PUBLISHER: The Business Research Company | PRODUCT CODE: 1656956
PUBLISHER: The Business Research Company | PRODUCT CODE: 1656956
A specialty lube oil refinery is an industrial facility dedicated to refining crude oil into various petroleum products, including diesel, gasoline, and heating oils. These refined products find applications across diverse industries such as automotive, industrial, cosmetic, and pharmaceutical.
The primary types of products produced by specialty lube oil refineries encompass microcrystalline wax, fully refined wax, white oil, rubber process oil, slack wax, semi-refined wax, and petrolatum. These products serve a wide range of purposes, including use in candles, wax paper, polishes, cosmetics, electrical insulation, perfume extraction from flowers, medical ointments, waterproof coatings for wood, the match industry, food and chocolate polishing, and PVC production. The market is further segmented based on the type of oil, which includes group I base oil, group II base oil, and group III base oil. Major end-user industries that rely on specialty lube oil refinery products include automotive, pharmaceuticals, textiles, cosmetics, food and beverages, and packaging. Within the automotive sector, lube oil plays a crucial role in applications such as mechanical testing, vibration analysis, ultrasonic inspection, data logging, component testing, radar ranging, telematics, engine performance, and ignition monitoring.
The specialties of lube oil refinery research report are one of a series of new reports from The Business Research Company that provides specialties of lube oil refinery market statistics, including global specialties of lube oil refinery industry size, regional shares, competitors with specialties of lube oil refinery market share, detailed specialties of lube oil refinery market segments, specialties of lube oil refinery market trends and opportunities, and any further data you may need to thrive in the specialties of lube oil refinery industry. This specialties of lube oil refinery research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The specialties of lube oil refinery market size has grown strongly in recent years. It will grow from $11.27 billion in 2024 to $11.93 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growing automotive industry, industrialization, global economic growth, regulatory standards.
The specialties of lube oil refinery market size is expected to see steady growth in the next few years. It will grow to $13.69 billion in 2029 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to emergence of new technologies, evolving automotive trends, globalization of trade, environmental concerns. Major trends in the forecast period include biodegradable lubricants, synthetic lubricants dominance, customization and formulation services, focus on energy efficiency, strategic alliances and collaborations, R&D investments.
Growing demand from the automotive and cosmetic industries has led to an expansion of the specialties of lube oil refinery market. Lube oil is in huge demand in the automotive industry as lubricants are extensively used in automobiles to enhance the performance and fuel efficiency of a vehicle. Lube oils are widely used in cosmetics. For instance, in March 2024, according to the European Automobile Manufacturers' Association, a Belgium-based vehicle industry association, the EU car market expanded robustly in 2023 by 13.9% when compared to 2022, reaching a volume of 10.5 million units. So, growing automotive and cosmetic industry is driving the specialties of lube oil refinery market.
The expanding manufacturing industry is projected to drive the growth of the specialties within the lube oil refinery market in the future. This growth in manufacturing is fueled by the increasing global population and rising disposable incomes, which lead to higher demand for consumer products. Furthermore, the growing consumer preference for customized and personalized items, coupled with advancements in new materials and manufacturing techniques, enhances the need for advanced manufacturing capabilities. For instance, in July 2023, Eurostat, a UK-based government statistical agency, reported a 0.2% increase in industrial output within the European area. Additionally, the European Union experienced a 0.1% rise in output between May and April 2023. Thus, the expanding manufacturing sector is driving the growth of the specialties in the lube oil refinery market.
The introduction of new products is a significant trend in the specialties of the lube oil refinery market. Manufacturers are increasingly focused on launching innovative products to enhance their market share. For example, in February 2024, Chevron Lummus Global LLC (CLG), a US-based company, unveiled the world's largest white oil hydroprocessing unit. This facility is designed to produce two main types of highly refined mineral oils: industrial-grade white oil and food-grade white oil. Industrial-grade white oil finds extensive use in various sectors, including pharmaceuticals, cosmetics, and industrial lubricants, while food-grade white oil meets stringent purity standards that are crucial for the food and beverage industry.
Major companies in the specialties of lube oil refinery market are concentrating on innovative technologies, such as the transition from crude oil to renewable feedstock, to enhance profitability. Renewable feedstock, sourced from sustainable and replenishable materials, aligns with environmental regulations and growing demand for eco-friendly products. Neste's strategic assessment in September 2022 aims to shift from crude oil to renewable feedstock in its Finnish oil refinery, contributing to reduced environmental impact.
In April 2024, Fuchs Group, a Germany-based multinational company that focuses on developing lubricants, acquired Lubcon Group for an undisclosed sum. The purpose of Fuchs Group's acquisition of Lubcon Group is to innovate and improve high-quality specialty lubrication solutions, especially in the fields of industrial lubricants and greases. Lubricant Consult GmbH is a Germany-based firm that specializes in the development, manufacturing, and distribution of specialty lubricants, including greases, oils, and pastes.
Major companies operating in the specialties of lube oil refinery market include Exxon Mobil Corporation, China Petrochemical Corporation, Shell International B. V., Royal Dutch Shell PLC, TotalEnergies SE, Eni Deutschland GmbH, Repsol S. A., The PJSC Lukoil Oil Company, National Petroleum Limited, HollyFrontier Corporation, Nynas AB, Indian Oil Corporation Ltd., Honeywell International Inc., Cepsa SA, MORESCO Corporation, Gandhar Oil Refinery India Ltd., H&R GROUP, Sasol Ltd., Sinopec Corporation, Eni S. p. A., Chevron Corporation, BP PLC, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., The Phillips 66 Company, Valvoline Inc., Calumet Specialty Products Partners L. P., Ergon Inc., Petro-Canada Lubricants Inc., SK Lubricants Co. Ltd., PetroChina Company Limited, Raha Paraffin Company, HCI Wax, Paraffinwaxco Inc.
North America was the largest region in the specialties of lube oil refinery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialties of lube oil refinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the specialties of lube oil refinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The specialty lube oil refinery market consists of sales of topping, hydro-skimming, conversion, and deep conversion refineries. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Specialties of Lube Oil Refinery Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on specialties of lube oil refinery market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for specialties of lube oil refinery ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The specialties of lube oil refinery market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.