New Jersey, NJ, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Rapid development of the packaging, rubber manufacturing, cosmetics, and pharmaceutical sectors are anticipated to propel the global specialties of lube oil refinery market. 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 2018-2025, according to the new report published by Fior Markets.
The growth in the packaging, pharmaceutical, and cosmetics industries is driving the demand for specialties of lube oil refinery market. Increasing per capita income and changing lifestyle are leading to the increased demand for the pharmaceutical, cosmetics as well as packaging products. Thus, resulting in increased demand for the specialties of a lube oil refinery. However, the shrinking supply of paraffin wax is majorly restraining the growth of the specialties of the lube oil refinery market.
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. However, increase in the research and development activities as well as rising utilization of white oil and petrolatum for cosmetics and pharmaceutical applications is expected to open new market opportunities for the global specialties of lube oil refinery market.
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Key players operating in the global specialties of lube oil refinery market are Exxon Mobil Corporation, Sinopec Corporation, Royal Dutch Shell Plc, PetroChina Company Limited, Repsol SA, Eni S.p.A., LUKOIL, Sasol Ltd., Total SA, Petrochina Company Limited, Chevron Corporation, Petronas, Grupa Lotos SA, Nippon Seiro Co., Ltd., Hollyfrontier Corporation, Nynas AB, Petrobras SA, NRL Wax, Indian Oil Corporation Limited, Cepsa SA, Apar Industries Ltd., Paraffinwaxco, Inc., and among others. In order to enhance their market position in the global specialties of lube oil refinery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Specialties of lube oil sector is witnessing continuous increase in the research and development activities. For instance, Council of Scientific and Industrial Research (CSIR), India, in 2015 announced the development of new wax deoiling technology. This new technology is to be utilized at the paraffin wax production facility of Numaligarh Refinary Ltd located in North-East part of India. This new plant reinforced with novel wax deoiling technology is anticipated to cut down wax imports by 50 per cent.
- 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
Fully refined wax segment had a market value of 2.76 billion in 2017.
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 USD 2.76 billion revenue in 2017. Slack Wax is petroleum product; the raw material of paraffin wax, Slack wax is a mixture of oil and wax in yellow or brown colors, processed by pressing to decrease the oil content and discolouring by special powders after heating to produce paraffin wax. Slack wax verifies from light to heavy grades based on its melting point. Melting point 50-52 C is categorized in light grades and 53-55 C is heavy grade. All the types of slack wax are used as blending components or waterproofing agents in the manufacture of various industrial products.
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Regional Segment Analysis of the Specialties of Lube Oil Refinery Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region is anticipated to grow at the highest CAGR of 4.02% over the forecast period whereas North America region is anticipated to grow with the highest growth rate over the forecast period. Growing per capita disposable income, increasing urbanization and improvement in the standards of living are generating huge demand for the cosmetics and pharmaceuticals products within the Asia Pacific region. Thus, based on these aforementioned factors Asia Pacific region accounted for the largest share of the market with a 34.69% of total revenue in 2017. North America region is anticipated to progress at the sluggish pace owing to the stagnant nature of the economies in the region.
About the report:
The global specialties of lube oil refinery market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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