January 13, 2021
According to the market research report titled ‘Global Specialties of lube oil refinery Market Size study with COVID-19 impact, by Type (Fully refined wax, rubber process oil, white oil, slack wax, semi refined wax, petroleum, microcrystalline wax and others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global specialties of lube oil refinery market was remunerated at USD 10.89 billion in 2019 and is projected to grow with a CAGR of 1.90% during 2020-2027.
The report states that increasing adoption of lube oils for reducing friction between mechanical components, coupled with escalating demand for the lubrication of motorized vehicle engines are augmenting the expansion of worldwide specialties of lube oil refinery market.
For the record, specialties of lube oil refinery are derivatives that comprise of a mixture of hydrocarbon molecules. Few of the derived products include process oils, microcrystalline wax, anti-ozone wax, slack wax, and paraffin wax among others.
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Research analysts claim that rapid development in the automotive vertical, growing population, evolving lifestyles as well as standards of living, increasing disposable incomes, and mounting production volume of commercial vehicles are positively swaying the worldwide specialties of lube oil refinery market dynamics. As per the International Organization of Motor Vehicle Manufacturer (OICA), total passenger vehicles manufactured in 2017 was 73.45 million units, as compared to 72.10 million units in the previous year.
On the contrary, dwindling supply of paraffin wax is a major restraining factor for the overall industry growth.
From a regional frame of reference, North America currently leads the worldwide specialties of lube oil refinery business in terms of market share, owing to surging product demand from various end-user sectors, primarily packaging, automotive, and pharmaceutical.
Alternatively, Asia-Pacific is estimated to emerge as a major growth avenue for the market contenders over the forecast period, on account of flourishing automotive and packaging sectors.
Major players which influence the worldwide specialties of lube oil refinery industry trends are Honeywell International Inc., Petroliam Nasional Berhad (PETRONAS), HollyFrontier Corporation, Nippon Seiro Co. Ltd., Nynas AB, Petrobras SA, Indian Oil Corporation Limited, International Group Inc., Cepsa SA, and Dongnam Petroleum Ind. Co. Ltd. among others.