Specialties of Lube Oil Refinery Market by Type (Fully Refined Wax, Semi Refined wax, Rubber Process Oil, White Oil, Petrolatum , and Others), and Region (APAC, Europe, North America, South America, Middle East & Africa) Global Forecast to 2023
[107 Pages Report] The study involved four major activities to estimate the current market size for specialties of lube oil refinery. Exhaustive secondary research was done to collect information on market, peer markets, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation was used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, were referred to for identifying and collecting information for this study. Secondary sources includes annual reports, press releases & investor presentations of companies, whitepapers, certified publications, articles by recognized authors, gold standard & silver standard websites, associations, regulatory bodies, trade directories, and databases.
Primary Research
The specialties of lube oil refinery market comprises several stakeholders such as raw material suppliers, end product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the developments in the cosmetics, packaging, rubber manufacturing, candle manufacturing, and pharmaceutical industries. The supply side is characterized by market consolidation activities undertaken by specialties of lube oil refinery producers. Several primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following are the breakdown of primary respondents
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Client’s Problem Statement
Our client wanted to understand the potential demand for base oil (group 1) and the specialties of lube oil market in Europe, the Middle East, Africa, and West Africa. The client also wanted to identify the most lucrative industry and the products that would likely witness the highest demand in that particular industry. The client also wanted to know the application-wise market size for each type of grade with a country-wise pricing analysis.
MnM Approach
MNM provided in-depth study for the base oil (group 1) and specialties of lube oil market in Europe, the Middle East, Africa, and West Africa. The market assessment was provided along with detailed grade-wise market and pricing analysis for each type of product, which included base oil (group 1), slack wax, fully refined wax, bright stock, rubber process oil, (DAE & RAE), and bitumen. Further detailed analysis by region and country in the West African region was also provided. Primary interviews were conducted with participants across the value chain to understand the market needs, customer behavior, product performance, and openness to new market collaborations. Detailed market trends related to competition, technology, R&D activities, potential opportunities, product drawbacks, and price, etc., were also provided.
Revenue Impact (RI)
Our findings helped the client to understand the most lucrative segment and highly demanded products to target. The client used the MnM analysis report to enter the market; it impacted its revenue by USD 2.3 billion (next 5 years) and USD 2.7 billion (next 10 years).
Market Size Estimation:
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the specialties of lube oil refinery market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Data Triangulation:
After arriving at the overall market size-using the market size estimation process explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
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
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Scope of the Report:
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Report Metric |
Details |
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Market size available for years |
2016-2023 |
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Base year considered |
2017 |
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Forecast period |
2018–2023 |
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Forecast units |
Value (USD), Volume (Kiloton) |
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Segments covered |
Type and Region |
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Regions covered |
North America, APAC, Europe, South America, and Middle East & Africa |
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Companies covered |
Exxon Mobil Corporation (US), Sinopec Corporation (China), Royal Dutch Shell Plc (Netherlands), Eni S.p.A. (Italy), Sasol Ltd. (South Africa) |
This report categorizes the specialties of lube oil refinery market based on type and region.
On the basis of type, the specialties of lube oil refinery market has been segmented as follows
- Fully Refined Wax
- White Oil
- Rubber Process Oil
- Slack wax
- Semi Refined Wax
- Petrolatum
- Microcrystalline Wax
- Others (Anti-ozone Wax, Residue Wax, and Tender Oils)
On the basis of region, the specialties of lube oil refinery market has been segmented as follows:
- APAC
- North America
- Europe
- South America
- Middle East & Africa
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the specific needs of companies. The following customization options are available for the report:
Regional Analysis
- A further breakdown of the regional specialties of lube oil refinery market to the country level by application
Country Information
- Regional market split by major countries
Company Information
- Detailed analysis and profiles of additional market players (up to 5)
The global specialties of lube oil refinery market is estimated to be USD 10.4 billion in 2018 and is projected to reach USD 11.3 billion by 2023, at a CAGR of 1.8%. The growth in the packaging, rubber manufacturing, cosmetics, and pharmaceutical industries is expected to drive the specialties of lube oil refinery market.
By type, the fully refined wax segment is expected to be largest contributor in the specialties of lube oil refinery market during the forecast period.
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.
APAC is expected to be the largest market during the forecast period.
The growth of the market in APAC is mainly driven by the shift of production facilities from North America and Europe to the region. China, India, and Southeast Asia are the major contributors to the growth of the packaging, pharmaceutical, and cosmetics industries. These industries are witnessing growth owing to the increasing per capita expenditure and growing urbanization. This is further expected to create demand for specialties of lube oil refinery in the region.
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.
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 Questions addressed by the report
- What are the future revenue pockets in the specialties of lube oil refinery market?
- Which key developments are expected to have a long-term impact on the specialties of lube oil refinery market?
- Which product technologies are expected to cannibalize existing technologies?
- How is the current regulatory framework expected to impact the market?
- What will be the future product mix of the specialties of lube oil refinery market?
- What are the prime strategies of leaders in the specialties of lube oil refinery market?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
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Table of Contents
1 Introduction (Page No. - 13)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 16)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Assumptions
3 Executive Summary (Page No. - 24)
4 Premium Insights (Page No. - 27)
4.1 Attractive Opportunities in the Specialties of Lube Oil Refinery Market
4.2 Specialties of Lube Oil Refinery Market, By Type and Region
4.3 Specialties of Lube Oil Refinery Market, By Region
5 Market Overview (Page No. - 29)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Demand From Applications Such as Candle Manufacturing and Rubber Processing
5.2.1.2 Growing Population, Changing Lifestyle, and Increasing Per Capita Income
5.2.2 Restraints
5.2.2.1 Shrinking Supply of Paraffin Wax
5.2.3 Opportunities
5.2.3.1 Continuous R&D to Improve the Performance of White Oil and Petrolatum for Use in Cosmetics and Pharmaceutical Applications
5.2.4 Challenges
5.2.4.1 Increasing Demand for Synthetic and Bio-Based Waxes
5.3 Porter’s Five Forces Analysis
5.3.1 Bargaining Power of Suppliers
5.3.2 Threat of New Entrants
5.3.3 Threat of Substitutes
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 Trends and Forecast of Per Capita GDP
5.4.2 Trends of Oil Production and Consumption
6 Specialties of Lube Oil Refinery Market, By Type (Page No. - 41)
6.1 Introduction
6.2 Fully Refined Wax
6.2.1 Demand From Cosmetics, Food Packaging, and Pharmaceutical Applications to Drive the Fully Refined Wax Market
6.3 Rubber Process Oil
6.3.1 Growing Demand for Efficient and Better Quality Tyres is Driving the Rubber Process Oil Market
6.4 White Oil
6.4.1 Growth in Cosmetics and Skin Care Markets to Increase the Demand for White Oil
6.5 Slack Wax
6.5.1 Rising Demand From Various Industrial Applications to Drive the Slack Wax Market
6.6 Semi Refined Wax
6.6.1 Semi Refined Wax has High Demand in Candle Manufacturing
6.7 Petrolatum
6.7.1 Excellent Moistening Property of Petrolatum to Drive Its Use in Skin Care Products
6.8 Microcrystalline Wax
6.8.1 Personal Care Applications of Microcrystalline Wax to Drive Its Demand
6.9 Others
7 Specialties of Lube Oil Refinery Market, By Region (Page No. - 52)
7.1 Introduction
7.2 APAC
7.2.1 High Demand From Tyre Manufacturing Industry in APAC is Driving the Rubber Process Oil Market
7.3 North America
7.3.1 Pharmaceutical Industry to Drive the Market in North America
7.4 Europe
7.4.1 Stringent Regulations in Europe to Hamper the Market Growth
7.5 South America
7.5.1 Personal Care Applications to Drive the Market in South America
7.6 Middle East & Africa
7.6.1 Cosmetics Applications to Drive the Market in the Middle East & Africa
8 Competitive Landscape (Page No. - 64)
8.1 Introduction
8.2 Market Ranking
8.3 Competitive Scenario
8.3.1 Expansion
8.3.2 Merger & Acquisition
8.3.3 Divestment
8.3.4 Agreement
8.3.5 Joint Venture
8.3.6 New Product Development
9 Company Profiles (Page No. - 72)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
9.1 Exxon Mobil Corporation
9.2 Sinopec Corporation
9.3 Royal Dutch Shell Plc
9.4 Eni S.P.A.
9.5 Sasol Ltd.
9.6 Total SA
9.7 Petrochina Company Limited
9.8 Chevron Corporation
9.9 Repsol SA
9.10 LUKOIL
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
9.11 Additional Company Profiles
9.11.1 Petroliam Nasional Berhad (Petronas)
9.11.2 Grupa Lotos SA
9.11.3 Nippon Seiro Co., Ltd.
9.11.4 Hollyfrontier Corporation
9.11.5 Nynas AB
9.11.6 Petrobras SA
9.11.7 The International Group, Inc.
9.11.8 Indian Oil Corporation Limited
9.11.9 Honeywell International, Inc.
9.11.10 Cepsa SA
9.11.11 Dongnam Petroleum Co., Ltd.
9.11.12 Moresco Corporation
9.11.13 Apar Industries Ltd.
9.11.14 Gandhar Oil Refinery (India) Limited
9.11.15 Paraffinwaxco, Inc.
9.11.16 H&R Group
10 Appendix (Page No. - 100)
10.1 Discussion Guide
10.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
10.3 Available Customizations
10.4 Related Reports
10.5 Author Details
List of Tables (39 Tables)
Table 1 Trends and Forecast of Per Capita GDP, By Key Countries, 2016–2022 (USD)
Table 2 Oil Production, By Key Countries, 2017 (Thousand Barrels Daily)
Table 3 Oil Consumption, By Key Countries, 2017 (Thousand Barrels Daily)
Table 4 Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (USD Million)
Table 5 Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (Kiloton)
Table 6 Fully Refined Wax Market Size, By Region, 2016–2023 (USD Million)
Table 7 Fully Refined Wax Market Size, By Region, 2016–2023 (Kiloton)
Table 8 Rubber Process Oil Market Size, By Region, 2016–2023 (USD Million)
Table 9 Rubber Process Oil Market Size, By Region, 2016–2023 (Kiloton)
Table 10 White Oil Market Size, By Region, 2016–2023 (USD Million)
Table 11 White Oil Market Size, By Region, 2016–2023 (Kiloton)
Table 12 Slack Wax Market Size, By Region, 2016–2023 (USD Million)
Table 13 Slack Wax Market Size, By Region, 2016–2023 (Kiloton)
Table 14 Semi Refined Wax Market Size, By Region, 2016–2023 (USD Million)
Table 15 Semi Refined Wax Market Size, By Region, 2016–2023 (Kiloton)
Table 16 Petrolatum Market Size, By Region, 2016–2023 (USD Million)
Table 17 Petrolatum Market Size, By Region, 2016–2023 (Kiloton)
Table 18 Microcrystalline Wax Market Size, By Region, 2016–2023 (USD Million)
Table 19 Microcrystalline Wax Market Size, By Region, 2016–2023 (Kiloton)
Table 20 Others Market Size, By Region, 2016–2023 (USD Million)
Table 21 Others Market Size, By Region, 2016–2023 (Kiloton)
Table 22 Specialties of Lube Oil Refinery Market Size, By Region, 2016–2023 (USD Million)
Table 23 Specialties of Lube Oil Refinery Market Size, By Region, 2016–2023 (Kiloton)
Table 24 APAC: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (USD Million)
Table 25 APAC: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (Kiloton)
Table 26 North America: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (USD Million)
Table 27 North America: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (Kiloton)
Table 28 Europe: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (USD Million)
Table 29 Europe: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (Kiloton)
Table 30 South America: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (USD Million)
Table 31 South America: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (Kiloton)
Table 32 Middle East & Africa: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (USD Million)
Table 33 Middle East & Africa: Specialties of Lube Oil Refinery Market Size, By Type, 2016–2023 (Kiloton)
Table 34 Expansion, 2013–2018
Table 35 Merger & Acquisition, 2013–2018
Table 36 Divestment, 2013–2018
Table 37 Agreement, 2013–2018
Table 38 Joint Venture, 2013–2018
Table 39 New Product Development, 2013–2018
List of Figures (40 Figures)
Figure 1 Specialties of Lube Oil Refinery: Market Segmentation
Figure 2 Specialties of Lube Oil Refinery Market: Research Design
Figure 3 Market Size Estimation: Top-Down Approach
Figure 4 Market Size Estimation: Bottom-Up Approach
Figure 5 Specialties of Lube Oil Refinery Market: Data Triangulation
Figure 6 Fully Refined Wax Segment to Lead the Specialties of Lube Oil Refinery Market
Figure 7 APAC to Register the Highest Cagr in the Market
Figure 8 Specialties of Lube Oil Refinery Market to Witness Sluggish Growth
Figure 9 Fully Refined Wax Segment Accounted for the Largest Market Share in 2017
Figure 10 APAC to Be the Largest and the Fastest-Growing Market
Figure 11 Overview of Factors Governing the Specialties of Lube Oil Refinery Market
Figure 12 Specialties of Lube Oil Refinery Market: Porter’s Five Forces Analysis
Figure 13 Trends of Oil Production, 2017
Figure 14 Trends of Oil Consumption, 2017
Figure 15 Fully Refined to Be the Largest Type of Specialties of Lube Oil Refinery Market
Figure 16 APAC to Be the Largest Fully Refined Wax Market
Figure 17 APAC to Witness Moderate Growth in the Specialties of Lube Oil Refinery Market
Figure 18 North America is the Second-Largest Specialties of Lube Oil Refinery Market
Figure 19 Europe to Witness A Sluggish Growth in the Specialties of Lube Oil Refinery Market
Figure 20 South America to Witness Moderate Growth in Specialties of Lube Oil Refinery Market
Figure 21 Middle East & Africa to Provide Huge Opportunities to Manufacturing Sector
Figure 22 Expansion and Merger & Acquisition Were the Most Preferred Strategies Adopted By Key Companies Between 2013 and 2018
Figure 23 Ranking of Key Specialties of Lube Oil Refinery Manufacturers, 2017
Figure 24 Exxon Mobil Corporation: Company Snapshot
Figure 25 Exxon Mobil Corporation: SWOT Analysis
Figure 26 Sinopec Corporation: Company Snapshot
Figure 27 Sinopec Corporation: SWOT Analysis
Figure 28 Royal Dutch Shell Plc: Company Snapshot
Figure 29 Royal Dutch Shell Plc: SWOT Analysis
Figure 30 Eni S.P.A.: Company Snapshot
Figure 31 Eni S.P.A.: SWOT Analysis
Figure 32 Sasol Ltd.: Company Snapshot
Figure 33 Sasol Ltd.: SWOT Analysis
Figure 34 Total SA: Company Snapshot
Figure 35 Total SA: SWOT Analysis
Figure 36 Petrochina Company Limited: Company Snapshot
Figure 37 Petrochina Company Limited: SWOT Analysis
Figure 38 Chevron Corporation: Company Snapshot
Figure 39 Repsol SA: Company Snapshot
Figure 40 LUKOIL: Company Snapshot
Growth opportunities and latent adjacency in Specialties of Lube Oil Refinery Market