Global Specialties of Lube Oil Refinery Market-Industry Analysis and Forecast (2020-2026)
Global Specialties of Lube Oil Refinery Market was valued at US$ xx Bn in 2020 and is expected to reach US$ xx Bn by 2026 at a CAGR of 2.57% over the forecast period 2020-2026.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Lube oil is used to alleviate the friction between mechanical components that are constantly in contact with each other. It is prominently used in motorized vehicles to lubricate the engine. Increasing demand for synthetic and bio-based waxes is the major challenge of the global specialties of the lube oil refinery market. Growing demand from applications such as candle manufacturing, rubber processing, growing population, changing lifestyle, and increasing per-capita income is also driving the specialties of the lube oil refinery market.
But, the shrinking supply of paraffin wax is majorly restraining the growth of the specialties of the lube oil refinery market globally. The demand side of specialties of lube oil refinery market is characterized by the developments in the cosmetics, packaging, rubber manufacturing, candle manufacturing, and pharmaceutical industries. The supply side is categorized by market consolidation activities undertaken by specialties of lube oil refinery producers.
Global Specialties of Lube Oil Refinery Market Segmentation Analysis
By type market, the fully refined wax segment is dominating the global specialties of the lube oil refinery market during the forecast period. The growing demand for fully refined wax is because of its high purity levels and good moisturizing property. The promotes are used in many applications, for instance, cosmetics, skincare, and food packaging. Fully refined wax is used in products such as cold creams, lipsticks, oily papers, ointments, laxatives, chocolates, and chewing gums. Candle manufacturing is another main application of fully refined wax.
Global Specialties of Lube Oil Refinery Market Regional Analysis
Region-wise, the Asia Pacific specialties of the lube oil refinery market is expected to register the highest CAGR, in terms of value, over the forecast period. The specialties APAC specialties of the lube oil refinery market has observed a sluggish growth, owing to the slow growth in North America and Europe. This created huge opportunities for the consumption of specialties of the lube oil refinery in the Asia Pacific. Change in lifestyle and purchasing power parity of the consumers in the APAC region is also driving the use of specialties of a lube oil refinery in the cosmetics, pharmaceutical, and packaging industries.
Global Specialties of Lube Oil Refinery Market Competitive Landscape
Key players operating in the market are Exxon Mobil Corporation, Sinopec Corporation, Royal Dutch Shell Plc, Eni S.P.A., Sasol Ltd., Total SA, Petrochina Company Limited, Chevron Corporation, Repsol SA, and LUKOIL. These key players are using various organic and inorganic growth strategies such as merger and acquisition, expansion, joint ventures, strategic alliances, diversification, etc. to enhance their regional presence and business operations.
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Global Specialties of Lube Oil Refinery Market Key Players Operating in the Global Specialties of Lube Oil Refinery Market
• Exxon Mobil Corporation
• Sinopec Corporation
• Royal Dutch Shell Plc
• Eni S.P.A.
• Sasol Ltd.
• Total SA
• Petrochina Company Limited
• Chevron Corporation
• Repsol SA
• LUKOIL
• Petroliam Nasional Berhad (Petronas)
• Grupa Lotos SA
• 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.
• Moresco Corporation
• Apar Industries Ltd.
• Gandhar Oil Refinery (India) Limited
• Paraffinwaxco, Inc.
• H&R Group
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