Global Specialties of lube oil refinery Market is valued approximately USD 10.89 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 1.90% over the forecast period 2020-2027. Specialties of lube oil refinery are the derivatives of lube oil refining comprises of a mixture of hydrocarbon molecules. Paraffin wax, slack wax, anti-ozone wax, microcrystalline wax and process oils are the products obtained in the process of lube oil distillation. Lube oil has commendable application in reducing the friction between mechanical components that are constantly in contact with each other. It is prominently used in motorized vehicles to lubricate the engine. Hence, rapid growth in automotive industry across the globe is driving the growth of market over the forecast years. For instance: According to the International Organization of Motor Vehicle Manufacturer (OICA), the production of passenger cars accounted for around 73.45 million units in the year 2017 as compared to 72.10 million units in the year 2016 on the global scenario. Also, the production of commercial vehicles accounted for around 23.84 million units in the year 2017 as compared to 22.87 million units in the year 2016, globally. In addition, growing population supported by changing lifestyle and increasing per capita income are the factor driving the demand for specialties of lube oil refinery market. However, shrinking supply of paraffin wax is the factor hampering the growth of market over the forecast years.
The regional analysis of global Specialties of lube oil refinery Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising demand from end use industries such as pharmaceutical, automotive and packaging. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rapid growth in automotive and packaging industries would create lucrative growth prospects for the Specialties of lube oil refinery Market across Asia-Pacific region.
Major market player included in this report are:
- Petroliam Nasional Berhad
- Nippon Seiro Co., Ltd.
- Hollyfrontier Corporation
- Nynas AB
- Petrobras SA
- The International Group, Inc.
- Indian Oil Corporation Limited
- Honeywell International, Inc.
- Cepsa SA
- Dongnam Petroleum Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Fully refined wax
- Rubber process oil
- White oil
- Slack wax
- Semi refined wax
- Petroleum
- Microcrystalline wax
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2017, 2018
- Base year – 2019
- Forecast period – 2020 to 2027
Target Audience of the Global Specialties of lube oil refinery Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers
- Investors
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