in 2017.
“Specialties of Lube Oil Refinery Market by Type (Fully Refined Wax, Semi Refined wax, Rubber Process Oil, White Oil, Others), Regions”,and Global Forecast 2018-2025.
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Major players in the global specialties of lube oil refinery market areExxon Mobil Corporation, Sinopec Corporation, Royal Dutch Shell Plc, PetroChina Company Limited, Repsol SA, EniS.p.A., LUKOIL, Sasol Ltd., Total SA, Petrochina Company Limited, Chevron Corporation, Petronas, GrupaLotos SA, Nippon Seiro Co., Ltd., HollyfrontierCorporation, Nynas AB, Petrobras SA, NRL Wax, Indian Oil Corporation Limited, Cepsa SA, Apar Industries Ltd., Paraffinwaxco, Inc., among others. Major players are increasingly focusing on their global footprint by entering into the newer markets. For instance Numaligarh Refinery Limited (NRL) in 2018, announced its entry into the North American market, dispatching a consignment of 80 metric tonnes (MT) of wax to the United States.
Type segment is divided into fully refined wax, semi-refined wax, slack wax, microcrystalline wax, white oil, rubber process oil, petrolatum, and others. Fully refined wax exhibits very high purity levels and good moisturizing properties. Thus it has found a very wide range of application value in the cosmetics industry in the manufacturing of cold creams, hair oils, lipsticks etc. Fully refined wax is also utilized in the personal care and pharmaceutical industry for the purpose of manufacturing ointments, chewing gums, and chocolate laxatives etc. The burgeoning demand for better quality cosmetics and healthcare products propelled fully refined wax segment to emerge as the leader in the specialties of lube oil refinery market with a 26.73% share of market revenue in 2017.
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Although the factors such as rising demand for applications such as candle manufacturing and rubber processing and the growth of the pharmaceutical, cosmetics and packaging products manufacturing industry are driving the global specialties of lube oil refinery market, the dwindling supply of paraffin wax and growing consumer preference for the synthetic and bio-based wax are anticipated to be the major restraining factors for the market growth.
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