The specialties of lube oil refinery market is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8% between 2018 and 2023. The specialties of lube oil refinery market is expected to grow from USD 10.4 billion in 2018 to USD 11.3 billion by 2023, at a CAGR of 1.8%. The growth of the specialties of lube oil refinery market is attributed to the growing packaging, pharmaceutical, and cosmetics industries. 

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Report Objectives:

• To define, describe, and analyze the specialties of lube oil refinery market based on type and region
• To identify significant market trends and factors driving or inhibiting the growth of the specialties of lube oil refinery market
• To forecast and analyze the size of the specialties of lube oil refinery market in key regions, namely, APAC, North America, Europe, South America, and the Middle East & Africa
• To strategically analyze each submarket with respect to individual growth trends and its contribution to the overall specialties of lube oil refinery market
• To analyze opportunities in the specialties of lube oil refinery market for stakeholders by identifying high-growth segments of the market
• To strategically profile the key players in the specialties of lube oil refinery market and comprehensively analyze their growth strategies

The fully refined wax segment is expected to be the largest contributor in the market 

The growth of the segment is mainly attributed to the demand in the cosmetics, skin care, and pharmaceutical applications. Fully refined wax is preferred to manufacture various products such as lipsticks, cold creams, oily papers, ointments, chewing gums, and chocolate. This wax is also widely used for making candles.

Recent Developments 

• In September 2018, Exxon Mobil announced that the new unit of its Beaumont, Texas facility has started operations. Through this expansion, the company will increase production of ultra-low sulfur fuels by about 45,000 barrels per day.
• In May 2018, Exxon Mobil signed an agreement with Sonatrach (Algeria) for the sale of its Augusta refinery, three fuel terminals in Augusta, Palermo, and Naples.
• In January 2018, Exxon Mobil signed a petroleum agreement with the Government of Ghana to acquire exploration & production rights for the Deepwater Cape Three Points Block.

Key Market Players

Companies such as Exxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), PetroChina Company Limited (China), Repsol SA (Spain), Eni S.p.A. (Italy), LUKOIL (Russia), and Sasol Ltd. (South Africa) are the leading players in the specialties of lube oil refinery market, globally.  Diversified product portfolio, high depth in application reach, and technical assistance to customers are factors responsible for strengthening the position of these companies in the specialties of lube oil refinery market. They have also been adopting various organic and inorganic growth strategies, such as new product development, merger & acquisition, and expansion, to enhance their current position in the specialties of lube oil refinery market.